Posted on: Tuesday, January 4, 2005
BUSINESS BRIEFS
Deal reached in Hawaiian case
Advertiser Staff and News Services
Hawaiian Airlines trustee Joshua Gotbaum and the airline's former CEO John Adams have settled a lawsuit in which Gotbaum was seeking to recoup $28 million that Adams allegedly took from the carrier, mostly in the form of a stock buyback.
Adams, in a statement issued by his attorney, did not disclose the terms of the settlement but said it is in the best interests of all parties.
According to the lawsuit, Adams proposed a tender offer in which companies he controlled would sell nearly 6 million Hawaiian Airlines shares back to the carrier for $25 million in May 2002. Within a year of the buyback, Hawaiian filed for bankruptcy.
The Navy said yesterday it has signed a long-term lease and development agreement with the MacNaughton Group to redevelop the Moanalua Shopping Center and surrounding area.
Work is expected to begin in June and be completed in the fall of 2006, according to Rear Adm. Michael Vitale, commander, Navy Region Hawai'i. The existing 65,000-square-foot shopping center will be demolished and will be replaced with a 55,000-square-foot Navy community support services center and up to 30,000 square feet of commercial space.
All commercial space will be open to the public.
The City and County of Honolulu has selected RCI Construction Group to build the New Solids Handling Facilities at the Honouliuli Waste Water Treatment Plant on O'ahu.
The $31 million contract will cover the construction of three anaerobic digesters, which use microorganisms to process sewage solids in a non-oxygen environment. The process substantially reduces the amount of potential landfill waste while generating methane gas that can be used for heating or generating electricity, according to RCI. Construction is to begin in March.
Moanalua retail site to be rebuilt
RCI to build waste project
