Reported by Star-Bulletin staff & wire
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RAISING THE WAL-MART
CRAIG T. KOJIMA / CKOJIMA@STARBULLETIN.COM
Construction is proceeding on the 317,000-square-foot Wal-Mart/Sam's Club project on the Keeaumoku superblock.
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Hawaiian Airlines stock stays halted
The stock of Hawaiian Airlines' parent company remained in limbo yesterday with no indication when or if it would resume trading.Hawaiian Holdings Inc. said in a Securities and Exchange Commission filing that transfer agent Mellon Investor Services LLC had resigned. Attorney Judith Thoyer, who represents the parent company for New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, said Hawaiian Holdings had failed to pay a bill owed to Mellon.
Thoyer said the decision to withhold the payment was made by Hawaiian Airlines trustee Joshua Gotbaum. Thoyer said yesterday she could not comment on whether Hawaiian Holdings would pay Mellon.
The American Stock Exchange, which halted trading two hours before the end of Monday's session with the stock at 80 cents, is studying the matter.
"We're currently evaluating the situation with the company," Amex spokeswoman Lynn Teresky said. "If the transfer agent issue is resolved, the trading halt will be re-evaluated."
Hawaiian Airlines, the holding company's only operating subsidiary, filed for Chapter 11 reorganization bankruptcy on March 21.
Rare & Dear forms subsidiary
Kauai software company Rare & Dear Inc. said it is forming a new subsidiary to sell its online travel industry reservation system hulaRez, which the company has spent two years developing.HulaRez, based on the Oracle Database, manages inventory and reservations for vendors and travel agencies, as well as billing, booking, accounting, commissions and analysis reports. Customers include the Battleship Missouri Memorial, Gay & Robinson Tours, Kilohana Luau, Air Kauai and Kauai Z Tourz.
Fleming workers affected by sale
Fleming Cos. Inc., whose wholesale grocery distribution operation in Kapolei is being sold in conjunction with the company's Chapter 11 bankruptcy reorganization, has notified the state's Department of Labor and Industrial Relations that the 237 Hawaii employees working at the facility will be terminated by Sept. 10.However, closely held C&S Wholesale Grocers Inc., which has agreed to purchase publicly traded Fleming's grocery-distribution business for $400 million, will have the option of retaining as many of the terminated Hawaii employees as it wants. A hearing on whether to approve the sale to Brattleboro, Vt.-based C&S will be held in U.S. Bankruptcy Court for the District of Delaware on Aug. 4.
Brian Christensen, president of Fleming's Hawaii division, declined to speculate on the status of the 237 employees because he said those decisions will be determined by the incoming buyer.
However, he said, "the process (in Hawaii) is still ongoing and the division is still operating business as usual."
Fleming corporate spokesman Shane Boyd was out of the office. C&S spokespeople didn't return a phone call.
Bargain battles are brewing
Marukai Corp. will open its fourth Marukai 99 Cents Superstore on Oahu at 8 a.m. July 26.The new location will occupy 6,000 square feet inside the Sack 'N Save at Stadium Marketplace, according to Marukai District Manager Roy Ishihara. He sees both businesses benefiting each other.
"That's one of the reasons we joined in this partnership, we can help them and they can help us," he said.
It is the second location where the value-priced Marukai will compete directly against discount retailer Price Busters.
"We're almost neighbors," Ishihara said. Marukai's most recent 99-cent store is at Windward Mall, where Price Busters occupies two spaces. Marukai's other locations are on Ward Avenue and at Waipahu Town Center.
Boeing to take charge of $1.1 billion
CHICAGO >> Boeing Co., already pummeled by the commercial aviation downturn, said yesterday it will take a $1.1 billion charge for its ailing satellite business in the second quarter and abandon commercial satellite launches for five years.The company said the decision reflects higher launch costs and weakened demand for both its launches and its satellite-making business. Chief executive Phil Condit, explaining the decision to analysts on a conference call, cited a "terrible marketplace" along with some technology and performance problems. Boeing will now focus exclusively on the U.S. military as a customer for its Delta IV satellite launches, which will significantly raise its costs.
Verizon to rehire at least 1,100 workers
NEW YORK >> Verizon Communications is rehiring 1,100 laid-off workers in the Northeast who were not covered by last week's order by a New York arbitrator to take back 2,300 employees in that state who were improperly terminated in a cost-cutting initiative.The reinstatement, possibly pre-empting similar rulings in labor grievances filed in other states, comes just weeks before the deadline on talks between Verizon and its unions for a new contract covering 75,000 of the telephone company's nearly 230,000 employees.
In other news ...
>> Health care giant Johnson & Johnson yesterday posted a 27 percent drop in earnings for the second quarter as acquisition-related costs overshadowed strong sales growth.>> Semiconductor giant Intel Corp. said yesterday its second-quarter profits doubled from a year ago as stronger demand for computer microprocessors offset the weakness of its communications chip business.
>> The United States will continue to dominate global technology for the foreseeable future but China could eventually threaten its lead, according to a new Rand Corp. report.
>> The Securities and Exchange Commission will propose rules allowing share- holders to put their own board candidates on company proxies in time for 2005 annual meetings.
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[Hawaii Inc.]
New jobs
>> Central Pacific Bank has hired Curtis Chinn as senior vice president and commercial banking division manager of the financial services group. He will oversee the financial services' sales staff. Orest Saikevych has been named vice president and investment officer in the asset management division. He has more than 20 years experience in investment management.>> Nadine Wong has been hired as the program coordinator for the Financial Network Investment Corp. She is responsible for overseeing and coordinating the retail brokerage program. Wong was most recently a sales associate and financial consultant for Salomon Smith Barney.
>> Real estate and property management company Chaney Brooks has named Jim Muratsuchi senior vice president. Muratsuchi will lead a reorganized residential group that combines brokerage services from the company's new American Homes division with existing residential and military property management services. The firm has also selected Renee Blondin Nip as principal broker for the new division. Nip will oversee both rental and brokerage services. Muratsuchi has extensive housing and facility management experience throughout the Pacific and Japan as a former U.S. Army Corps of Engineers lieutenant colonel. Nip was formerly with the state Attorney General's Office and the state Department of Commerce & Consumer Affairs.
Recognition
>> Stacey Martin has been selected as one of the top 100 rising stars for 2003 by Travel Agent Magazine in the June 30th issue. She is director of travel Industry sales for the Oahu Visitors Bureau. Since joining the bureau in 1997, she has concentrated on developing, implementing and managing the Oahu destination specialist travel agent training program. Candidates must be 35 years old or younger and be seen as an influential player in helping make policy decisions for their company and industry.
