July 10, 2013 — Prince Edward Island’s fall lobster fishermen will not be participating in a lobster trap buyback program this year, leaving the Prince County Fishermen’s Association unable to make its $200,000 loan payment.
It was the association that came up with the buyback scheme three years ago as a means of repaying a loan it took out to buy out and retire 34 lobster gears.
How the trap buyback worked was the trap limit for P.E.I. fall fishermen in Lobster Fishing Area 25 was cut from 250 to 240. Each fishermen then had an opportunity to buy back nine of those traps at $100 apiece, 2000 traps in total. If not enough fishermen bought back traps to arrive at the 2000 needed to satisfy the loan payment, then those who did buy back traps were able to purchase up to an additional three more each.
The plan worked the first two years, with the PCFA successfully making its $200,000 payment.
But fishermen endured low prices last fall and then witnessed spring fishermen receiving low prices this year and some of them were even put on quota.
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