Business Briefs


POSTED: Thursday, March 25, 2010

Maui Pine auction has good prices

KAHULUI » Maui Land & Pineapple Co. auctioned off a $23 million fresh fruit processing line for just $125,000.

Company President Ryan Churchill didn't expect many bidders for the equipment because it is so specialized.

The auction held Tuesday at the Maui Beach Hotel drew more than 300 bargain hunters, with many more bidders online.

Maui Pine held the auction to sell off warehouses full of equipment after closing Maui's last pineapple plantation late last year.

The company already has sold or leased some of its land and equipment to Haliimaile Pineapple Co. Haliimaile is trying to revive pineapple on a smaller scale.


State sells $645 million in bonds

The state has sold $645 million of revenue bonds to fund various capital projects for the Airports Modernization Plan.

The governor's office said yesterday that of the total amount, $166 million of refunding bonds were sold to refinance existing debt, saving the Airports Division about $24 million.

State officials say the municipal bond market improved in the weeks leading up to the bond sale and the timing of the sale resulted in significantly improved borrowing costs and savings.

They say the bonds were sold at a favorable interest rate of 4.89 percent.

Among the projects to be financed with the proceeds of the sale is the new mauka concourse at the interisland terminal at Honolulu Airport.


Matson workers asked to give to PAC

Matson Navigation Co. is asking workers to donate to a company political action committee that will support a candidate for the U.S. House seat vacated by Neil Abercrombie.

In a February e-mail, company President Matt Cox said the federal law known as the Jones Act is vital to Matson. It requires vessels transporting goods between states to have been built in the United States, be crewed and owned by U.S. citizens, and fly the U.S. flag.

The e-mail says of the three major candidates for the House seat, only Democrat Colleen Hanabusa backs the law. He says Democrat Ed Case and Republican Charles Djou want to exempt Hawaii from it.

The law's opponents contend it results in higher prices for Hawaii consumers.

The special election for the seat is May 22.


Icahn criticizes Lions Gate directors

NEW YORK » Activist investor Carl Icahn said the directors of Lions Gate Entertainment Corp. failed shareholders this week after the film studio rejected his $575 million buyout offer.

In a letter to CEO Jon Feltheimer, released yesterday , Icahn said Lions Gate has rewarded executives with “;bonuses, options and golden parachutes”; even as the value of the company's stock declined.

“;If the stock price of a company remains stagnant for years, as it has with Lions Gate, then clearly something is wrong,”; Icahn wrote. “;I suggest that your directors have failed shareholders.”;

The company's shares, which traded just below $12 around this time in 2007, were trading around half that yesterday. They fell a penny in after-hours trading to $6.24—well above Icahn's offer price of $6—after closing up 26 cents, or 4.3 percent, at $6.25 yesterday.

The studio's board rejected Icahn's offer unanimously, according to a regulatory filing Tuesday.


On the Move

» Hawaiiana Management Co. has promoted Allen Wilson to vice president from director of property management. He has more than 30 years experience in property management and related fields, including management executive and senior management executive for the company and president and chief executive officer of a brokerage firm in New Hampshire.

» Primo Brewing & Malting Co. has hired Matty Liu as a field marketing representative for Hawaii. He has more than 10 years of marketing, events and promotions experience, and has produced movie premieres, fashion shows, concerts, art exhibitions and surf contest parties.

» Pacific Guardian Center has earned the U.S. Environmental Protection Agency's Energy Star, the national symbol for protecting the environment through superior energy performance. The center joins about 3,200 buildings nationwide that have also received this award.