The Vultures on
Grove Farm
Sightings from The Catbird Seat
~ o ~
August 3, 2007
Timothy E. Johns Named
Bishop Museum President
International Search Lands Damon Estate Exec
Honolulu, HI - Bishop Museum has named Timothy E. Johns as President, Director and Chief Executive Officer, effective October 1, 2007 . The announcement was made today by the Chairman of the Board of Directors, David Hulihe‘e....
“I am delighted to announce the appointment of Tim Johns as Bishop Museum ’s new President, Director and CEO,” said David Hulihe‘e, Chairman of Bishop Museum’s Board of Directors. “Tim has over two decades of leadership experience with environmental and cultural issues in Hawai‘i , which will serve well him as the leader of Hawai‘i ’s State museum of natural and cultural history. I couldn’t be more pleased.”
Bishop Museum was founded in 1889. It maintains the world’s largest collection of Hawaiian and Pacific cultural and natural history objects and since its founding has as been a premier institution for research and public education. It is designated as Hawai‘i ’s State Museum of Natural and Cultural History.
Johns most recently served as Chief Operating Officer for the Estate of Samuel Mills Damon, a position he has held since 2000. Prior to that, he was the Chairperson of the State Department of Land and Natural Resources. He has also served as Vice-President and General Counsel for AMFAC Property Development Corporation. He has been a Lecturer in Business Law at the University of Hawai‘i and Windward Community College and has held the position of Director of Land Protection with the Nature Conservancy of Hawai‘i....
Johns is very active in environmental issues. His memberships include the State of Hawai‘i Board of Land and Natural Resources and the Northwestern Hawaiian Islands Coral Reef Ecosystem Reserve Advisory Council. A Rotarian, Johns is a member of the Rotary Club of Honolulu....
Johns serves on the Board of Directors for Grove Farm Company, Inc., Hawaiian Electric Company, Inc., YMCA Honolulu, Hawai‘i Nature Center, St. Andrew’s Priory School , Child and Family Services, Helping Hands Hawai‘i, Diamond Head Theatre, and Hawai‘i Public Television Foundation. In June 2005, he was named a Trustee of Parker Ranch Foundation Trust.
“We are delighted the Board of Directors has chosen a candidate with a deep commitment to the preservation and perpetuation of Hawaiian culture and respectful sensitivity to cultural issues. He is well known in the community and is held in high regard, and this will surely be beneficial in many ways,” said Betty Lou Kam, Vice President of Cultural Resources for Bishop Museum .
Johns was selected after a seven-month executive search by the international search organization Morris & Berger from Glendale , California . Founded in 1984, Morris and Berger is a generalist executive search firm that has developed a specialty practice serving the nonprofit sector, including performing and visual arts and institutions of higher learning....
Members of the Executive Search Committee included Bishop Museum Trustee Dr. Charman J. Akina (Chairman), David C. Hulihe‘e, Isabella A. Abbott, Ph.D., Haunani Apoliona, H. Mitchell D’Olier, Russell K. Okata, Gulab Watumull, Walter A. Dods, Jr., Allen Allison, Ph.D., and Amy Miller Marvin....
Johns will assume the top leadership position for the largest museum in the State of Hawai‘i in the midst of an unprecedented era of renovation and revitalization. Bishop Museum is presently undertaking a $21 million renovation of its iconic Hawaiian Hall complex with the support of world-class museum designer Ralph Appelbaum and Associates of New York.
In 2005, Bishop Museum opened the Richard T. Mamiya Science Adventure Center , an award-winning $17 million, 19,000-square-foot interactive science and cultural exploration center. Major traveling and cultural exhibitions are presented in the Castle Memorial Building year-round. Bishop Museum hosts nearly 400,000 visitors and students each year. Bishop Museum also administers the Amy B. H. Greenwell Ethnobotanical Garden in Captain Cook, Hawai‘i and the Hawaii Maritime Center in Honolulu .
