Case raises stake in Maui Land & Pineapple Co.

The founder of AOL buys $10.2 million worth of shares

Steve Case, the largest shareholder of Maui Land & Pineapple Co., disclosed in a Securities and Exchange Commission filing yesterday that he has purchased an additional $10.2 million worth of the company's stock.

Case, a Punahou graduate, purchased 341,404 shares for $30 a share on Thursday to increase his holdings to nearly 3.5 million shares. The additional shares, bought through a private placement, increase his stake in the company to 47.1 percent from 42.3 percent.

The founder of America Online, Case recently stepped down as a board member of Time Warner Inc. Case was instrumental in America Online acquiring Time Warner in 2001. He also owns Grove Farm Co. on Kauai.

In April, Case created a Washington, D.C.-based wellness and healthy living company called Revolution LLC. Then in August, Case and David Cole, chairman and chief executive of Maui Land & Pineapple, formed a limited liability company to make investments.

Cole and Grove Farm also are investors in the Hawaii Superferry.