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Hawaiian owner drops shares

Dimensional Fund Advisors Inc., the third-largest shareholder of Hawaiian Holdings stock according to the last available Securities and Exchange Commission filing, has reduced its stake in the parent of Hawaiian Airlines to 7.3 percent.

The Santa Monica, Calif.-based investment adviser reported in a filing with the Securities and Exchange Commission yesterday that it had 2,081,675 shares as of Dec. 31. At the end of 2002, a similar SEC filing revealed that Dimensional held 9.8 percent, or 2,752,213 shares.

A proxy that Hawaiian Airlines filed before its last shareholders meeting in August 2002 -- at which time it changed the parent company's name to Hawaiian Holdings -- showed that Dimensional held 11.5 percent, or 3,205,900 shares.

At that time of that July 2002 proxy filing, the largest shareholders were former Chairman and Chief Executive John Adams and his AIP group with 51.4 percent, and Dublin, Ireland-based Amber Arbitrage LDC with 16.8 percent.

Maui firm proposes subdivision

WAILUKU >> An investment company has proposed developing a 108-lot subdivision in Waikapu on Maui.

Waikapu 28 Investment LLC is seeking the reclassification of more than 28 acres of former sugarcane land from agriculture to urban use.

No date has been scheduled for a public hearing before the state Land Use Commission.

The company is in the process of preparing an environmental assessment of the project.

Under the proposal, Waikapu 28 Investment plans to develop lots ranging from 7,500 to 12,000 square feet on the Wailuku side of Pilikana Street, mauka of the Waiolani subdivision, said Karlyn Kawahara, a planner with Munekiyo & Haraga Inc.