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company, and Pacific Star Company, LLC ("Pacific Star"), an Arizona limited <br /> liability company, are related companies. Substantially all of the assets of each <br /> Debtor are located in the Kona area of the Island of Hawaii. <br /> 12. The Debtors were formed by developer Lyle Anderson <br /> ("Anderson") and were part of his development "empire," which included <br /> developments in Hawaii, Arizona, New Mexico, and Scotland. Anderson <br /> controlled the Debtors from their formation until January, 2008, when the <br /> Debtors' primary secured lender declared a default and exercised its contractual <br /> right to remove and replace the directors of the Debtors. Anderson has had no <br /> involvement with the Debtors or in their respective businesses since October, <br /> 2008. <br /> 13. The Debtors collectively own over 1,800 acres of land and <br /> other assets acquired in connection with a large-scale luxury real estate <br /> development on the Island of Hawaii, in the North Kona and South Kona <br /> districts, near Kealakekua Bay. The Debtors' property stretches for three and <br /> one-half (3-1/2) miles along the Kona coast and is of significant historic and <br /> cultural importance. <br /> 14. The Debtors' principal development is known as "Hokuli'a" <br /> or the "Hokuli'a Project." Oceanside is the developer of Hokuli'a. Oceanside's <br /> 2303895c.docx 5 <br /> . !3,)1-0 iF coutt - r c ci .z e 0. >1<.� e3° E' .' n.,d <br />