By Ian Lind | March 18, 2013
Proceeds from the sale of the remaining lands of the George Galbraith Trust have been distributed to beneficiaries of the estate. A total of $23,545,300 was realized from the sale and sent to beneficiaries earlier this month.
The amount of each payment was based on the percentage distribution factor for each beneficiary approved by the probate court in 2010.
With this distribution, the Galbraith Trust is nearing it’s end after almost a century. A final distribution is expected late this year after a final accounting of trust expenses is submitted to and reviewed by the probate court, according to a March 8, 2013 letter from Bank of Hawaii, trustee of the Galbraith Trust.
The final distribution will be substantially smaller than the first two, which totaled just over $58 million.
By Ian Lind | November 19, 2012
An article in the Wall Street Journal (November 18, 2012) reports that the sale of 1,750 acres of Galbraith Estate land near Wahiawa is scheduled to close soon (“Heirs Preserve Hawaiian Tract“).
The sale, involving a large tract of land zoned for agriculture, has been pieced together by the local office of the Trust for Public Land using funds from several sources.
The $25 million deal has been in the works for several years.
The WSJ reports:
The trustee for hundreds of heirs to a large land tract here on Oahu island has agreed to sell their inheritance to the state for preservation as farmland, reversing a decades long trend of most such open land being developed.
The 1,750-acre tract, one of the island’s largest undeveloped plots, was the estate of George Galbraith, an Irish immigrant who acquired the land in the 19th century. Ownership of the one-time pineapple farm passed through generations to roughly 600 heirs today. Bank of Hawaii manages the estate in trust.
The episode recalls “The Descendants,” a 2011 movie starring George Clooney as a trustee in a similar predicament—whether to sell a huge parcel of Hawaii land for development.
Further details about the transaction can be found in the application submitted to the Honolulu’s Clean Water and Natural Lands Fund in 2010.
This sale may close out the final chapter of the George Galbraith Trust.
By Ian Lind | August 8, 2011
A reader who lives in Poamoho in Central Oahu sent this photo and comment:
Bank of Hawaii has yet again changed realtors for the Galbraith Estate lands outside of Wahiawa. I live in Poamoho so try to pay attention. The new signs were up Thursday, August 4, 2011.
This has to be at least the 3rd realtor since the signs started going up, which was some years after they supposedly started trying to sell it.
More information about this listing can be found here.
By Ian Lind | August 31, 2010
Following an August 19, 2010 hearing in Probate Court in Honolulu, the first planned distribution to beneficiaries from the George Galbraith Trust Estate appears to be on track.
Minutes of the August 19 hearing follow.
In brief, no opposition was to the proposals for handling outstanding issues or to the trustee’s plan to make the first $35 million distribution.
It appears that when the order is signed by the judge, the initial distribution will follow.
The trustee will retain $15 million and the unsold real property. A final distribution will be made, as I understand the situation, when the real property is sold.
In the case of beneficiaries who cannot be identified or located, or estates that are unsettled, the associated distributions would be transferred to the State of Hawaii’s unclaimed property fund, where it could be claimed at a later date with property documentation.
Case Title: IN THE MATTER OF THE TST EST OF GEORGE GALBRAITH
Div.: 1C23 CV DATE: 08-19-2010
Judge I.D.: JD CHAN
CLK: M. CASTILLO
PRESENT: RAYMOND OKADA, ESQ. FOR BANK OF HAWAII;
LENORE LEE, ESQ. FOR JULIE FINLEY AND
JONATHAN GURDIN; ROBERT BRUCE GRAHAM, PRO SE;
MEYER UEOKA FOR FRANCIS AKINA, JR., LORETTA DUNN,
ARLENE GALLIHER, AND ESTATE OF ADELE IWAMASU;
KALANI BUSH FOR MOANA EISELE; MICHAEL LUM, MASTER;
AND ANTHONY LOCRICCHIO, ESQ.
10:11AM: CASE CALLED; APPEARANCES ENTERED.
REPRESENTATIONS AND ARGUMENTS MADE BY COUNSEL.
FOLLOWING REPRESENTATIONS AND ARGUMENTS, THE
COURT GRANTED THE PETITION; AND THE COURT WILL
DOCK MASTER’S REPORT.
MR. OKADA TO PREPARE THE ORDER.
MS. LEE’S REQUEST FOR THE TRUSTEE TO GIVE
NOTICES TO BENEFICIARIES RE: SALE OF PROPERTY
IS SO NOTED.
MR. OKADA NOTED WILL DO NOTICES.
THE COURT FURTHER NOTED THAT WILL TAKE
MR. LOCRICCHIO’S REQUESTS UNDER ADVISEMENT.
By Ian Lind | January 7, 2010
Probate Judge Colleen Hirai has issued a court order instructing Bank of Hawaii to distribute the assets of the George Galbraith Trust Estate by dividing the total amount equally among the thirteen remaining annuity groups, and then dividing each of the 1/13th shares in proportion to the annuity segment owned by each beneficiary.
Judge Hirai appears to have accepted the legal analysis put forward by attorney Bruce Graham rather than the recommendation of the court-appointed master, Michael Lum.
The judge’s order was made public in a “minute order” quietly posted on the court web site on December 28, 2009, and was to be mailed to attorneys appearing in the case.
