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Restating the Obvious
POSTED:Sun, August 31, 2008 @ 11:41PM
Rewriting historyMan, I'd like to read the paragraphs in those Molokai Ranch utility "contracts" with the county where the private concern promised never to go out of business.I can think of at least one and possibly two developer-built utilities that spun themselves off and continued in good health long after the original owner disappeared. One is the Kaanapali water utility, which outlasted Amfac; and the other is the Pukalani sewage treatment plant. I'm not sure whether Landco, which built the Pukalani plant, still has any operating assets. Many years ago, when I was studying business law, the instructor began each class by saying, "Remember, we are treating all decisions as being made on the assumption that we are operating a going concern." Is Molokai Ranch a going concern? Not if Maui County has anything to say about it, although I believe it still has some active leases.
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Harry Eagar Business Reporter I am the business writer but will report whatever comes down the pike if it's news. Still trying to figure out how to be a Mauian, but with a continuing hankerin' for the food and music of my home state of Tennessee.
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