Sales bring Dole $100 million
Dole Food Co.
said yesterday it has closed three land and building sales, generating $100 million in cash.
They include 2,000 of Dole's 28,000 acres on Oahu, as well as the Miami headquarters building of Dole's Fresh Flowers division and 4,300 acres of California orchards in which Dole had a combined stake of 65 percent.
The Oahu deal was announced earlier this year as a sale of land between Wahiawa and Waialua for about $39 million to an undisclosed buyer to raise cash for the company, which recorded a $58 million net loss in 2007.
"We anticipate that we will complete additional significant asset sales in 2008, the proceeds of which will also be used to pay down debt," said David A. DeLorenzo, President and CEO.
Kapolei Business Park gets OK
Developers of the Kapolei Business Park have won regulatory approval from the state Department of Commerce and Consumer Affairs to proceed with marketing and development of its second phase on 56 fee-simple industrial-zoned lots in West Oahu.
LV Kapolei 54 LLC received approval to subdivide the 54-acre parcel it acquired in April 2005 for $22.3 million.
Colliers Monroe Friedlander Inc. will begin marketing the lots ranging in size from half an acre to 1.5 acres.
The development comes at a critical time for Oahu's industrial market, since there is no available land for additional development while leasehold rents are expected to skyrocket.
Roadway and infrastructure improvements are expected to be completed in 12 to 18 months.
Honolulu Cookie opens new store
Honolulu Cookie Co.
is opening a store in Waikiki's Royal Hawaiian Center. It will hold a blessing at the grand opening on Tuesday at 9 a.m.
Samples of the company's latest creation, a pineapple-shaped shortbread cookie flavored with lilikoi, will be available.
The company, which started a decade ago, now has 11 locations on Oahu and two on Maui.
The $115 million renovation and expansion of the shopping center, owned by Kamehameha Schools, was finished last month. It now has 110 shops and 10 anchor restaurants.
East-West Center earns grant
The East-West Center has received a grant of $435,840 as part of an agreement to conduct research on an energy security strategy for the Asia Pacific region.
The center will work with the Korea Energy Economics Institute, a Korean think-tank on energy policy, on a newly launched program to strengthen relations between the U.S. and Korea.
The center said in a statement earlier this week that it plans to conduct an energy policy seminar and organize an international research conference to be held in December.
Flight attendants sue Aloha for pay
The Association of Flight Attendants, which represents about 350 former Aloha Airlines flight attendants, said earlier this week it is suing Aloha for 60 days of back pay and benefits.
The company, which shut down passenger operations March 31 shortly after filing for bankruptcy, did not provide the appropriate 60 days advance notice to affected employees before its layoffs, according to the filing submitted in federal Bankruptcy Court earlier this week.
The union asked that the pay, benefits and attorneys fees it is seeking are classified as administrative expenses under the bankruptcy.
Fake check scheme hits isle bank
American Savings Bank
has reported that counterfeit cashier's checks bearing the bank's name are in circulation, the Federal Deposit Insurance Corp.
said yesterday in a statement.
The fake items display the routing number 321370765 and are similar to authentic cashier's checks, but have the check number twice in the top-right corner.
Authentic cashier's checks display the check number and signature area in red print and have a "VOID" background when copied.
VIRTUAL REALITY IN 3-D: Google Inc. released
software this week that allows users to create three-dimensional worlds on the Web, an effort to tap into the popularity of avatar programs such as Second Life. After installing software from www.lively.com, a user can enter Google's "Lively" program, shown above, from other sites.