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Article: ERS likely to take over 2 golf courses in Kaanapali
- Article from:
- Honolulu Star - Bulletin
- Article date:
- March 28, 2003
- Author:
CopyrightCopyright Honolulu Star - Bulletin Mar 28, 2003. Provided by ProQuest LLC. (Hide copyright information)
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The pension fund for state employees will take ownership of two 18-hole resort golf courses in Kaanapali, Maui, from Amfac Hawaii as part of a settlement of a nearly 3-year-old lawsuit.
The property, the Royal Kaanapali Golf Courses, is worth a fraction of the $96 million Amfac allegedly owes the state, based on previous sales of Hawaii links.
The state Employees' Retirement System and Amfac reached a settlement agreement earlier this month after nearly a year of talks. The agreement, a public document, is scheduled to be heard next week at U.S. Bankruptcy Court in Chicago. If approved, the settlement documents will be filed in state Circuit Court in Honolulu, where further approval is ...