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HAWAII
Kamehameha sells timber land
The Kamehameha Schools said yesterday it has agreed to sell 390,000 acres of Michigan timber land for an undisclosed price, in line with its plan to reduce its mainland real estate holdings.The Forestland Group LLC, based in North Carolina, was the successful buyer in what was described in Michigan as a bidding war.
The estate acquired the land in 1991 for about $25 million. Estimates in Michigan placed the current value of the property at about $150 million.
The Forestland Group, which owns more than 500,000 acres of timber land in eight states, sells standing timber to loggers who harvest and market the wood.
Michigan Gov. John Engler and Nature Conservancy officials announced plans in September to bid on the Kamehameha property and made a public plea for timber firms to round out its partnership. The state dangled tax incentives and $10 million secured from the Natural Resources Trust fund as seed money to entice a private timber partner.
The consortium lost out in the bidding process but plan to meet with Forestland.
MAINLAND
Bush eyes new economic team
WASHINGTON >> Former Goldman Sachs Chairman Stephen Friedman is likely to replace Lawrence Lindsey as President Bush's top economic adviser, administration officials said yesterday.An announcement could come as early as Monday, though officials cautioned that no final decisions have been made on how to revamp the economic team.
The abrupt resignations Friday of Lindsey and Treasury Secretary Paul O'Neill rekindled talk in Washington and on Wall Street that Bush needs to bolster his economic team with people who have an understanding of financial markets.
Friedman, who served as co-chairman of Goldman, Sachs with former U.S. Treasury Secretary Robert Rubin, would fit that bill well, according to those who know him. But Wall Street is not the only place that Bush is looking as he seeks to find new leaders for his economic team.
Potential candidates to replace O'Neill include prominent academics, led by Stanford University economist Michael Boskin, trusted White House insiders such as Commerce Secretary Donald Evans, and former lawmakers like Texas Republican Bill Archer.
United board to meet tomorrow
CHICAGO >> The chief executive of United Airlines, Glenn F. Tilton, acknowledged yesterday that a bankruptcy filing was "a more likely outcome" for the carrier in the wake of its unsuccessful effort to obtain a federal loan guarantee. And, raising the ire of some union leaders, he said that the airline would seek concessions on work rules from its employees.United, the world's second-largest carrier, continues to work out details on loans from four major lenders in preparation for a Chapter 11 filing that is expected on tomorrow or Monday. The airline, a unit of the UAL Corp., has worked out terms with the lenders that would give it immediate access to half of the $1.5 billion in so-called debtor-in-possession financing, according to one person briefed on the arrangements.
The 12-member board of UAL, which includes one representative each from the pilots, machinists and salaried workers, was scheduled to meet on today. A board vote is needed to approve a Chapter 11 filing.
Pfizer-Pharmacia deal gets vote
NEW YORK >> Pfizer Inc. said its shareholders voted yesterday to approve its proposed $55.5 billion purchase of rival Pharmacia Corp. in a deal that would make the world's biggest drug maker even bigger. Pharmacia shareholders are expected to approve the deal when they vote Monday. Regulators in the United States and Europe are still reviewing it.