It was one of Hirai’s last official acts before retiring at the end of 2009. Her surprise retirement announcement was made just days after the December 3 Galbraith hearing.
The timetable for distribution remains unclear. A further court hearing will be required to consider technical details of the distribution plan, such as how unclaimed annuity segments will be handled.
The minutes of the December 3 court hearing, followed by Hirai’s minute order of December 28, are printed below in full.
Case Title: IN THE MATTER OF THE TST EST OF GEORGE GALBRAITH
Div.: 1C20 CV DATE: 12-03-2009
Judge I.D.: J C HIRAI
DVD: #120120309 CLERK: K K UMAMOTO
10:47 A.M.-11:41 A.M. CASE CALLED.
PRESENT: RAYMOND OKADA AND CONRAD WEISER FOR
PETITIONER BANK OF HAWAII; LENORE LEE FOR JULIE
FINLEY AND JONATHAN GURDIN; JULIE FINLEY; ROBERT
BRUCE GRAHAM, JR., PRO SE; DAVID DICKINSON, PRO
SE; DOUGLAS SMITH FOR SHEILAGH MORIN; MEYER UEOKA
FOR FRANCIS AKINA, JR., LORETTA DUNN, ARLENE
GALLIGHER, AND ESTATE OF ADELE IWAMASU; S. KALANI
BUSH FOR MOANA EISELE, PERSONAL REPRESENTATIVE OF
THE ESTATE OF JOHN ADRIAN MCPHERSON; CARROLL
TAYLOR FOR FRANCES MCCALLUM AND NEILL SCHOENING,
SR.; AND MICHAEL LUM, MASTER.
DISCLOSURE BY THE COURT STATED ON THE RECORD.
HAVING HEARD THE ARGUMENTS PRESENTED BY THE
PARTIES, THE COURT TOOK THE MATTER UNDER
ADVISEMENT AND WILL ISSUE ITS RULING.
CERTAIN DOCUMENTS MAY BE FILED BY 12/10/09.
12/28/09: MINUTE ORDER.
THE COURT HAVING REVIEWED THE PETITION, OTHER
DOCUMENTS THAT WERE FILED, AND THE MASTER’S
POSITION ON GEORGE GALBRAITH’S INTENT WITH RESPECT
TO DISTRIBUTION UPON TERMINATION, AND HAVING
CAREFULLY CONSIDERED THE ARGUMENTS PRESENTED,
GRANTS THE REMAINDER OF THE PETITION IN PART AND
CONTINUES IT IN PART UNTIL MOVED ON.
THE PETITION IS GRANTED IN PART AND THE COURT
INSTRUCTS THE PETITIONER AS FOLLOWS:
IN THE CONTEXT OF THE TESTATOR’S WILL AND
CODICIL, THE WORD “EQUALLY” IN THE TERMINATION
PROVISION OF THE WILL SHOULD BE INTERPRETED TO
MEAN THAT ONE-THIRTEENTH OF THE TRUST ASSETS
SHOULD BE ALLOCATED TO EACH OF THE THIRTEEN
ANNUITIES WHICH STILL EXIST AND THAT THE ASSETS
INCLUDED IN EACH ONE-THIRTEENTH SHARE SHOULD BE
DIVIDED AMONG THE VESTED REMAINDERMEN OWNING
INTERESTS IN EACH PARTICULAR ANNUITY, ON THE BASIS
THAT EACH OWNER OF THAT ANNUITY WILL RECEIVE AN
AMOUNT PROPORTIONATE IN SIZE TO THE SIZE OF THE
ANNUITY SEGMENT OWNED BY THAT PERSON.
THE PETITION IS CONTINUED IN PART UNTIL MOVED
ON AS TO ALL REMAINING ISSUES IN THE PETITION
INCLUDING BUT NOT LIMITED TO THE DISPOSITION OF
ASSETS TO TRUST BENEFICIARIES WHO ARE VESTED
REMAINDERMEN WHO CANNOT BE LOCATED AFTER
REASONABLE SEARCH AND INQUIRY AND THE TRUSTEE FEES
REQUESTED BY PETITIONER.
THE MASTER IS TO FILE A REPORT ADDRESSING ALL
OF THE REMAINING ISSUES RAISED BY PETITIONER IN
THE PETITION. AFTER THE MASTER’S REPORT IS FILED,
PETITIONER IS TO FILE AN AMENDED ORDER SETTING
DATE, TIME, AND PLACE OF HEARING TO PLACE THE
PETITION BACK ON THE CALENDAR FOR A DETERMINATION
OF THE REMAINING ISSUES.
MR. OKADA IS TO PREPARE THE ORDER.
A FILED COPY OF THE MINUTE ORDER WILL BE
MAILED TO RAYMOND OKADA AND CONRAD WEISER, LENORE
LEE, DOUGLAS SMITH, MEYER UEOKA, S. KALANI BUSH,
CARROLL TAYLOR, ROBERT BRUCE GRAHAM, JR., DAVID
DICKINSON, AND MICHAEL LUM.
By Ian Lind | January 6, 2010
For Galbraith beneficiaries all over the world, communication is a real problem.
Skype offers a way to communicate for free over long distance using the voice over IP protocols. And it’s free.
If you have internet access, you can download a copy of the Skype software for free from Skype.com.
Feel free to contact me here in Hawaii. I’ll give you any information that I can.
My Skype address is ian96730.