More ML&P Corporate Crimes
February 3, 2010 > MAUI TODAY, > Maui Yesterdays No Comments |
 Cordova Ice Worm DayDay 34 of 2010 331 days left in this year |
HAWAIIAN WORD OF THE DAY — Aihui: Robbery PIDGIN WORD OF THE DAY— Stilim: Steal HAWAIIAN PROVERB OF THE DAY — “A thief is also a liar.” HAOLE QUOTE OF THE DAY — “That’ll be the day when I die” – Buddy Holly
TODAY: The Day the Music Died. Maui Land & Pineapple Co. will cease paying for life insurance and medical coverage for all its non-contractual retirees. About 400 retirees and their survivors are affected by the cancellation of their group life insurance, and a little over 100 by cancellation of medical coverage, according to present CFO John Durkin.
While workers and shareholders have been shafted, management has made out like a bandit. For 2008, under chairman, president and CEO David Cole, ML&P posted annual losses of $79 million. For the same period, Cole was compensated $2.8 million. The previous year he was awarded a $1.02 million bonus. Cole was terminated as of January 2009, leaving the helm with a multi-million dollar severance package. In January 2010, the NYSE cautioned ML&P on possible delisting. Today its stock is selling at just over $3 a share, after a high of $47.12 in the 1st quarter of 2005. Thanks again, David Cole! More >
February 3, 1959: THE DAY THE MUSIC DIED – Fifty-one years ago today, rock ‘n’ roll stars Buddy Holly, Ritchie Valens and J.P. “The Big Bopper” Richardson, along with the pilot Roger Peterson, died in a plane crash near Clear Lake, Iowa. More >
February 3, 1934: Maui gets another first for Hawaii: the first ever bank robbery in the Territory is committed in Paia. Two men, one armed, steal $976 from a teller – who was the only other person in the bank. They escaped by automobile. The Hawaiian Historical Society reports that: “Although neither robber was masked, one of them sported a large Groucho Marx mustache he had painted on himself with an eyebrow pencil. Captured a few hours later, the culprits proved to be two brothers from Lahaina.” It wasn’t untl 1955 that anyone tried to rob a bank in Hawaii again.
