Heirs divvy up Campbell Estate
The Estate of James Campbell, which terminated Sunday after 107 years, distributed most of its assets to the private trust's 31 beneficiaries yesterday.
The distribution was mostly in the form of stock in the estate's successor company, James Campbell Co., which becomes one of Hawai'i's largest companies, with a real estate portfolio valued at $2.6 billion.
Of the 31 Campbell Estate heirs, 29 opted to receive stock in James Campbell Co., the company said in a news release yesterday. Unlike most trusts that liquidate and distribute their assets in cash when they terminate, nearly all of the Campbell Estate's assets remain intact with the successor company.
Under Campbell's will, the trust was to terminate 20 years after the death of his last surviving daughter. That daughter, Beatrice Campbell Wrigley, died on Jan. 21, 1987.
Steve MacMillan, who had been the estate's CEO for the last four years, is now chairman and CEO of the James Campbell Co.
Shareholders elected seven directors. They are MacMillan, Dave Andrews, Linda Assante, David Carey, Richard Gushman, Mike May and Ron Plumb.