tag:blogger.com,1999:blog-7875069982976812251.post419378135165473253..comments2023-10-17T04:51:08.765-10:00Comments on KauaiEclectic: Musings: Holding the BagJoan Conrowhttp://www.blogger.com/profile/00172330100788007499noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-7875069982976812251.post-65590892067814383912009-06-01T10:54:04.018-10:002009-06-01T10:54:04.018-10:00"That, my brah, is minor, I don't care how much it..."That, my brah, is minor, I don't care how much it cost."<br /><br />There's a sucker born every minute.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-28818710791358851592009-06-01T09:47:12.034-10:002009-06-01T09:47:12.034-10:00"yes those 40 million dollars worth of "minor" har..."yes those 40 million dollars worth of "minor" harbor improvements. Just keep swallowing the lies brah."<br /><br />You like to focus on the 40 million number cause it looks so big. 343 doesn't say, "if you spend 40 mill you have to get an EIS." It says minor improvements are exempt.<br /><br />You gotta look at what the improvements are. They were parking lot striping, setting up semi-permanent tents and running electrical power to them. <br /><br />That, my brah, is minor, I don't care how much it cost.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-66535585378997852172009-06-01T08:26:01.309-10:002009-06-01T08:26:01.309-10:00The third mortgage that the state holds on the Ala...The third mortgage that the state holds on the Alakai isn't a loan, it's security against payments to the state called for in the Operating Agreement between the state and the Superferry corporation. At first, when I heard about the 3rd mortgage and asked the state for a copy, I thought it was like a home mortgage. They sent me the document and explained the difference. This was posted in an article I wrote in November 2007. It didn't matter until now, and so now the question is, I guess, what good is this 3rd mortgage at this point? And will Lingle pursue it if it has potential value?Larryhttps://www.blogger.com/profile/06742098296808508617noreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-28809533849207737512009-06-01T08:12:01.406-10:002009-06-01T08:12:01.406-10:00yes those 40 million dollars worth of "minor" harb...yes those 40 million dollars worth of "minor" harbor improvements. Just keep swallowing the lies brah.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-59239462463700528232009-06-01T07:31:48.739-10:002009-06-01T07:31:48.739-10:00HSF filing for bankruptcy = a victory for all thos...HSF filing for bankruptcy = a victory for all those who predicted itAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-64481881834439872942009-06-01T07:26:22.704-10:002009-06-01T07:26:22.704-10:00Haven't you heard of the key (for owners, anyway) ...Haven't you heard of the key (for owners, anyway) to float a new biz venture???<br /><br />OPM - other people's money<br /><br />Investors in start-up's face risk of losing all their investment. That's the buy-in price for wanting to be possibly rewarded if the company succeeds.<br /><br />Maybe Hawaii should have invested in a seemingly more stable, profitable enterprise....GM for example?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-22615858810123383962009-06-01T06:30:26.094-10:002009-06-01T06:30:26.094-10:00Can't drive a company out of business, cheer when ...Can't drive a company out of business, cheer when you've succeeded in closing it down, and then whine that they left you holding the bag.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-37722822303711614382009-05-31T20:11:00.199-10:002009-05-31T20:11:00.199-10:00"will we start talking about a REAL inter island t..."will we start talking about a REAL inter island transport system now?"<br /><br />canoes? No thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-56289266456864875542009-05-31T19:51:23.370-10:002009-05-31T19:51:23.370-10:00HSF filing for bankruptcy;par for the course. stil...HSF filing for bankruptcy;par for the course. still divisive after all these years. will we start talking about a REAL inter island transport system now?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-77290334170907390462009-05-31T19:41:48.502-10:002009-05-31T19:41:48.502-10:00There was no bold and brazen attempt to circumvent...There was no bold and brazen attempt to circumvent the environmental laws. That's a shiboleth from the true believer Super Ferry hater party/religion. The finding that harbor improvements were so minor as to fall under 343's exception was entirely reasonable.<br /><br />Go ahead. Rain down moral indignation. No religion lasts long without moral indignation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-39071137897285882092009-05-31T19:28:57.206-10:002009-05-31T19:28:57.206-10:00Joan wrote: "...was fully repudiated by the courts...Joan wrote: "...was fully repudiated by the courts for its bold and brazen attempt to circumvent the state’s environmental laws."