10 TO WATCH IN 2004:
Joshua Gotbaum
STAR-BULLETIN FILE
The trustee of Hawaiian sees record profits
Hawaiian’s trustee stabilizes
finances under bankruptcy
Joshua Gotbaum, trustee of Hawaiian Airlines, has the next six months or so to make good on his goal to have the bankrupt company flying higher by summer.
Gotbaum, hired July 3 after former Hawaiian Airlines Chief Executive Officer John Adams was ordered removed from office, has said he is aiming for summer to bring the carrier out of bankruptcy reorganization. The company filed for Chapter 11 on March 21, 2003.
The Star-Bulletin is spotlighting 10 people who may have a big impact on Hawaii this year.
Hawaiian's performance during the past nine months has been crucial to re-establishing the company's financial stability and setting the stage for it to emerge successfully from bankruptcy.
In its most recently released monthly earnings statement, the company capitalized on a stronger-than-expected rebound in the airline industry to enjoy its best November ever and its eighth straight month of operating profits.
Gotbaum has weighed mergers, acquisitions, employee furloughs, new routes and fleet changes to meet this goal. He's canceled the lease on two of the airline's aircraft.
Gotbaum also has investigated management activities leading up to bankruptcy, which has resulted in a $28 million lawsuit against Adams and other insiders. The lawsuit, which alleged leaders improperly diverted funds, prompted Adams to return $500,000 to the airline last month to prevent further litigation.
Prior to his stint at Hawaiian, Gotbaum was an investment banker with Lazard Freres & Co. in New York and London, providing advice to airlines on mergers, acquisitions, bankruptcies and restructuring. He consulted with Eastern, Braniff, Pan American, British Airways and Air France.
Gotbaum also has served as chief executive of the September 11th Fund, and occupied various positions in the Clinton and Carter administrations.
