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Hokuli'a developer files bankruptcy with debt over $500 million

By Andrew Gomes

POSTED:
LAST UPDATED: 01:49 p.m. HST, Mar 07, 2013


The developer of the controversial and uncompleted Hokuli'a luxury home subdivision on Hawaii island filed for bankruptcy today in a massive, tangled case involving debts between $500 million and $1 billion.

The development firm, 1250 Oceanside Partners initiated by Arizona developer Lyle Anderson, seeks to reorganize its debts along with two related firms, Front Nine LLC and Pacific Star Co. LLC.

Oceanside Partners, which since 2008 has been controlled by a lender that ousted Anderson, listed assets of $10 million to $50 million.

Hokuli'a was master-planned by Anderson and former partner Japan Airlines to be a luxury housing community with 730 homes around a 27-hole golf course more than a decade ago. The project ran into numerous legal troubles that largely stemmed from developing the project on agricultural land.






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cojef wrote:
Get in quick and get out fast didn't work for this developer. A hit or miss situation, sorry you lost! Bye.
on March 7,2013 | 11:22AM
Bully wrote:
The entire Kona area is full of these developments, I dont know why this one was stopped and the others were allowed to go ahead.
on March 7,2013 | 01:19PM
hunebasami wrote:
He didn't payoff.
on March 7,2013 | 01:48PM
nodaddynotthebelt wrote:
He's made all his money and much of it is probably now abroad. He'll be living off the high hog in the Bahamas while all the creditors will be recuperating their losses through passing the cost on to consumers.
on March 7,2013 | 03:40PM
HD36 wrote:
I guess you could call this a deflationary event since the bankruptcy extinguished the money supply that would have been realized had the creditors recieved it. Seems like a great way for the rich to gamble. If they lose, they file bankruptcy. Those who can take advantage of the lowest interest rates in history can afford to take bigger risks. The little guy who gets busted stealing $300 from the company's nightly deposit goes to jail while the corporate executive who borrow's $1 billion and uses $100 million on company paid vacations/business expenses does it all legally.
on March 7,2013 | 03:46PM
tiki886 wrote:
You certainly don't know what you are talking about. No laws were broken.
on March 7,2013 | 05:30PM
chariie1 wrote:
This was not just about using dubious means to convert Agriculture land for private housing, This issue was also linked to Native Hawaiian lands and the continued illegal occupation of undeveloped lands for Americans and their interests in Hawaii. Hawaiians will continue to pursue these issues at all levels. The reason it was stopped was because someone was willing to challenge what the developers were orchestrating in their "master plan". All people should stop and asks how are the present "owners" of an illegal occupation going to operate.
on March 7,2013 | 04:23PM
tiki886 wrote:
Get a clue you ignoramus. We live in America. We are all Americans. If you feel differently, don't pay your taxes and see where you end up.
on March 7,2013 | 05:32PM
holokanaka wrote:
when and how did these Islands become part of america.
on March 7,2013 | 08:02PM
Denominator wrote:
So many excuses for failure. What a shame to turn being Hawaiian into one of them.
on March 7,2013 | 06:17PM
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