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Hawaiian Airlines stock trades again

The stock of Hawaiian Airlines' parent, grounded by the American Stock Exchange since July 14, resumed trading yesterday and rose as much as 37.5 percent before finishing unchanged on heavy volume of 370,900 shares.

Hawaiian Holdings Inc.'s shares, which had been halted at 80 cents, climbed as high as $1.10 after Hawaiian began trading following a 26-minute delayed opening. The delay -- a common occurrence after a stock has been halted -- allowed buy and sell orders to be matched. The stock later fell to as low as 66 cents before rebounding to 80 cents.

The parent company had been talking with the Amex to get the stock trading again after reaching a new agreement last week with transfer agent Mellon Investor Services LLC and paying an overdue bill of about $15,000. The Amex had halted trading after Mellon resigned because of nonpayment.

"People who speculate on companies that are in trouble and see a halt expect the stock to open lower, and when they don't get it, there's short covering and that's what pushed the stock up to over $1 this morning," said Andrew Schwarz, a partner with AGS Specialist Partners, whose firm is the market specialist for Hawaiian on the Amex. "I think the trading was extremely orderly, and if you look at the 40-cent range it's had today, for a company that hasn't traded for weeks and weeks, the market was extremely fair."

Isle gas stays in record territory

Hawaii gas prices, in record territory since March, inched up to new highs yesterday, according to the latest survey by AAA.

Honolulu's average price for regular unleaded edged up to $1.993 a gallon yesterday from $1.986 the day before, and gas station signs around Oahu are posting the big $2 for regular. The price in Wailuku, Maui, rose to $2.339, up from $2.324 the day before.

Maui's prices have been boosted in part by a 5-cent increase in the county gas tax that took effect July. In Hilo on the Big Island, the average price was $2.145 a gallon, shy of the July 2001 record of $2.299. Prices on other islands were not available. Nationally, the average price was $1.609, down 6.6 percent from the record average of $1.722, set in March, just before the Iraq war.

State to sell $436 million in bonds

Hawaii, with the most tax-supported debt as a measure of personal income among U.S. states, plans to sell $436 million in general obligation bonds to pay off higher-cost debt and finance public projects such as schools.

Hawaii will sell the bonds tomorrow through a group of investment banks led by Citigroup Inc., according to Bloomberg News data. Moody's Investors Service rates the state's bonds Aa3, the fourth-highest level, the same level as the AA- grades from Standard & Poor's and Fitch Ratings. The state's tax collections grew 4.4 percent in the year ended June 30 over the same period in 2002, Moody's said in a report.

Hawaii carries more debt as a percentage of personal income because the state finances projects, such as schools, that are handled locally elsewhere in the United States.

Insider discount service expands

Hospitality Cards are going public, but not on the stock market. Concierge Services at Ward is expanding its discount card program, previously reserved for hospitality industry employees, to the general public.

The new $6 hospitality card offers discounts or freebies-with-purchase at participating Ward complex restaurants and retailers for a year from the date of purchase. For an additional $3, Concierge Services is also offering a Hospitality Sticker for the bearer's cell phone, good through Dec. 31, 2004.

Cards and stickers may be purchased at Concierge Services at Ward inside the Ward 16 theaters from noon to 9 p.m. Wednesdays through Sundays.

Central Pacific seeks to dismiss CB suits

Central Pacific Financial Corp. filed separate motions in state Circuit Court this week seeking to dismiss two CB Bancshares Inc. lawsuits that allege CPF violated the Hawaii Control Share Acquisitions statute.

The motions claim that CB's lawsuits not only are similar but that Central Pacific Bank's parent did not violate the acquisitions statute. That statute requires majority approval by the target company's shareholders when a party is making an unsolicited bid to acquire more than 10 percent of another company's stock.

There are currently four active suits, including three between the banks, involving CPF's proposed hostile takeover of City Bank's parent. CB has a counterclaim to the original CPF suit that attempted to block CB's May 28 special shareholders meeting. Although CPF later withdrew its motion, CB filed a countersuit alleging that CPF violated the statute. CB filed another suit against CPF last month; a hearing for that suit is scheduled for 9 a.m. Sept. 29 in front of Judge Richard Wayne Pollack.

Following that suit, CPF filed suit against CB and its board members claiming breach of fiduciary duties. No date has been set yet for that case.

A fourth suit has been brought by CB shareholder Barbara Clarridge against CB that also alleges breach of fiduciary duties.

In other news ...

>> Tobacco farmers and senators are calling for an end to the federal program that determines who can grow tobacco and how much they can sell.

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[Hawaii Inc.]

New jobs

>> Dr. Mitchel Rosenfeld has been named medical director at Hawaii Air Ambulance. He replaces Dr. Robert T. Bonham, an emergency services physician with nearly 20 years of experience, who was named medical director emeritus. Bonham will continue to assist the company with its aeromedical services.

>> The Westin Maui has hired Kelly Kling as sales manager. She will be responsible for generating new group hotel business, primarily from the U.S. Midwest. Kling was most recently a catering sales manager at the Four Seasons Resort Maui.

>> Teresa Kubota has been named new owner services manager at Aston Hotels & Resorts Hawaii. She will act as liaison between Aston Hawaii properties and their owners, provide assistance in resolving owner concerns, and coordinate and develop owner benefits programs. She previously served as owner relations manager of Aston Waikiki Beach Tower. Prior to being rehired by the company, she served as a Japanese translator and interpreter at law firm Damon Key Leong Kupchak Hastert.

>> Law firm Alston Hunt Floyd & Ing has hired Andrew D. Smith as an associate. His practice focuses on products liability, insurance defense, legal and medical malpractice defense, premises liability and collections. He was formerly with Kowen & Walker.