Who Bought a Hawaiian IslandSo who bought a Hawaiian island?
Oraclean CEO acquires carrier flying to its Hawaiian island
Oracle CEO Larry Ellison bought a small Hawaiian carrier on Tuesday, less than a year after buying most of the Hawaiian island of Lanai. Iceland Air said in a press announcement there will be no lay-offs or other personnel changes after the deal is sold to Ohana Airlines Holdings, a holdings held by the billions.
"We' re pleased to announce that Mr. Ellison has taken over Island Air. It has the ambition and means to take Island Air to a literal new level," said the Iceland Air Chairman, Les Murashige, in a declaration. Ellison also owns another Ellison business, Lawrence Investments, and Paul Marinelli, VP, said the acquisition is an important asset and obligation for Hawaii.
"Understanding the vital importance of transport in an island state, we will make Iceland Air strengthen its position, capability and services to the Hawaiian people," said Marinelli. Ellison bought 98% of Lanai from multimillionaire David Murdock in June for an unnamed prize. Maui News reports that Murdock, CEO of Castle & Cooke Inc. was looking for $500-600 million for his Lanai stock.
A few month later, Ellison interviewed CNBC that the 141 square kilometer island near Maui is becoming a "small laboratory" for experiments with more eco-friendly lifestyles. Ford's journal called Ellison, which has an approximate treasure of 36 billion dollars, the worlds 6th wealthiest figure in the past year.
Iceland Air has 224 flight weeks between Oahu, Maui, Big Island, Kauai, Molokai and Lanai. It is overshadowed by the state's biggest airline, Hawaiian Airlines, which operates 160 daily services between the Hawaiian islands. The Hawaiian also operates services to major towns in the Americas, Asia and the Pacific.
The Hawaiian Airlines holding airline is offering to buy Island Air.
Hawaiian Airlines' owners may soon own Island Air. On Tuesday, an order was made during negotiations for the bankrupt companies, which no longer exist. Hawaiian's holding Hawaiian Holdings announced that it was offering to acquire the FAA Air Operations Certification for $450,000 and $300,000 of other property.
"Miscellaneous assets" comprise land services tools, IP, customer information and educational tools. When it is authorized, a Hawaiian informs us that the transaction allows Ohana by Hawaiian to take control of the operation currently contracted by Empire Airlines. This includes the recruitment of drivers, flight crew, after sales services and servicing personnel.
"We believe that the FAA certification will be of great value to our visitors by enhancing the effectiveness and dependability of'Ohana by Hawaiian'. Ohana is continuing Hawaiian operation while we wait for Judge Farris's approval," Hawaiian said in a declaration. Selling is subject to definitive judicial approvals and/or higher offers from other interested bidders.
Hearings on the sales are scheduled for January 5, 2018. Iceland Air terminated operation in November after the application for insolvency.