Monday, December 6, 2010

Pihana's lawsuit


>>Two years ago, former Gov. George Ariyoshi and others filed a lawsuit seeking as much as $725 million for what they said was an invalid 2002 merger involving the high-technology company Pihana Pacific.

But now Ariyoshi and his fellow plaintiffs, including the University of Hawaii, must pay $3.4 million in fees and costs to the attorneys who represented the companies named in the suit.


Although the civil defendants deny wrongdoing, the merits of the lawsuit were not litigated because Judge Trader dismissed the case. He essentially found that the suit, filed six years after the merger, came too late under the statute of limitation laws of Delaware, where Pihana was incorporated.

No comments: