Business briefs
Advertiser Staff
Real-estate firms merge
Kihei-based Century 21 Royal Maui Properties has merged with the larger franchised real-estate brokerage Century 21 All Islands.
The single-office firm with about 20 agents was incorporated into the independently owned and operated Century 21 All Islands, which now has about 335 sales associates, brokers and staff in 11 offices, including three on Maui.
Royal Maui owner Kenneth Hayo has become vice president of Maui operations and remains broker-in-charge at the Kihei branch of the larger firm.
Union opposes bank takeover
Responding to City Bank's recent appeal for public support to stay independent, the Hawaii Government Employees Association yesterday announced that it opposes the purchase of the bank's parent company, CB Bancshares Inc., by rival Central Pacific Financial Corp.
"We support (City Bank's) call for the state to hold a public hearing on the merger and to rule against it," the union said in a statement. "Competition is good for consumers like our 42,129 members and their families."
Central Pacific in April offered to buy CB Bancshares from shareholders for about $245 million.
Judge orders payment to NFL
A Circuit Court judge this week ordered Honolulu-based Ticket Plus Inc. and its chief executive Manuel Sanchez to pay the National Football League $558,068 for ticket sales and sponsorship fees relating to February's Pro Bowl game.
Under a judgment agreed to by both sides Sanchez has been ordered to pay the money to the NFL along with legal fees and interest. Sanchez declined to comment on the judgment yesterday.
Ticket Plus was acquired by Los Angeles-based Ticketmaster in March; Ticketmaster, however, was not named as a defendant in the suit.
Bond offering gets 'A+' rating
A $110 million bond offering to refinance debt owed by The Queen's Health System received an "A+" rating, four levels below the top "AAA" rating, yesterday by Standard & Poor's Ratings Services.
The bonds, which were issued by the state Department of Budget and Finance, received the rating despite depressed operating income because of a nine-week nursing strike this year. Standard and Poor's said the rating was based on continued strong financial performance, a strong balance sheet, and a solid market position in Hawai'i.
