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POSTED: Thursday, December 31, 2009

Mesa to report narrower loss for '09

Mesa Air Group Inc., parent of interisland carrier go!, said it anticipates that its fiscal-year loss for 2009 will be less than its loss in the previous year.

The Phoenix-based company disclosed the loss in a filing yesterday with the Securities and Exchange Commission in which Mesa said it will delay the reporting of its financial results because it could not complete the report by its deadline “;without unreasonable effort or expense.”;

Mesa said its net loss for the year ended Sept. 30, 2009, will be less than its net loss of $1.07 a share in fiscal 2008 when the company lost $29.2 million. The company is required to file its delayed full-year financials no later than Jan. 13, 2010.

The results will include its joint venture between go! and Mokulele Airlines, which occurred in mid-October.

 

Marriott 'aloha' tour to hit mainland

Marriott Resorts Hawaii will launch its Spirit of Aloha Tour on Jan. 19 in Phoenix and travel across Texas to Atlanta, then back through Charlotte, N.C..; Nashville, Tenn.; St. Louis; Omaha, Neb.; Denver; and Salt Lake City, with a final stop in Los Angeles on Feb. 11-12.

The 12-city tour will take Marriott Resorts Hawaii leaders, including general managers and directors of sales and marketing, to visit with travel partners, groups and media. Performers from the Polynesian Cultural Center will be on the tour to provide Hawaiian entertainment at each stop.

 

GMAC gets $3.8B in new aid

WASHINGTON » The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit.

The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new aid will boost the federal government's ownership in GMAC to 56 percent from 35 percent, and means the United States now holds a majority stake in three companies that it bailed out with taxpayer funds — GMAC, General Motors and insurer American International Group Inc.

The government also has taken control of mortgage giants Fannie Mae and Freddie Mac.

Keeping GMAC alive as it struggles with its mortgage loan problems has been a major component of the Obama administration's massive effort to rescue ailing automakers General Motors and Chrysler.

The lender provides critical wholesale financing to thousands of GM and Chrysler auto dealers, allowing them to stock their showroom floors with vehicles.

That ability was crimped as loan losses mounted at GMAC's mortgage division — Residential Capital LLC, dubbed ResCap. The company disclosed yesterday that it will take an additional $3.3 billion in mortgage-related write-downs, part of a $3.8 billion expected charge in the fourth quarter.

GMAC is also preparing to sell off mortgage assets in an effort to reduce volatility.

 

ON THE MOVE

;  » Central Pacific Bank has announced the hiring of Gina Kim Nakamura as vice president and Korea market manager for CPB's international region. She has 27 years as vice president for Bank of Hawaii, including 10 years managing its Korean high-net-worth accounts and overseeing the business banking and customer service departments at the main branch.

» Sopogy Inc. has promoted Van Matsushige to vice president of sales from market manager servicing Asia-Pacific markets. He has more than 15 years of general and sales management experience, including general manager at Energy Industries Corp.

» The Hawaii Chapter of the Appraisal Institute has announced its 2010 officers: Ted Yamamura, president; Wayne Sadoyama, vice president; George Hao, secretary/treasurer; and Steve Hayamoto, Andrew Conboy, Craig Smith, Lillian Izumi, Leslie Roach-Laing and Stephen Stadlbauer, directors.

» Sales and Marketing Executives International, Honolulu Chapter, has named Steven Ai and Carol Ai May recipients of “;Salesperson of the Year”; for 2009. They are both from City Mill, as well as members of community organizations.