Superman comic sells for $1.5M

NEW YORK » The record price for a comic book, already broken twice this year, has been shattered again.

A copy of the 1938 edition of Action Comics No. 1 sold yesterday for $1.5 million on the auction Web site ComicCo-nnect.com. The issue, which features Superman's debut and originally sold for 10 cents, is widely considered the Holy Grail of comic books. The same issue sold in February for $1 million, though that copy was not in as good condition as the issue that sold yesterday. That number was bested days later when a 1939 comic book featuring Batman's debut sold for $75,000 more at an auction in Dallas.

There are about 100 copies of Action Comics No. 1 believed to be in existence.

Central Pacific considers reverse split

Central Pacific Financial Corp., which has seen its stock plummet to as low as 79 cents, is seeking shareholder approval that would give the board the right to implement a reverse stock split of not less than 1-for-5 and not more than 1-for-20 at any time prior to April 30, 2011.

The stock of Central Pacific Bank's parent closed unchanged yesterday at $1.66.

Central Pacific said it was considering a reverse stock split to avoid the risk of the stock being delisted by the New York Stock Exchange.

The company, which on March 16 announced that John Dean was taking over effective immediately as executive chairman for retiring Chairman and Chief Executive Officer Ron Migita, said in a proxy yesterday that shareholders also are being asked to approve a new board election process in which its 12 directors will serve only one-year renewable terms instead of three-year staggered terms, beginning with this year's May 24 shareholders meeting.

The four directors up for re-election this year are Christine Camp; Dennis Hirota, who turns 70 on April 4 and would be required to retire; Migita, who seeks to remain as a director; and Maurice Yamasato. The board intends to replace Hirota with Dean, a contingent nominee who is seeking regulatory approval for his new position. Hirota said he would withdraw his candidacy if Dean gets approval before the meeting.

Ingebritsen named Pacific Office CEO

Los Angeles-based Pacific Office Properties Trust Inc. has named James Ingebritsen president, CEO and a member of its board of directors.

Ingebritsen started with The Shidler Group, which founded Pacific Office Properties, in 1987 and was named a partner in 1996.

“;These are both challenging and exciting times in our industry as opportunities continue to present themselves to those with the talent and resources to pursue them,”; Ingebritsen said in a statement. “;With the support of a highly experienced management team, I welcome the opportunity to lead our company at this vital juncture of its development.”;

Pacific Office Properties owns and operates office properties in Honolulu, San Diego, Phoenix and Los Angeles, including Waterfront Plaza.

Kauai properties sell for $4.2 million

Two luxury properties in Kealia, Kauai, were sold at auction for final prices of $3.2 million and $1 million, respectively, by Concierge Auctions LLC.

The costlier of the two properties, previously offered for sale at $9.995 million, was a 5.79-acre estate with an amenity-laden three-bedroom main house and a guest cottage. It was purchased by a Colorado resident. A California buyer purchased the other property, a five-acre ocean bluff lot.

The auction was staged March 8, but the company awaits confirmation of closing details before releasing winning bid details.

ON THE MOVE

Honua Kai Resort & Spa on Kaanapali North Beach has named Barrett De Santos as director of sales for the 628-suite luxury resort. He has 28 years of hospitality experience and was previously general manager of Outrigger Aina Nalu Resort on Maui as well as senior sales manager for Outrigger's beachfront division.

Barron's Magazine has named Eric Fujimoto to the Barron's “;Top 1,000 Advisers: State-by-State”; list. Fujimoto is a senior financial adviser with Ameriprise Financial.

Office of Hawaiian Affairs has awarded Special Olympics Hawaii a grant of $24,242 to support sports training and competition opportunities for Hawaiian athletes and their families.

Koloa Rum Co. has announced the following: Robert M. “;Bob”; Gunter has been promoted to president of the company from general manager. Charles S. O'Neil Jr. has been selected as corporate secretary. He also is an attorney with O'Connor Playdon & Guben, a limited law partnership.

Crystal Pancipanci is the new director for Ke Kumu 'Ike, a newsletter for the University of Hawaii at Manoa College of Arts and & Sciences. Pancipanci founded Panci Style in 2006.