2007-02-02 TKOOB - Laserfiche WebLink

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GRAHAM: Thank you. Yes, go ahead, sir. SQUASSONI: Yes, only because it wasn’t mentioned earlier, and some of this is buried in some of those documents, so that it was clear to anybody who’s investing, that the company that we’re talking about actually is owned 40 percent by Kalani Honua which is a non-profit company. So at no level is there any sort of private ownership. Even the company that owns the land is owned 40 percent by the Kalani Honua Retreat Non-profit, as is the current retreat. So I just wanted to make sure that was clearly understood. Thank you. KOOB: And that’s done just to keep all organizations moving forward, all the property that’s there, down those two properties moving forward in an educational purpose. GRAHAM: All right, thank you. Would you folks be ready for some questions from the Commissioners now? STRAUSS: Sure. GRAHAM: All right, Commissioner Siracusa. SIRACUSA: I have a series of questions. For one thing I’m sort of confused about the relationship between Kalani Honua Inc., Kalani Kai, and Richard Koob. In some places in all these documentation it says that Kalani Honua is the manager, and other places it says that Richard Koob is the manager. Now I know that Richard Koob is the president of Kalani Honua, but he’s also the president of Kalani Kai. So this raises some questions as to, I mean, Richard, are you the be all and end all here? KOOB: Could I answer? SIRACUSA: It sure looks that way. KOOB: Can I answer? SIRACUSA: And it also says the initial members, Kalani Honua Inc. is who is listed as the initial member having put in an initial capital contribution of $250 plus the TMK that we’re looking at here; but no where does it says what the value of that TMK is. So this is my first series of questions, but I have more questions. But if I say too many you’ll forget what I asked. GRAHAM: Ms. Siracusa, also, we have about 10 minutes before we’re going to take a break, so maybe if we just finished that one and let a couple of other people get some in. Then we’ll come back and deal with more of that after we do our lunch. Thank you. KOOB: Well, anyway, in starting Kalani I kind of broke my family into, you know, for purchasing the initial property, the 19 acres; and then in the mid-nineties we purchased the 94 acres. And we did that because we really felt that the 94 acres was important to preserve because it’s surrounded by State land, and we knew that the company in New York was EXHIBIT C 10