Tiny advertisement for Galbraith’s 2100 acres
By Ian Lind | October 20, 2008
![[text]](/documents/land4sale.jpg)
This modest advertisement appeared tucked away at the bottom of page 30 in the most recent issue of Pacific Business News (October 17, 2008). Based on the description, it appears to refer to the Galbraith Estate lands.
PM Realty Group was selected by the Galbraith trustee, Bank of Hawaii, in July 2008 to make another attempt to market the property, according to a BOH press release.
Reporter Rick Daysog’s blog noted the appointment at the time.
PM Realty Group’s Hawaii subsidiary was formerly known as BetaWest Ltd, and was the developer of Alii Place and the City Financial Tower in Honolulu.
Topics: General | No Comments »
More info on the recent land deal that fell through
By Ian Lind | July 4, 2008
In a comment posted July 4 on the blog of Honolulu Advertiser reporter Rick Daysog, someone with inside knowledge of the recent deal writes about problems in the Bank of Hawaii’s handling of the sale. Scroll down through the blog entry to see comment #2.
According to this information, the $40 million deal fell through when BOH, as Galbraith trustee, refused a request for a 60-day extension to allow further due diligence, including waiting to see whether bills potentially impacting the property would be vetoed by the governor.
The comment also accuses the bank of dragging out contract negotiations for months over the course of the 2008 legislative session.
Topics: General | No Comments »
Bank blows another deal on Galbraith land, public and nonprofit agencies seeking partnership
By Ian Lind | June 26, 2008
For the second time in a year, Bank of Hawaii has failed to negotiate a final deal for the sale of the Galbraith lands. The bank is trustee of the 104-year old George Galbraith Trust.
The Honolulu Advertiser reported today that the latest deal with a Canadian developer has fallen through and the property is likely to be listed for sale once again. At the same time, the Advertiser reports that the Honolulu City Council is considering putting money into a public interest partnership being organized by the Trust for Public Lands, which might include the State of Hawaii, Office of Hawaiian Affairs, and others.
The Bank of Hawaii’s failure to close the sale is especially striking after it reneged earlier this year on promises to consider other offers, including a prospective offer from the Trust for Public Lands.
Two failed marketing attempts probably didn’t come cheap, although the Bank has yet to disclose the internal costs and fees paid during the failed sales efforts.
The collapse of the latest deal has encouraged community leaders, who hope the land can be preserved in agriculture and open space.
State Rep. Marcus Oshiro, D-39th (Wahiawa), introduced legislation that set aside $13 million and enables the state to acquire the Galbraith lands with the aid of partnerships with public and private agencies.
The bill was passed by the Legislature and will become law.
Oshiro said the Trust for Public Land is attempting to secure money from the city, the Office of Hawaiian Affairs, the U.S. Army and others interested in preserving the estate.
“Over my dead body am I going to sanction these five-acre lots (proposed by the developer). There are actual farmers who are interested and can make a go of it and be profitable if we assist in acquiring the land,” said Oshiro. “I know the area definitely fits the criteria of the city’s Clean Water and Natural Lands Fund. It has all the features of prime ag land in terms of water, access to market, and electricity. It’s the ideal location.”
Topics: General | No Comments »
Controversial Montreal investor linked to Galbraith land deal
By Ian Lind | June 6, 2008
Honolulu Advertiser reporter Rick Daysog says Phil Archer, “who was banned by the Alberta (Canada) Securities Commission from trading for 15 years for allegedly manipulating the stock price of a Canadian company,” was actively involved in negotiations for purchase of the Galbraith land on behalf of Nokaoi Development LLC. Read his blog entry here.
Topics: General | No Comments »
Canadian developer seeking deal for Galbraith lands
By Ian Lind | May 21, 2008
The State of Hawaii’s renewed commitment to provide incentives and supports to farmers and meaningful long-term protection for important agricultural lands faces a major challenge in the fallow fields outside of Wahiawa in central Oahu, where a Canadian real estate developer is trying to complete a behind-the-scenes deal to buy and then subdivide 2,100 acres of prime land for high-priced McMansions on “gentleman farms”.
Topics: General | No Comments »
May 16 hearing approves fees, next hearing postponed until Sept. 12
By Ian Lind | May 20, 2008
About two dozen beneficiaries and family members, along with a number of lawyers, crowded into the small courtroom of Judge Colleen Hirai on Friday, May 16.
The hearing was rather perfunctory, as reflected in the official minutes. Note that the official minutes only recognize the presence of the attorneys, and do not give any recognition of beneficiaries who attended.
Petition for Instructions, for Review
10:56 A.M.-11:10 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; CARROLL TAYLOR FOR FRANCES MCCALLUM AND NEILL SCHOENING; MEYER UEOKA FOR FRANCIS AKINA, JR., ARLENE GALLIGHER, LORETTA DUNN, AND ADELE IWAMASA; S. KALANI BUSH FOR MOANA EISELE, PERSONAL REPRESENTATIVE OF THE ESTATE OF JOHN ADRIAN MCPHERSON; HOWARD MCPHERSON; DAVID DICKINSON; ROBERT BRUCE GRAHAM, JR.; MICHAEL LUM, MASTER; AND LLOYD NAKASONE.
THE COURT GRANTED THE PETITION IN PART SUBJECT TO THE RECOMMENDATIONS OF THE MASTER THAT WERE APPROVED AND ADOPTED AND CONTINUED IT IN PART TO
9/12/08 AT 10:00 A.M.THE PETITION WAS GRANTED IN PART AS TO THE REQUEST TO APPROVE THE ACCOUNTS, TRUSTEE’S FEES, AND FEES AND COSTS REQUESTED BY THE MASTER AND THE MASTER’S CONSULTANT.
THE PETITION WAS CONTINUED IN PART AS TO THE REMAINING REQUESTS IN THE PETITION.
MR. OKADA IS TO PREPARE THE ORDER AND FILE AN AMENDED ORDER SETTING DATE, TIME, AND PLACE OF HEARING.
The minutes fail to reflect the question asked by attorney Lenore Lee as the hearing ended.
As I understood Lee’s question, she referred to a previous direction from the court that official documents must be filed as normally required, that is with service to each party. In this case, with beneficiaries spread across the world, that’s a costly process. A number of documents have been filed with the court but not properly served on the parties, apparently to avoid the extra cost. Lee asked Hirai whether the Master should be required to disregard the improperly filed responses and only consider those properly filed documents when he makes his recommendations on the question of distribution.
Hirai seemed to step back from taking a clear position. She said that she was reluctant to restrict the Master, but then said something to the effect that she expected him to take into account those accepted standards for service.
Where that leaves us all isn’t clear. Perhaps David and others can add their interpretations.
Topics: Court, General | No Comments »