Canastra brothers say they are poised to buy Codfather's business

Whaling City seafood auction owner says he will pay $93 million.

New Bedford, Massachusetts-based Whaling City Seafood Display Auction Owner Richard Canastra said he and his brother, Ray, have entered into a memorandum of agreement to buy Carlos Seafood for $93 million (€79.4 million) from Carlos Rafael, the New Bedford fishing mogul known as "The Codfather," according to WBSM radio.

Rafael has been sentenced to 46 months in prison for his illegal fishing scheme, and cannot be involved in the fishing industry during that time and three years after his release.

“We know boats. We know the business. We’re doing this to keep this in New Bedford,” said Canastra.

“My plan is to get out, hopefully, in 10 years when things lighten up and it can be sold properly instead of this fire sale where people want everything for nothing," he said.

The Canastra brothers have approached a local bank they do business with for the Whaling City Seafood Display Auction, and are working to secure financing, said Canastra.

The brothers added national green groups and other Maine stakeholders are interested in the permits, but the federal judge has yet to decide what those permits' fate.

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