Posted on: Tuesday, June 10, 2003

BUSINESS BRIEFS
Two Maui courses to be auctioned

Advertiser Staff and News Services

A foreclosure sale has been set on June 25 for two 18-hole Royal Ka'anapali Golf Courses.

The courses, in the Ka'anapali Beach Resort area on Maui, have an upset price of $60 million.

Amfac Hawaii borrowed $66 million from the State of Hawai'i Employees Retirement System in 1991 using the courses as collateral. The courses went into receivership in March 2002 and foreclosure in May.

The auction begins at noon at the First Circuit Court building. Joseph Toy is serving as commissioner.

Liberty Mutual faces lawsuit

Liberty Mutual was sued yesterday in the second lawsuit against an insurance company for allegedly selling customers more coverage than was needed to replace their homes.

The suit charges that Liberty Mutual sold its customers contracts with an automatic inflation clause. Plaintiffs say the replacement value of their homes did not go up as fast as the increases.

The suit is similar to one filed against State Farm last week.

Liberty Mutual could not be reached late yesterday for comment.

Alliance shuns drug programs

University Health Alliance said it would no longer participate in drug rebate programs offered by its pharmacy benefits manager that processes claims for the insurer.