---

BACK TO TOP
|

Hawaiian Airlines parent fights fee

Hawaiian Holdings Inc., which filed a preliminary reorganization plan for Hawaiian Airlines on Monday, has filed a motion in U.S. Bankruptcy Court objecting to a request for an accelerated fast-track for confirmation of a competing reorganization plan and a $5.4 million topping fee.

The competing plan, along with the proposed fee, was previously submitted by turnaround firm Corporate Recovery Group LLC and Boeing Capital Corp, a lessor of Hawaiian's planes.

A topping fee is sometimes granted to compensate the initiator of a bidding process for the groundwork it does.

The Boeing/CRG plan requires bidders to sign confidentially agreements, disclose the identity of their investors, make a deposit of at least $6 million and demonstrate they can close the transaction. Bidders would submit term sheets and the judge would select the winning bid to be sent out to creditors for a vote.

But Hawaiian Holdings said the requested topping fee is unjustified and that it would propose an alternative competitive bidding process by March 15.

Hawaiian most on-time airline

Hawaiian Airlines, which ended 2003 as the most on-time carrier in the nation, held on to its No. 1 position in January, according to the U.S. Department of Transportation.

The carrier, which has been first every month since it began reporting its on-time statistics to the DOT beginning in November, had 87.3 percent of its flights arrive on time. Southwest Airlines and Atlantic Southeast Airlines were second and third with 83.5 percent and 81.5 percent, respectively.

On-time service is any flight arriving within 15 minutes of its scheduled time.

MLP chief to become chairman

David Cole, who took over as president and chief executive officer of Maui Land & Pineapple Co. in October, has taken on the additional role of chairman of the board.

The previous chairman was David Heenan, a trustee of Campbell Estate, who was active in the CEO search that resulted in Cole's selection. Heenan had been serving as chairman in a nonexecutive capacity since May.

"I was going to pass that on whenever it was convenient," Heenan said. "I was a nonexecutive chairman and it was simply to get a new chief executive in there who would move into an executive role on the board."

In addition, the company promoted Vice President Warren A. Suzuki to senior vice president in recognition of his additional responsibility for the company's community relations and communications functions. Suzuki will continue to oversee land and water policies.

Bankoh to expand board

Bank of Hawaii Corp. plans to increase the number of members on its board to 13 from nine and will seek approval at its annual shareholders meeting on April 30.

The bank said in a filing with the Securities and Exchange Commission that S. Haunani Apoliona, chairperson and trustee for the Office of Hawaiian Affairs; Michael J. Chun, president and headmaster of Kamehameha Schools; Allan R. Landon, president, chief financial officer and trustee of the company; and Barbara J. Tanabe, owner and partner of Hoakea Communications LLC, a communication and community building company, have been nominated to fill the four additional director seats.

Honolulu property tax breaks available

Oahu homeowners who are 55 years old and older may qualify for credits or refunds on their Honolulu property taxes.

Applications for a partial credit on 2004-05 taxes are being taken through May 1. Eligibility requirements include a 2003 total household income not to exceed $26,100, a real property tax total for the period that exceeds 5 percent of that income, and that neither the owner nor a member of their household owns any other real property.

Requests for a partial refund on 2003-04 real property taxes are being taken through Oct. 30. Criteria include a 2003 total household income of $20,000 or less, and a real property tax total for 2003-04 exceeding 5 percent of that income.

Applications may be obtained from Honolulu Hale, room 115, or satellite city halls.

For more information, call 523-4856.

---

BACK TO TOP
|

[Hawaii Inc.]

Promotions

>> Coldwell Banker Pacific Properties has promoted Kevin E. Miyama to vice president and assistant area office leader. Miyama is responsible for strategic planning, financial management, marketing strategies and personnel support and development for the company's Leeward office.

>> Kuakini Health System has promoted Gregg Oishi to senior vice president and chief operating officer. He served as Kuakini's vice president and chief financial officer for the past three years. In addition to his previous responsibilities, he will administratively oversee daily operations of the medical center and and a number of departments accounting, business services and purchasing.

>> A&B Properties has promoted Paul W. Hallin from vice president to senior vice president of development, Michael G. Wright from vice president to senior vice president, acquisitions and investments and Daniel Loo from senior financial analyst to financial planning and analysis director.

>> Karen Sakihama has been selected as the U.S. Small Business Administration's deputy district director for its Hawaii District office. Sakihama will be responsible for the delivery of entrepreneurial development programs and services. Sakihama previously served as assistant district director for economic development since 1988 and acting assistant district director for 8(a) business development since 2000.