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1250 Oceanside Partners Files for Bankruptcy Protection – Creditors Include County of Hawaii for $20 Million

If I’m reading this correctly… The County of Hawaii could be out $20 million dollars because of this:

Hokulia

1250 Oceanside Partners and two affiliates, owners of more than 1,800 acres of land on the Island of Hawaii, filed for bankruptcy to restructure more than $500 million in debt.

Oceanside listed assets of more than $10 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Honolulu. Affiliates Front Nine LLC and Pacific Star Co. also sought court protection.

The restructuring will “allow the debtors’ development projects to proceed, and will permit their respective creditors to receive payment in excess of the liquidation value of their claims,” Craig Pickett, the companies’ sole executive officer, said in court papers.

Assets acquired for the development of Hokuli’a, a luxury real estate project, include a 3 1/2-mile tract along the Kona coast, Pickett said. Oceanside’s creditors include the County of Hawaii, with a claim of $20 million, and Ackerman Ranch Inc., with a claim of $13.4 million, according to court papers…

More here: 1250 Oceanside Partners Files for Bankruptcy Protection

5,226 Acre West Hilo Tree Farm to Be Auctioned Off

Arlie & Company hasn’t been able to sell their Hilo property for quite some time and now it looks like it’s going to be auctioned off:

Arlie & Co. has filed a plan for reorganizing its finances and getting out of bankruptcy that includes auctioning some land in Hawaii, selling other Lane County property, returning the title to a property it bought on Chad Drive, and whittling the secured debt the company owes to Bank of America…

…Its reorganization plan — filed late Monday in U.S. Bankruptcy Court — proposes auctioning off its 5,226-acre West Hilo Tree Farm to raise cash to fund its Chapter 11 bankruptcy reorganization. The company also says it will turn back the title to the former U.S. Bureau of Land Management headquarters on Chad Drive, which the company bought for $5.1 million two years ago from a half-dozen individual investors…