- House passes VA reform compromise
- Obama admin to blame for HealthCare.gov woes, $840M cost: GAO
- Al Gore’s climate-changers at EPA hearings foiled by cool temperatures
- Army’s 3-D printed bombs will create ‘a whole new universe’ of deadly capabilities
- Hamas calls on Hezbollah to join in fight against Israel
- Senators to FIFA, others: Don’t reward Putin with the World Cup in 2018
- U.S. condemns Israeli shelling of shelter in Gaza
- Obamacare shoots premiums up by 88 percent in California
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- Obama to Republicans: ‘Stop just hatin’ all the time’
Oracle’s Ellison to buy, invest in Lanai
Question of the Day
The deal involves 88,000 acres of land, plus two resorts, two golf courses, a stable and various residential and commercial buildings, lawyers for Murdock told the utilities commission in its application.
Ellison plans to pay cash, and the deal should result in new jobs, economic stimulus and a reinvigorated local tourism industry, the application said.
“The buyer anticipates making substantial investments in Lanai and is looking forward to partnering with the people of Lanai to chart the island’s future,” Castle & Cooke lawyers said in the application.
Lanai is Hawaii’s smallest publicly accessible inhabited island, with some 3,200 residents. It is known as the “pineapple island” even though Murdock closed its pineapple operations to make way for luxury resort and home development. The majority of the island was once owned by James Dole of Dole Food Company Inc., who bought it in 1922.
Murdock bought out fellow Castle & Cooke shareholders for nearly $700 million in 2000 and took the company private.
According to the Hawaii Tourism Authority, more than 26,000 people visited the island from January to April of this year, a 6 percent decline from the same period last year.
The utilities commission is reviewing the prospective deal because it involves indirectly transferring public utilities Castle & Cooke owns on the island _ a water company, a bus and shuttle service, and the island’s wastewater utility. Castle & Cooke asked for interim approval by June 26.
Hawaii law requires commission approval to transfer public utilities, and the commission will try to make its decision by that date, said Sean Mikell of the PUC’s research division, which is considering the application. The commission does not have jurisdiction over the sale of the island, aside from the transfer of public utilities.
J. Kalani English, a state senator who represents Lanai in Hawaii’s Legislature, said he’s hopeful the sale to Ellison will mean a return of agriculture to the island.
“I’m relieved because he’s one of the richest people on the planet, which means he knows he’ll lose a lot of money in the beginning and he can sustain that,” said English, a Democrat.
English said Ellison has been known to vacation on Lanai.
Robin Kaye, president of Friends of Lanai, said he wasn’t surprised to hear who the buyer is because Ellison’s name has been floating around the island lately.
Before Murdock announced he would keep wind farm rights on the island, Kaye said he hoped Ellison wouldn’t pursue the project.
“Lanai is worth more than supplying power to Oahu,” Kaye said.
Seventh-generation Lanaian Sol Kahoohalahala said he hopes to see an end to high unemployment and more opportunities for economic development beyond tourism.
TWT Video Picks
- Geraldo Rivera: Matt Drudge 'doing his best to stir up a civil war'
- Al Gore's climate-changers at EPA hearings foiled by cool temperatures
- Catholic League slams Obama: 'Do Christian lives mean so little to you?'
- Lois Lerner hated conservatives, new emails show
- House unveils bill to speed deportations of illegal immigrant children
- HURT: Impeaching Obama is a losing strategy for the GOP
- Federal judge grants 90-day stay in D.C. gun case
- CARSON: Rudderless U.S. foreign policy
- Patent workers paid to exercise, shop, do chores: report
- House votes to sue President Obama over claims of presidential power
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world