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County of Hawaii… Why Don’t You Try and Buy These Lands?

The Eugene developer owns thousands of acres of coveted koa trees in Hawaii, but getting permission to harvest them is a difficult task…

…His JRH Engineering is owed money by Arlie & Co., a major local real estate company that has filed for the protection of bankruptcy court while it reorganizes its finances. And harvesting koa on land that Arlie owns in Hawaii has been batted about in bankruptcy hearings as one way for the company to repay the $873,734 it owes unsecured creditors — including $8,930 that belongs to Hanks’ company.

Money owed to unsecured creditors isn’t backed up by any collateral that the creditors could seize.

In a three-hour meeting with the unsecured creditors committee earlier this week, Arlie’s forester touted the value of koa timber that covers much of 5,600 acres of land Arlie owns in Hawaii, Hanks said.

Arlie executive vice president John Musumeci said during a recent bankruptcy hearing that harvesting the rare timber, which only grows on Hawaii, could produce a couple of million dollars a month.

“My preference, right now, given everything I know — and we want to be open with everybody about this asset to the extent it makes business sense — now is the time to harvest it,” he said, later adding, “Let’s just go ahead and harvest it…”

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