“I am thrilled and honored to be given the opportunity to join this wonderful institution. The Museum has long been one of Hawai‘i ’s most important and cherished treasures. It is blessed with a wonderful staff, great board of directors, and widespread support throughout our community. This is a dream job for me, “ says Timothy E. Johns, newly named President, Director and Chief Executive Officer of Bishop Museum.
http://www.bishopmuseum.org/media/2007/pr07081.html
December 11, 2005
Former shareholders sue
Steve Case, Grove Farm
By Cynthia Kaneshiro - The Garden Island
Members of the Wilcox family filed a civil suit claiming that they were allegedly "duped" into selling their Grove Farm shares to America Online co-founder Stephen Case for a fraction of the company's value.
In the lawsuit, the family members allege that Grove Farm's attorneys and members of its board of directors "betrayed Grove Farm from within" to ensure that Case, the son of the managing attorney of Grove Farm's law firm, could buy the company for $26 million in December 2000.
The Wilcox family members seek a jury trial at which they hope to be awarded compensatory damages of $750 million, plus punitive damages of $2 billion against Case, punitive damages of $2 billion against leaders of the company's law firm, and $2 billion in punitive damages against members of the company's board of directors.
The 187-page lawsuit was filed Nov. 29 in Fifth Circuit Court.
A similar suit was filed against Case in U.S. District Court in Honolulu.
In a statement sent to The Garden Island, Case's attorney, Paul Alston, responded to the lawsuits.
"These two new lawsuits recycle old and unfounded allegations against Steve Case and his companies. The merger between Grove Farm and Steve Case's company was approved by almost 99 percent of the shareholders — including the plaintiffs in these lawsuits — in a process that was thorough and appropriate," said Alston.
"This new challenge, brought by a few disgruntled investors who apparently have a bad case of sellers' remorse, has no merit. Mr. Case looks forward to being fully vindicated by the courts in both cases."
Warren Haruki, president and chief executive officer of Grove Farm, also responded by e-mail to queries from The Garden Island.
"Steve Case's investment in Grove Farm has been instrumental in solving Grove Farm's financial problems, and in helping us build a future that will be good for both the company and Kaua'i as a whole. We are truly grateful for his commitment, his vision, and his investment," said Haruki....
"This lawsuit, filed by a few disgruntled shareholders, has no merit," said Haruki. "Nonetheless, Steve and Grove Farm will have to divert the time and resources to deal with it. However, we are confident that, in the end, the shareholders' arguments will be rejected by the court."...
Additionally, the Wilcox family members seek a court order to have a trust set up into which proceeds and profits from the company will be put, from the time that the company was sold.
The family also wants a court order directing the attorneys and members of the Grove Farm board to account for and to reveal gains or benefits they had or obtained in connection with the allegations.
According to the lawsuit, the plaintiffs in the case controlled approximately 61,000 shares of Grove Farm, or more than 36 percent of the 171,126 shares of outstanding stock.
The lawsuit claims that leaders of Grove Farm's law firm allegedly represented both the seller and the buyer.
"Just as a person playing both sides of a chess match decides whether white or black wins, a lawyer representing two sides with directly conflicting interests controls who will come out on top," the lawsuit says.
According to the lawsuit, the Wilcox family members allege that attorneys in the firm Case Bigelow & Lombardi helped Case buy Grove Farm.
According to the lawsuit, in 1999 and early 2000, Scott Blum, the son-in-law of Grove Farm's President and Chief Executive Officer at the time, Hugh Klebahn, allegedly attempted to take over the company with help from within.
The lawsuit alleges that a series of letters were ghost-written by attorney James Cribley and sent to Grove Farm shareholders over the signature of Klebahn and director Randal Moore in 1998, 1999, and 2000.
The lawsuit claims that the shareholders were allegedly led to believe that the company was "in dire financial straits."...
The Wilcox family members allege that the younger Case "picked up and finished off Grove Farm." They allege that he was "fed insider information by his father and by the company's CEO."
The lawsuit claims that, after the sale, the Wilcox family members found out that the fair market value of the company's 21,600 acres after debt was "in excess of $26 million," and that the true value of the company was concealed.
Members of the Wilcox family in their lawsuit allege that they were not informed of a Bank of Hawaii appraisal that was done four months before shareholders voted to sell the company. That appraisal estimated Grove Farm's land to be worth $152 million.
According to the lawsuit, the Wilcox family members allege that Case was given the appraisal, and used it in considering whether or not to buy Grove Farm.
The lawsuit alleges that members of Grove Farm's board of directors did not get the highest dollar amount for the company, and that board members misled shareholders about the company's financial standing.
