BUSINESS BRIEFS
Heirs of Seibu founder file suit
Advertiser Staff
Four heirs of the late Japanese tycoon and Seibu group founder Yasujiro Tsutsumi filed a state Circuit Court lawsuit seeking a declaration of ownership rights to Seibu Railway Co.'s Hawai'i subsidiaries, including the Prince Resorts Hawaii hotels.
The heirs — Tsutsumi's sons Seiji and Yuji Tsutsumi and grandchildren Tadashi Kojima and Nanae Mitsumoto — filed the Hawai'i lawsuit Thursday amid a legal battle in Japan to establish their ownership in Seibu Railway's parent company, K.K. Kokudo. They're also asking the court to appoint a custodian to hold proceeds from any future sale of Seibu's Hawai'i assets until a judgment on ownership.
The litigation comes after the late tycoon's third son, Yoshiaki Tsutsumi, stepped down as chairman of Kokudo and Seibu Railway in late 2004 following a corporate scandal. He was convicted last month of insider trading and falsifying company records.
HAWAIIAN AIR CFO ADDS DUTIES
Peter Ingram has been named chief financial officer of Hawaiian Holdings Inc., parent company of Hawaiian Airlines, the company announced today.
Ingram recently joined Hawaiian Airlines as chief financial officer and will hold the dual responsibility for Hawaiian Holdings.
Ingram spent the previous 11 years with AMR Corp., parent company of American Airlines and American Eagle Airlines. Since 2002, he has served as vice president of finance and CFO for American Eagle Airlines. Prior to that, he spent eight years in finance- related management and director positions for American Airlines.
Ingram replaces Randall L. Jenson, who will remain a member of Hawaiian Holdings' board of directors.
REAL ESTATE FIRM ADDS MAUI OFFICE
Mary Worrall, president and principal broker of Mary Worrall Associates, Inc., and Paul MacLaughlin said they will open a real estate company in Wailea, Maui in late December,
The company will be the exclusive Maui affiliate of Christie's Great Estates, a network of 20,000 sales associates in 650 office locations in 20 countries. With the formation of the Wailea company, Christie's Great Estates will have affiliates on the Big Island, Maui, and O'ahu.
MacLaughlin, with more than 20 years of experience in the real estate industry, will serve as the Wailea company's principal broker. Worrall will remain president and principal broker of Mary Worrall Associates.
CALIF. INVESTORS BUY MAUI CENTER
California-based Triple Net Properties has sold the Kahana Gateway Shopping Center on Maui to a group of California investors for $26.8 million.
Faris Lee Investments, the nation's largest retail-specialized investment sales team, handled the sale.
Built in 1990, the 60,000-square-foot center sits on on 3.95 acres at the northwest corner of Honoapi'illani Highway and Hoohui Road in Kahana. The center is 96 percent leased by numerous high-profile national and local tenants, including Outback Steakhouse, Roy's Kahana Bar and Grill, Maui Dive Shop and Whaler's General Store.
