NORTH ATTLEBORO - When Dennis Rivard heard that Ocean Fresh Seafood had been seized by its bank and might be closing, he rushed to the store to redeem three gift certificates totaling about $50.

But Rivard and others who arrived at Ocean Fresh Thursday morning were dismayed to learn the business would not accept the certificates - at least for 72 hours - while the operators attempt to determine which gifts are legitimate.

"It doesn't seem right," said Rivard, who added he learned of problems involving the company Thursday morning and said he witnessed lines of people attempting to obtain merchandise for their certificates.

"It was OK when they took the money for the gift certficates," he said.

But despite reports that the store might close as early as today, at least some hope began to emerge that the business might stay open at least temporarily while the bank seeks a buyer for the property.

A worker on the premises who said his company was sent by a creditor to keep the store operating said the 72-hour hold on gift certificates is temporary while the operators attempt to determine how many of the gift certificates are valid.

He said new merchandise is being brought in and that the store remains open while outside companies express interest in buying the business.

"When we got here, the registers were full of gift certificates," said a man who identified himself only as Joe and said he is a facilities manager for a company hired by Wells Fargo Business Credit, which took over the store this week after filing suit against Ocean Fresh owner Robert Coutu.

Wells Fargo charges that Couto defaulted on a $9 million loan and that some of Ocean Fresh's assets have been transferred to a dummy company in the Bahamas.

The facilities manager, who said he works for a company called Emergency Energy, said workers are looking for records that would confirm how gift certificates were issued and validated.

Containers where blank certificates were kept at the North Attleboro business are missing, he said.

An employee, who also would not give his name, confirmed that possible irregularities involving gift certificates were a concern.

"Yeah, it's a mess," he said.

One company that has contacted bank officials about possibly purchasing the North Attleboro store is Mansfield-based Fresh Catch Seafood.

"Is there interest? Absolutely," said Fresh Catch's William Sarro Jr., who cautioned that any purchase would probably have to overcome complex legal obstacles.

"Right now, it's a wait and see situation," he said.

Ipswich Shellfish Co., another company reported to be interested in the store, did not return a phone call from a reporter.

Meanwhile, consumers arriving at the store said they were disappointed but would wait to see if the store will redeem the certificates once the 72-hour period is up - presuming the store remains open.

"I guess I'll have to come back later," said Ralph Pelchat of South Attleboro, who came with gift certificate in hand.

Mary Ferrara of Attleboro said she was sent by her elderly father to purchase goods with a gift certificate he had been given.

"He's very upset about it," she said.

It's unclear whether the bank or others operating the business currently are legally bound to honor gift certificates that were issued previously. Much depends on whether the store is an ongoing business, or is in the process of being liquidated.

Normally, a creditor, such as the bank of a bankrupt business, is not obligated to honor such papers, according to a spokesman for the office of Attorney General Matha Coakley.

BY RICK FOSTER SUN CHRONICLE STAFF
Friday, September 14, 2007 12:54 AM EDT

Original Article can be seen HERE