The Globe and Mail reports in its Wednesday edition that in 2018, Alberto Wareham bet $14-million on a northern cod recovery. The Globe's Kate Helmore writes that Mr. Wareham is the chief executive officer of Icewater Seafoods. His processing plant is on the shores of Arnold's Cove. A moratorium on commercial cod fishing had existed since 1992, but that did not deter Mr. Wareham, who poured millions over three years into turning a 40-year-old plant into a high-tech facility capable of keeping up with competitors in Norway and Iceland. In the mid-1980s, cod was worth about $700-million a year, making Canada the largest exporter of seafood in the world. Overfishing led to the collapse of the fishery. In 2003, High Liner Foods announced plans to close its cod processing plant in Arnold's Cove. Mr. Wareham's father, an executive at High Liner Foods and the sixth generation in his family to work in the cod industry, bought the plant and switched from processing locally caught cod to importing frozen catch from the seas off Norway and Iceland. The returns on frozen imports were smaller, so Icewater focused on efficiency -- 99.8 per cent of the fish is processed and sold, including the head, which is ground up for pet food.