Ranch Capital, LLC, bought 10 million shares of Hawaiian Holdings, Inc. for $4.14 per share, Hawaiian Holdings said in a statement.

"As part of the share purchase transaction, John Adams, Edward Safady and Thomas Trzanowski, representing three of the four Hawaiian Holdings directors, will resign and be replaced by nominees of Ranch Capital as soon as certain legal and regulatory requirements are met," the statement said. "In addition, Adams will resign as Chairman and CEO of Hawaiian Holdings."

Ranch Capital officials Lawrence Hershfield and Randall Jenson will replace Adams and the others, a Ranch Capital statement said.

"This transaction will end my involvement in the management and stock ownership of Hawaiian Holdings and Hawaiian Airlines," said Adams. "Although I had wanted to continue to lead the fight in the bankruptcy court to preserve the value that rightfully belongs to the shareholders of Hawaiian Holdings, I reluctantly concluded that this effort would have a better chance of success if I removed myself from the process.

"I believe the equity holders will be best served by my stepping aside and letting Lawrence Hershfield and his team pursue reorganization efforts. I hope that I will no longer be a distraction in the reorganization process," added Adams.

Companies that Adams represents have retained more than 4 million shares of Hawaiian Holdings, Adams said.

Hawaiian Holdings had 28.4 million shares outstanding as of May 14. Its share price rose 9 cents in trading today to close at $5.19. The news was released after the close of trading.

Hawaiian Airlines filed for Chapter 11 bankruptcy in March 2003 after Adams, the chief executive at the time, could not reach an agreement with Boeing Capital Corp. to reduce the leases on Hawaiian's fleet.