Modern Honolulu sold to Nevada trust
The 353-room Modern Honolulu hotel, which filed a bankruptcy reorganization plan on Jan. 20, will be sold to the Davidson Family Trust from Incline Village, Nev.
The Davidson Trust will pay $4.5 million cash in return for 19 percent of the equity. A $15 million secured claim the trust held will be exchanged for 77 percent of the new stock. The trust will receive another 5 percent of the stock in exchange for an $845,000 unsecured claim.
When the plan is effective, the Davidson Trust will make a $39.2 million secured loan that will increase by $9 million when additional funds are required.
If a claim by Marriott International Inc., the former manager, is approved by the bankruptcy court, Marriott will receive $800,000 a year until its claim is paid in full.
Hawaii nonprofit can win up to $10,000
Chaminade University’s Hogan Entrepreneurial Program, American Savings Bank and Ulupono Initiative are sponsoring a business plan competition for nonprofit organizations with a first-place prize of $10,000, second place of $6,000 and third place of $4,000.
The submission deadline for entries is Feb. 8. Winners will be announced April 18. For more information, call 739-4673 or www.chaminade.edu/hogan.
Macy’s sues Martha Stewart Living
NEW YORK » Macy’s Inc. has sued Martha Stewart Living Omnimedia Inc. in a bid to block a licensing deal between the housewares company and J.C. Penney Co.
The lawsuit was filed Monday in New York State Supreme Court. Macy’s claims Martha Stewart Living’s deal with J.C. Penney violates the terms of an exclusive pact Macy’s has to sell Martha Stewart Living products at its stores, according to reports in The Wall Street Journal and other publications.
The complaint comes after Plano, Texas-based J.C. Penney acquired a 16.6 percent stake in Martha Stewart Living and announced plans last month to open mini-Martha Stewart shops inside most of its stores, beginning next year.
The deal announced last month was seen as part of J.C. Penney’s efforts to re-image itself under its new CEO, Ron Johnson, a former Apple Inc. executive.
Cincinnati-based Macy’s has asked the court for a preliminary injunction to block the deal.
Apple rebounds with strong iPhone sales
NEW YORK » After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.
Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in last year’s holiday quarter. The result may make Apple the world’s largest maker of smartphones.
October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S.
Apple said earnings in the fiscal first quarter, which ended Dec. 31, was $13.06 billion, or $13.87 a share. That was up 118 percent from $6 billion, or $6.43 a share, a year ago.
Verizon posts $2 billion fourth-quarter loss
NEW YORK » Verizon Communications Inc. reported a fourth-quarter loss after booking a pension charge and having higher subsidy costs for rising iPhone sales. The net loss was $2.02 billion, compared with a profit of $2.64 billion a year ago. The pretax charge for a pension-plan revaluation was $3.4 billion.
Verizon and rivals such as AT&T Inc. sell the Apple Inc. iPhone at a loss to get customers to sign up for contracts that typically run for two years.
ON THE MOVE
Mobi PCS has named Marcel Bekers vice president of sales. He has more than 20 years of telecommunications and sales experience in Europe and the United States and was previously director of sales of U.S. Cellular’s North Carolina operations.
GSI Pacific, formerly Greenwave Solutions, has appointed Dennet Azuma as its new president. He has more than 35 years’ experience in the construction and engineering industry and was previously the principle responsible managing employee and chief estimator for Parsons.
The Hawaii Community Federal Credit Union is accepting scholarship applications from high school seniors who live on Hawaii island. The credit union will award five scholarships (each in an amount of $2,500) to 2012 high school seniors who are pursuing a higher education. To apply visit www.hicommfcu.com or visit a high school’s counseling office. Deadline to apply is April 9.
