American Tug Buyers Go to Police with Fraud Claims after Kadey-Krogen Bankruptcy

Ex-Detective and Wife Seek Halt to Liquidation Proceedings

Peter Swanson Jul 12

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According to the American Tug bankrupcy petition, four vessels are in various stages of completion at the La Conner, Washington factory. The buyers of one of those boats last week filed a criminal complaint alleging the company CEO had defrauded them in the run-up to insolvency.

Joe and Tana Ganete of Gig Harbor, Washington, went to the Sagit County Sheriff’s Department with a timeline and a list of allegations and supporting documents. They say the department has opened a case file (No. 26-07957) and assigned an investigator to look into it.

Joe Ganete, who was a detective for 18 years before founding a company that provides services to law enforcement, said the charges might include theft by deception, exploitation of elders and financial crimes across state lines. Ganete named Kadey-Krogen and American Tug CEO Tucker West as the person most culpable.

Ganete said an investigation might well show that funds from American Tug were diverted to prop up Kadey-Krogen as its revenues declined, though it is not clear whether that, by itself, would be illegal.

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Krogen acquired American Tug in May 2023. West filed Chapter 7 bankrupcy petitions for both companies last Monday. Unlike Chapter 11, which allows a company to reorganize and stay in business, Chapter 7 takes it directly to liquidation. That is, all assets are sold with proceeds going to creditors.

Attempts via text and email were made yesterday to reach Tucker West for his side of the story. There was no response, but if West eventually does reply, Loose Cannon will include his comments as a follow-up story.

Kadey-Krogen Files for Bankruptcy Liquidation, American Tugs Too. Peter Swanson   ·   Jul 8 Read full story

According to the bankruptcy documents, the Ganete’s American Tug 365 is 85 percent complete and 85 percent paid for. Other buyers with unfinished boats at the factory are: Keith Asplundh of Palm Beach, 70 percent complete and paid for; Jeff and Susan Parker of Harrison, Tennessee, 35 percent complete and paid for, and Benjamin and Christine Saitz of Seattle, 25 percent complete and paid for.

Ganete said the bankruptcy court will treat the buyers as “unsecured creditors.” He said the other buyers have expressed interest in contributing to any criminal case as supporting witnesses. Ganete hopes the criminal investigation will prompt the bankruptcy judge to pause any liquidation of American Tug assets.

Ganete said different buyers had different contracts with American Tug, some of which presumably included regular payments at various construction milestones. Ganete’s was different: He and his wife paid 90 percent down—$700,000—with the remainder due at delivery. In exchange, Ganete said, American Tug discounted the price by several tens of thousands of dollars.

The Ganete’s contract also stipulated that the boat had to be delivered by a specific date or the $700,000 would be refunded to them. There were unexplained delays during construction, and American Tug failed to meet the deadline, Ganete said.

He said that when he raised the issue of a refund with West, he was told there was no money available for that purpose. “He defaulted on the contract at that point already,” Ganete said. “He’s already telling me he’s defaulting, and he can’t fulfill the contract.”

According to Ganete, West suggested they meet at the factory, so they agreed to get together on July 9. The petitions for liquidation were filed in U.S. Bankruptcy Court in Delaware on July 6. Ganete said he was never notified that their meeting was off.

“This is devastating. People had hopes and aspirations and plans, and, you know, no matter what walk of life you come from, whether you’re rich or poor, it hurts when you lose that much money,” he said.

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