Naniloa sale moving forward
The buyer of the Naniloa Volcanoes Resort says he has finished transferring money for the $5.2 million purchase to escrow.
“Today, it will be there,” Ed Bushor of Tower Development said Tuesday.
On Monday, David Farmer, Naniloa’s bankruptcy trustee, said the buyer missed a deadline late last week for providing the purchase amount.
Bushor disputed those statements, including the deadline, Tuesday and said he was in the process of closing the transaction the day before.
“The attorneys were all being told that it was being done,” he said.
Farmer confirmed Tuesday that the money had been provided.
Meanwhile, a hearing has been set for Monday in U.S. Bankruptcy Court to address other disputes between Bushor and Farmer.
Bushor said Farmer has not provided him with documents necessary to complete the close of the sale, including estimates on income and expenses, among others.
“The agreement says when conditions are done by the seller the closings are to be done,” Bushor said. “The conditions aren’t done yet.”
He has requested closure of sale, which Farmer said was set for Tuesday, to be extended to Dec. 18.
Bushor also said he wasn’t allowed access to the property until Dec. 4, which he said has inhibited efforts to take over operations.
He has also requested that $2 million of the purchase price be withheld until issues, including claims about missing property, be resolved.
Missing property includes kitchen equipment (all of which was apparently removed), detergent, linens, towels, lamps and artwork, according to Bushor.
Additionally, the state Department of Land and Natural Resources, which owns the land, filed an appeal of the sale Monday.
Monday was the deadline to file an appeal, and Russell Tsuji, DLNR land administrator, said the department wanted to make sure it didn’t waive that right.
Tsuji said DLNR wants to be assured that Bushor can meet the lease obligations.
The Board of Land and Natural Resources will discuss the sale Friday, and may decide to cancel the appeal, he said.
“What they really want to hear is plans for the hotel,” Tsuji said.
Bushor said he plans to invest $20 million, employ between 115 and 200 people and complete work on the hotel by 2015.
“We want to upgrade the entire complex,” Bushor said. “We plan on upgrading the club area and facilities to bring it back to the way it should be.”
Email Tom Callis at firstname.lastname@example.org.
Rules for posting comments
Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum.
Comments may be monitored for inappropriate content but the newspaper is under no obligation to do so. Comment posters are solely responsible under the Communications Decency Act for comments posted on this Web site. Stephens Media LLC is not liable for messages from third parties.
IP and email addresses of persons who post are not treated as confidential records and will be disclosed in response to valid legal process.
Do not post:
- Potentially libelous statements or damaging innuendo.
- Obscene, explicit, or racist language.
- Copyrighted materials of any sort without the express permission of the copyright holder.
- Personal attacks, insults or threats.
- The use of another person's real name to disguise your identity.
- Comments unrelated to the story.
If you believe that a commenter has not followed these guidelines, please click the FLAG icon below the comment.