Maui Land reports dire finances - Hawaii Business

Full story: Honolulu Star-Bulletin

Maui Land & Pineapple Co., which said Tuesday it would cease pineapple operations by the end of the year and lay off up to 285 employees, is in danger of going out of business without taking aggressive steps to raise cash and stem losses, according to the company's quarterly filing yesterday with the U.S. Securities and Exchange Commission.

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Kwak

San Rafael, CA

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#1
Nov 5, 2009
 
Just sell some land.
another 1 bites the dust

Punaauia, French Polynesia

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#2
Nov 5, 2009
 

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Sooner or later justice will be done by Ke'akua to all these land thieves of Hawai'i Nei.
G&R, A&B, Campbell Estate, Damon Estate, Castle & Crooke, Molokai Ranch, the list goes on..........
(they know who they are)
another 1 bites the dust

Punaauia, French Polynesia

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#3
Nov 5, 2009
 

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Sooner or later Ke Akua going catch up to all these land thieves of Hawai'i Nei!

G&R, A&B, Castle & Crooke, See Brewer, Demon Estate, Camphell Estate, etc. They know who they are!
another 1 bites the dust

Punaauia, French Polynesia

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#4
Nov 5, 2009
 

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Kwak wrote: Just sell some land.

Better if they all just give em back.

Illegal to sell stolen property &

you don't want to be buying stolen property!

The hardluck going be in your hands!
Hrmmm

Ewa Beach, HI

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#5
Nov 5, 2009
 

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another 1 bites the dust wrote:
Sooner or later Ke Akua going catch up to all these land thieves of Hawai'i Nei!
G&R, A&B, Castle & Crooke, See Brewer, Demon Estate, Camphell Estate, etc. They know who they are!
But unlinke Maui Land these haoles never went pay for the land. They just stole it. Usually when haoles steal land they can prosper.
Honest Here

United States

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#6
Nov 5, 2009
 

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Finally the poor decisions by highly paid CEO catches up. While the fast talking know it all David Cole was rewarded with millions for several years, the work force who gave their best years to the company will be without jobs, etc. What is wrong with America! Greed and over emphasis on one man show.
Haas Picker

San Bernardino, CA

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#7
Nov 5, 2009
 

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Honest Here wrote:
Finally the poor decisions by highly paid CEO catches up. While the fast talking know it all David Cole was rewarded with millions for several years, the work force who gave their best years to the company will be without jobs, etc. What is wrong with America! Greed and over emphasis on one man show.
I have seen the former "big five" deteriorate over the last thirty plus years, but never have I seen a land holder spiral out of control the way ML&P has done. There are key personnel that have truly enriched themselves over the last ten years. Cole for one benefited well from the demise of ML&P, and cash wise, so did Case!! There was a time when I felt that Harry Weinberg was a horrible man. But you know what? He never destroyed companies. Harry found ways to extract cash for himself without leaving a carcass in his wake. Steve Case, you destroyed this company!
wendell

United States

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#8
Nov 5, 2009
 
Looks bad.
McGarrett

Honolulu, HI

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#9
Nov 5, 2009
 

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I'd like to see more coverage of the land sales to senior executives in recent years. Did David Cole and Ryan Churchill get "sweetheart" deals on the land they bought from ML&P? Were there other sales to insiders?
local boy

Honolulu, HI

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#10
Nov 5, 2009
 

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Haas Picker wrote:
<quoted text>
I have seen the former "big five" deteriorate over the last thirty plus years, but never have I seen a land holder spiral out of control the way ML&P has done. There are key personnel that have truly enriched themselves over the last ten years. Cole for one benefited well from the demise of ML&P, and cash wise, so did Case!! There was a time when I felt that Harry Weinberg was a horrible man. But you know what? He never destroyed companies. Harry found ways to extract cash for himself without leaving a carcass in his wake. Steve Case, you destroyed this company!
Actually, I believe the blame can lay squarely at the feet of David Cole. Sure, Case hired him an brought him in, but Case had lots of other interests. Case is a billionaire from his founding of AOL.com . He probably put more money into MLP than he took out. What we are witnessing here is called "creative destruction" With some luck, Case will let MLP be dissolved and broken up. The sale of it's lands will stimulate economic activity and allow people to purchase land and other assets and reasonable prices, making Maui more affordable for those that live there. Now, if this could just happen to all the other major land trusts in Hawaii, Campell, wilcox, Queen Emma, Kamehameha, then Hawaii would ultimately be a much better place for all. Concentration of land ownership is so few hands is inherently bad. It has harmed Hawaii's economy and made it expensive for people to own their own homes and start businesses.
local

Wailuku, HI

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#11
Nov 5, 2009
 

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Just poor management over the years. MLP brings in mainland CEOs and they know nothing about pine ag. All they know is to build posh hotels hoping to lure rich tourists. Well that worked for awhile but not anymore. Ag is where it is now and for the future. Explore new Ag crops. What MLP needs is a CEO that knows Ag.
WSS

Makawao, HI

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#12
Nov 5, 2009
 
I'm sure there will be no shortage of money for executive bonuses.
makaiman

Portland, OR

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#13
Nov 5, 2009
 
Del Monte Wins..Pineapple from Costa Rica.Yummie!! Heck, Mauna Loa Mac Nuts come from Mexico. Was on a Hawaiian flight and recieved "Hawaiian" cookies from Canada...No betta pineapple ( Maui Gold ) than from Maui!!! Very Sad!
nope

Honolulu, HI

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#14
Nov 5, 2009
 
you Topix folks got it all wrong

Kapalua is one of the most beautiful places in the world

they just need some really great management right now to keep the ship on course

someone should try to get Warren Buffet to fly in for the weekend

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