Business Briefs


POSTED: Saturday, May 30, 2009

Mera Pharmaceuticals' shares double

Mera Pharmaceuticals Inc., a Kona-based company that makes human nutritional products out of microalgae, saw its stock more than double yesterday as it closed at 1.9 cents, its highest level since December 2005.

Chief Executive Gregory Kowal said the company had no news pending and that he didn't know what caused the thinly traded stock to jump in trading on the Pink Sheets. He said Mera's fiscal second-quarter earnings will be out in about two weeks.

Mera's volume swelled to 341,450 shares yesterday—significantly higher than the 16,900 shares traded on Thursday, which was the only other day this week in which shares traded.

The stock, which jumped 171.4 percent from 0.7 cents, saw all but 10,700 shares of yesterday's trading volume occur in the final 10 minutes.

Carey Hawaii buys limo firm's assets

Carey Hawaii Chauffeured Services, which offers transportation on Oahu, Maui, the Big Island and Kauai, has acquired the assets of Wailea Limousine.

Jeanine La Fleche, founder and CEO of Wailea Limousine, is semiretired and will assist Carey Hawaii in the transition.

Aloha Air trustee appeals ruling

Aloha Airlines' Chapter 7 trustee Dane Field has joined Yucaipa Cos. in appealing a ruling from U.S. Bankruptcy Judge Lloyd King that denied Yucaipa the opportunity to rebid for Aloha's intellectual property and follow through with a plan to license the name to go!'s parent company.

The case will be heard by three judges on the 9th Circuit Bankruptcy Appellate Panel in Pasadena, Calif.

King ruled that Yucaipa, the former majority owner of the now-liquidated carrier, cannot bid for Aloha's intellectual property because Yucaipa had a previously announced deal to license the name to go! parent Mesa Air Group for 10 years for a minimum $6 million. Mesa, which has been blamed by many former Aloha employees and other local insiders for Aloha's demise, wanted to re-brand its go! aircraft as Aloha.

Pacific Business News cuts 3 workers

Three employees were laid off from weekly business journal Pacific Business News yesterday as the recession continued to take its toll on advertising-supported media.

Reporter Cathy Cruz-George, daughter-in-law of a newsroom manager; a longtime copy editor with more than 19 years' service, and a graphics department employee were cut, according to a source close to those involved.

Publisher Larry Fuller was not available, and Editor Jim Kelly declined comment.

Central Pacific executive quits

Curtis Chinn has resigned as executive vice president and chief risk officer of Central Pacific Financial Corp. and Central Pacific Bank.

No reason was given for the resignation, which is effective Aug. 6.

Chinn was executive vice president from April 2006 to the present and chief risk officer from December 2006 to the present.

Mary Weisman, who has been the executive vice president, credit review director from last December to the present, has been appointed as interim chief credit officer.

On the move

» Bank of Hawaii has announced the following promotions: Darin I. Shigeta as vice president from assistant vice president at the Ala Moana Business Banking Center. His experience includes insurance agent at Occidental Underwriters of Hawaii. Alison Jones Leong as vice president of private client services from assistant vice president. Her experience includes various positions in consumer banking and business banking at Bank of Hawaii as well as management career in leadership development with the Ken Blanchard Cos. in San Diego.