Honolulu Symphony asset sale OK’d

The sale of the assets of the Honolulu Symphony to the Symphony Exploratory Committee was confirmed yesterday in bankruptcy court, clearing the way for the group to continue its efforts to bring the orchestra back to the concert stage.

The committee, a group of local business and civic leaders, placed the winning bid of $210,000, plus a 10 percent commission for the auctioneer, for the assets at a March 17 auction.

The assets included the Blaisdell Concert Hall pianos and other musical instruments, a comprehensive music library, mementos and miscellaneous office equipment. Acquisition of the items was considered key to the committee’s plan to revive the 110-year-old symphony, which declared bankruptcy in the fall of 2009.

In a related matter, a resolution in the state House of Representatives that called for a task force on the symphony was shelved Monday, sources said.

Supporters of the Symphony Exploratory Committee, including the symphony musicians, had opposed the resolution, worried that a task force would confuse the public and distract the committee.

Kauai Coffee Co. deal finalized

An affiliate of an Italian beverage company has completed its acquisition of Kauai Coffee Co. operations from Alexander & Baldwin Inc.

The deal, announced in December, involves a subsidiary of Massimo Zanetti Beverage Group buying the Kauai Coffee brand, retaining all employees, leasing the 3,000-acre plantation and distributing the coffee through its global sales channels.

Financial terms of the acquisition weren’t disclosed.

Massimo Zanetti expects to expand recognition of the brand, which will be added to its collection of green coffee operations in Brazil, Costa Rica, Honduras, Vietnam and Indonesia.

“We are excited to welcome Kauai Coffee into our portfolio of prestigious brands,” John Boyle, chief operating officer of Massimo Zanetti Beverage USA, said in a statement.

“It’s a wonderful new entry point for us into the growing super-premium coffee segment.”

Federal agency saves HawTel pensions

A federal agency has helped preserve the pensions of 1,700 Hawaiian Telcom workers who were in danger of losing their benefits because of the company’s bankruptcy filing.

The move by the Pension Benefit Guarantee Corp. was part of a broader effort by the agency to save the pensions of more than 53,000 workers from nine companies during the final three months of 2010.

Hawaiian Telecom sought Chapter 11 protection in December 2008 in the U.S. Bankruptcy Court in Wilmington, Del.

The company emerged from creditor protection in October 2010.

Last year, the PBGC paid about $37 million to almost 4,000 residents of Hawaii whose pensions were taken over by the agency.

The PBGC guarantees payment of basic pension benefits earned by 44 million American workers and retirees. The agency receives no funds from general tax revenues.

Operations are financed entirely by insurance premiums paid by companies that sponsor pension plans and from the assets and recoveries on behalf of plans that have been assumed by PBGC.

ON THE MOVE

State Farm Insurance has announced the appointments of the following new agents:

>> Marissa Sugano, previously a team member for another State Farm agent in Mililani for 10 years. Office will be in the Kaimuki Plaza.

>> Mark Savage, previously a senior program manager for Hewlett Packard. Office is in the Pali Palms Business Center in Kailua.

Hawaii Pacific University has named Mary Ellen McGillan as vice president of Alumni and University Relations. She will oversee university fundraising, alumni relations and activities, and capital campaign for new construction at HPU’s Hawaii Loa campus in Kaneohe. 

The nonprofit Council for Native Hawaiian Advancement has selected a full-time volunteer, Ben Holland, who was made available through the National Service Corp. and the AmeriCorps VISTA program. Holland, a native from Michigan, will work in the native Hawaiian community for a year.       

Club Car has announced that Jay Yasumiishi is the winner for the 2010 Club Car Utility Awards in the category of superior commercial industrial utility sales representative. Yasumiishi is a Hawthorne CAT’s Club Car sales representative.