Reported by Star-Bulletin staff & wire
Tuesday, June 4, 1996
Reported by Star-Bulletin staff & wire
Tuesday, June 4, 1996
Marketplace developers Aloha Tower Associates missed its Friday midnight deadline to pay the debt and to show progress on certain mandated improvements at the waterfront property.
The $1.5 million is to compensate the state for lost lease revenues to the Department of Transportation when the marketplace took over pier space.
Lawyers are still working on the final language of the 60-day default notice to Mitsui but it is expected to go out soon, a state spokesman said.
The state's Aloha Tower Development Corp., which oversees the project on state land, voted on May 24 to send out default notices. Aloha Tower Associates had to come up with the $1.5 million by May 31. The default action only affects the ATA corporation set up for the marketplace property. ATA retains rights under the master development agreement for future projects in the waterfront area from Piers 8 to 14.
An accident with the main feed pump of the vessel's steam engine occurred when the ship was 650 miles off the Southern California coast.
The S.S. Maui was to arrive in Honolulu from Los Angeles tomorrow morning, but now is due Friday, said the company.
Matson wouldn't disclose the name of the accident victim but said he is a resident of France and is a third assistant engineer on the ship. The engineer suffered second degree burns to the left side of his body.
Matson, a division of Alexander & Baldwin Inc., said the U.S. Coast Guard helicopter transported the accident victim to a hospital in San Diego where he is in stable condition.
Enron was one of 10 international companies to be awarded a "Corporate Conscience Award" by the Council on Economic Priorities' list of 10 international companies. The council was to present the award Tuesday night at the Waldorf-Astoria Hotel in New York. The 10 companies were cited for going beyond the call of duty with programs that help the environment and society.
Through a joint venture with Amoco Corp., Enron wants to build the power plant next year to produce four megawatts of power, enough electricity for 2,000 homes and businesses. The partners plan to sell the power to Hawaiian Electric Co., or one of its subsidiaries, but does not have a deal yet with the utility.
The New York-based council produces a consumer guide, "Shopping for a Better World," and publishes an annual list of what it describes as the top 10 corporate polluters.
They could get their final checks by next spring, sooner than originally thought, the officials said Monday.
Chuck Quackenbush, California's insurance commissioner, made the promise at a press conference in New York at the annual meeting of the National Association of Insurance Commissioners.
The state was close to liquidating the last of Executive Life's assets, having taken 21/2 years instead of the originally promised 5 years to do so.
The company, which had 60 percent of its assets invested in risky junk bonds, went under in 1991 after the junk bond market collapsed. Since then, the Insurance Department has sought to reimburse its policyholders, which included about 12,000 Hawaii residents.
The company had about 350,000 policies outstanding, about 92 percent of which were small ones made whole by state insurance guaranty funds. The remaining 8 percent had been expected to end up with about 86 cents on the dollar, but instead will get an average of 92.5 cents, Quackenbush said.
Maureen Marr, leader of a policyholders group that is fighting the settlement, said the Insurance Department figures were misleading.
The 92.5 percent figure is an average, and some policyholders are getting a lot less than that, Marr charged. And because the value of the policies was assigned a new, lower market value when the company was reorganized, policyholders are "getting 92.5 percent of this lower new policy value. It makes my blood boil."