According to the lawsuit, the Wilcox family members allege that Grove Farm's chief executive officer conspired with attorney Daniel Case, with other Grove Farm attorneys, and with Stephen Case, to defraud shareholders into believing that $152 per share was the highest price that could be attained, when another, superior offer was made at $170 per share.
The Wilcox family members claim that Case profited from the sale by "liquidating Grove Farm in earnest." According to the lawsuit, Case recently sold Kukui Grove Center for $63 million, and received about $26.5 million for selling 88 lots in a Lihu'e-Puhi housing project.
The family members point out that Case may expect about $54.3 million more after another 191 lots were recently put on the market.
In 2003, according to the lawsuit, Grove Farm leaders sold 10 acres to officials at The Home Depot, and brought in $10 million to $20 million to Grove Farm.
"After reaping some $150 to $200 million from selling off bits of Grove Farm, Stephen Case still has over 20,000 acres of land in Grove Farm," the lawsuit says.
According to the lawsuit, the Wilcox family members believe that the remaining land is worth at least another $1 billion.
The Wilcox family members allege in their lawsuit that they were led to believe that, over the course of 1999 and 2000, the company "was on the brink of insolvency."
They claim that the board members allegedly withheld information for the purpose of having the shareholders vote in favor of selling the company.
According to the proposal that was sent out to shareholders concerning the sale, the company "has not paid any dividends on its stock, and has no current ability to do so."
In 2000, according to the proposal, current market conditions for Hawai'i and national real estate were not favorable.
According to the proposal, the historical sales prices of the company's stock over the past 10 years "indicates an average sales price of $58.75, with sales prices ranging from $40 to $125 per share."
The proposal stated that company leaders would have to spend $4 million to $5 million through early 2001 to repair termite damage at Kukui Grove Center.
According to the proposal, the company "has a negative book value and substantial debt and significant principal-reduction payments are due over the next five years."
Cynthia Kaneshiro, staff writer, may be reached at 245-3681 (ext. 252) or ckaneshiro@kauaipubco.com
Read the full story at...
www.kauaiworld.com/articles/2005/12/11/news/news02.txt
$ $ $
February 21, 2006
LETTERS TO THE EDITOR
Grove Farm requests approved
On Valentine's Day, I attended a meeting of the Kauai County Planning Commission on the subject of another request for rezoning by Grove Farm Properties Inc.
After all the representatives of public groups spoke against the request, all four members of the Planning Commission approved the request unanimously.
After the meeting, I asked one of the members of the Commission (who had complained about the amount of time members had to spend on meetings) if the Planning Commission had ever denied a request by the Grove Farm Properties Inc.
He replied that it had never happened.
This made me wonder why they hold these hearings if the result is so routinely decided. If they skipped these hearings, it would save time and money and the result would be no different.
After this conversation, the thought occurred to me — is there any record that any member of the Planning Commission ever, on any request by Grove Farm Properties Inc., voted to deny the request, or are Grove Farm Properties Inc. requests always approved unanimously?
I should think that the answer to this question would be of interest to all citizens.
Ted Drews, Lihu'e
August 11, 1998
Management change
at Grove Farm
Pacific Business News (Honolulu)
Guido Giacometti resigned as president and chief executive officer of Grove Farm Company Inc. to pursue other interests.
Giacometti first became a director of the company in 1987 and assumed the position of president and CEO in 1996. In other news, the board of directors elected Hugh W. Klebahn, chairman of the board of directors, to the position of chief executive officer.
# # #
MORE TO COME
Meanwhile, you can browse through the following as you’re having your breakfast birdseed in a paved parking lot, a junk yard, or under a bridge somewhere...
CONFESSIONS OF A WHISTLEBLOWER
DIRTY MONEY, DIRTY POLITICS & BISHOP ESTATE
THE GRAND (AND DIRTY) KO OLINA
THE MATING OF AOL + TIME WARNER
OFFICE OF THE U.S. TRUSTEE VS. HARMON
THE VULTURES IN MAUNAWILI VALLEY
THE VULTURES ON JUPITER ISLAND
~ ~ ~
MORE OF THE CATBIRD’S FAVORITE LINKS
FAIR USE NOTICE. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Last Update January 1, 2008, by The Catbird