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City to sell $250 million in bonds

The city and county of Honolulu plans to sell $250 million of bonds next week to support capital projects, including improvements in parks and city roads.

Amy Doppelt, managing director at Fitch Ratings, said $145.3 million of the proceeds will be used to redeem commercial paper, or unsecured debt that typically matures in less than a year.

The remainder will be for capital improvements, she said.

Honolulu said it plans to sell $150 million of general obligation debt in each of the next few years, according to Standard & Poor's.

Fitch Ratings assigned the bonds an AA rating, its third- highest level, because of the city and county's strong tourism-based economy. S&P gave its fourth-highest rating, AA-, due to strong finances in the area and growing property values.

Following the sale, the state will have about $2.01 billion in outstanding debt, according to a statement by S&P.

Adams meets Hawaiian trustee

Hawaiian Holdings Inc.'s stock remained in limbo yesterday following a meeting in New York between Hawaiian Airlines trustee Joshua Gotbaum and ousted executive John Adams, who is still chairman and chief executive officer of the airline's parent company.

Adams, who is the controlling member of AIP LLC, Hawaiian Holdings' majority shareholder, was hoping to convince Gotbaum that it was in the best interests of airline employees and shareholders to pay the holding company's bills.

Attorney Richard Havel, who represents Adams, AIP and the holding company, declined yesterday to characterize the tone of the meeting but said the holding company continues to look into its alternatives regarding the possibility of restarting trading.

"We continue to address potential concerns that the stock could get delisted," he said. "We don't have a course of action or final approach determined yet. We are considering all our alternatives, one of which is to find the funds available to pay (transfer agent Mellon Investor Services LLC)."

One source said last week that the amount owed is $14,000.

The stock was halted July 14 by the American Stock Exchange when Mellon resigned after an invoice was not paid by the parent company.

Havel said no further meetings between Gotbaum and Adams have been scheduled.

Kokua Villa to split into 2 companies

Kokua Villa Inc., a company specializing in providing adult day health care services and outreach services on Oahu and the Big Island, will split its two principal lines of business between two companies.

Under the plan, Kokua Villa Inc. will continue to provide day health care services. A new company, Alternative Care Services Inc., will provide outreach services.

The companies anticipate that none of their approximately 129 employees should be affected by the changeover. The switch will likely occur within the next 60 days.

Soccer tournament to bring 1,500 to isles

The Hawaii Soccer Association will host the 2003 National Veterans Cup at the Waipio Peninsula Soccer Complex from Aug. 6-10, the first national cup tournament in Hawaii.

Approximately 70 teams with 1,500 men and women from 23 states will participate. The divisions for both men and women are over 40 years of age, over 50 and over 55.

The event is expected to bring $4.5 million into Hawaii's economy.

In other news ...

>> Sam Waksal, the ImClone Systems Inc. founder whose jet-setting lifestyle crumbled in an insider-trading scandal, is expected to report today to a federal prison where his work could include waxing floors and cutting grass.

>> Amazon.com Inc. narrowed its net loss for the second quarter, as free shipping and discounts helped the Seattle-based Internet retailer exceed analysts' forecasts and raise its projections for the year.

>> Rite Aid Corp.'s former chief counsel has decided to stand trial on 35 criminal counts stemming from his alleged role in an accounting scandal at the nation's No. 3 drugstore chain.

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[Hawaii Inc.]

On the board

>> R. Scott Belford has joined LavaNet Inc.'s board of directors. He is the information technology development director for Pricebusters and founder of the Hawaii Open Source Education Foundation, a charity that donates refurbished hardware running open source software to schools. Other LavaNet board members are Philip Johnson, Paul Lemcke, Clifton Royston and Robert Brewer. LavaNet is an Internet service provider, as well as offering computer networking and graphic design services. 

>> Rodney Harano has been elected president of the Hawaii Society of Certified Public Accountants for 2003-04. Other new officers are President-elect Gordon Ciano, Vice President Richard Freitas and Secretary/Treasurer Darryl Komo.

Recognition

>> Daphne Gasilos, a 2000 graduate of the Waipahu High School Academy of Finance has been named an Alumni Honoree by the National Academy Foundation. She was one of 10 winners from a pool of 32,000 students who have graduated from academies since 1984. Honorees exemplify the values of professional accomplishment, education initiative, community service and leadership. Gasilos is a junior at the University of Hawaii and has worked at the HawaiiUSA Federal Credit Union since serving as an intern there in her senior year in high school. 

>> Dale K. Bordner of Bordner Realty in Honolulu and Putman Clark of Clark Realty Corp. in Kona have earned the certified real estate brokerage manager designation from the Council of Real Estate Brokerage Managers. The distinction involves meeting course requirements and demonstrating professional experience.