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Cyanotech delisting may get averted

Cyanotech Corp. has a chance to avoid being delisted from the Nasdaq SmallCap Market if its closing stock value remains at $1 or more through Wednesday.

The Kona-based microalgae grower said it has been notified that it can remain listed if its closing price remains at least at $1 for 10 consecutive trading days through Thursday. Its stock has done that for seven consecutive days since Nov. 6, after having traded under $1 this whole year.

Last year, Cyanotech was delisted from the Nasdaq National Market for failing to keep its stock at $1 or higher. If delisted from the SmallCap, Cyanotech would trade over-the-counter.

Cyanotech closed yesterday at $1.06.

Hawaiian trustee seeks officer post

Hawaiian Airlines trustee Joshua Gotbaum is seeking to become an employee and officer of the airline to facilitate his movement within the company and airport, and to reduce costs related to his position.

Gotbaum, who has been the trustee of the bankrupt airline since July 3, said in a U.S. Bankruptcy Court filing yesterday that certain permits from the Federal Aviation Administration and U.S. Customs Service, among others, are "extremely difficult" to obtain if he cannot state that he is an employee with the airline. He said procedures of those agencies don't incorporate the notion of a trustee.

Without the permits, Gotbaum said, he cannot perform his duties effectively, such as entering cockpits and gaining access to areas of the airport that fall under the control of the Customs Service.

In addition, Gotbaum said becoming an officer will enable him to obtain certain travel privileges from Hawaiian and other airlines that will result in savings to the company. He said this will result in savings for business travel that is required to such destinations as New York and Washington, D.C., that are not serviced by Hawaiian.

Gotbaum also said granting the motion will entitle him to health and other benefits under Hawaiian's existing programs.

The employment of the trustee by the company is not precluded under the U.S. Bankruptcy Code since he was considered a "disinterested person" when he initially was hired for the position, the filing said.

The airline filed for Chapter 11 on March 21.

Hawaii group seeks BofA probe

The Hawaii Fair Lending Coalition and the California Reinvestment Committee are asking the Federal Reserve to investigate Bank of America Corp.'s $43.6 billion purchase of FleetBoston Financial Corp. for how it will affect community access to credit, according to a press release.

The groups say they are afraid that the acquisition, which would create the second-biggest U.S. bank, will lead to a mega-bank that will not respond to local community needs. They are concerned about community contributions, subprime lending and closure of branches.

HVCB, Hawaii Magazine team up

The Hawaii Visitors & Convention Bureau has formed a partnership in which Irvine, Calif.-based Hawaii Magazine will publish the winners of the bureau's 2004 "Keep it Hawaii" award program.

The magazine, which reaches out to Hawaii enthusiasts on the mainland, has 85,000 circulation and an audience of 255,000 readers. The Keep It Hawaii awards honor local organizations and individuals for preserving the island cultural heritage.

Firefighters offered Hawaii deal

Tour wholesaler Pleasant Holidays is offering a discounted travel package for firefighters, law enforcement and other emergency workers who fought the devastating fires in Southern California last month.

Savings range from $260 to $280 per couple for four-night holidays at Marriott hotels on Oahu and Maui. Reservations can be booked at www.PleasantHolidays.com/firebreak for travel in January from Los Angeles and San Francisco.