<br /><br />I think your blame is totally misplaced. To pin the tail on the donkey remember this; It was not HSF's "bold and brazen attempt to circumvent the states environmental laws", (they are not an enforcement entity). Place the blame where it belongs on the VAST MAJORITY of your elected and non-elected officials for THEIR "bold and brazen attempt to circumvent the states environmental laws". It is the nature of corporations to do whatever the law allow. The state allowed it.Ed Collhttp://kauai.netnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-80367542990385959952009-05-31T19:13:34.067-10:002009-05-31T19:13:34.067-10:00Re: "...which raises the question of whether DOT’s...Re: "...which raises the question of whether DOT’s Mike Formby is a dunce or aspiring actor..."<br /><br />I think Mike is just staking out a legal position in case of litigation. Mike is not dumb. He just has to toe the Lingle line. She's the dumb one.<br /><br />"...the Court’s decision was a way out for a company that never had a viable business model as a passenger ferry and was losing money on a daily basis in the Islands."<br /><br />Yes.<br /><br />"Doesn’t it strike you as a bit odd that it wasn’t preparing for such a contingency when its case was before the Hawaii Supreme Court — a panel that had previously rejected its claim that an EIS wasn’t needed — instead of waiting until the decision was rendered?"<br /><br />Joan, conventional wisdom was that they would not lose the case. Even the Asst. AG was not prepared for the case. They didn't think they had to be because they figured it was a given that they would win. Only a few people who had read the detail of Act 2 thought DOT/HSF could lose this.<br /><br />"Unless, of course, bankruptcy better serves the company’s purposes...JF Lehman, who currently has both boats in his Mobile, Ala., shipyard, while leaving the State of Hawaii, smaller investors and service providers holding the bag."<br /><br />Bankruptcy could work out well for some of those parties on this.<br /><br />"So when the final costs are tallied, let's not forget who answered the door and said "come in" when the snake oil salesmen came calling."<br /><br />Yep.Mauibradhttps://www.blogger.com/profile/16759237357642699345noreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-17491997225802637342009-05-31T16:00:06.336-10:002009-05-31T16:00:06.336-10:00PMRF is the only thing that keeps that part of the...PMRF is the only thing that keeps that part of the island clean and little used.<br /><br />The road to Polihale wasn't open a month before people trashed the water system.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-40830626217921340272009-05-31T14:35:27.527-10:002009-05-31T14:35:27.527-10:00A mortgage does not confer ownership unless and un...A mortgage does not confer ownership unless and until there is default and the lender exercises the right to take the collateral. Until then, it is not accurate to say that a lender has an ownership interest in collateral.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-41508666713479363542009-05-31T14:26:03.136-10:002009-05-31T14:26:03.136-10:00This comment has been removed by the author.darwin_was_pretty_smarthttps://www.blogger.com/profile/12324633324529713961noreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-73704581607692941102009-05-31T14:26:01.998-10:002009-05-31T14:26:01.998-10:00now we can run off those free riders at PMRF!now we can run off those free riders at PMRF!darwin_was_pretty_smarthttps://www.blogger.com/profile/12324633324529713961noreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-91267921947298160762009-05-31T11:58:56.084-10:002009-05-31T11:58:56.084-10:00The biggest revelation seems to be that the state ...The biggest revelation seems to be that the state held a mortgage on the boat. A mortgage indicates partial ownership doesn’t it? As far as I know the state consistently denied it had any ownership.Andy Parxhttps://www.blogger.com/profile/15398587036690312685noreply@blogger.comtag:blogger.com,1999:blog-7875069982976812251.post-55143663275960260352009-05-31T11:47:24.335-10:002009-05-31T11:47:24.335-10:00"Unless, of course, bankruptcy better serves the c..."Unless, of course, bankruptcy better serves the company’s purposes. The Maritime Association, which originally secured loans of $143 million for the venture, holds first mortgage on the boats. HSF also owes $22.9 million to Austal USA, which built the two ferries — and won a lucrative contract to build JHSVs in the process — and holds a second mortgage. Leasing the vessels to the military would work well for those two entities and primary investor JF Lehman, who currently has both boats in his Mobile, Ala., shipyard, while leaving the State of Hawaii, smaller investors and service providers holding the bag."<br /><br />Each chapter in the HSF story has the same overarching theme: "self-serving business entity avoids responsibility for its actions."Dawsonnoreply@blogger.com