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Re: Rants (by Rebecca H.):

We also hoped to get a court/Attny Gen. to rule on whether DRI is in violation of Hawaii law by even having ANY employees/family members on our Boards at all. DRI won that issue with the settlement. Also, Hawaii law requires Boards to have a minimum of nine members but DRI got around that by raming through a quick resolution to have both BOD's remain at five members (they control both BOD's with three members). Further, DRI has a senior VP as President of one BOD and he also is a prominent member of the other BOD so we really have not gained anything in that issue.

We can take some hope of getting at least one owner on the BOD's, but DRI has thousands of votes now and will get all the votes by taking over the defaulted deeds/ponts as part of the settlement. The result is likely to be that, we owners, will pay for the vast majority of the total reconstruction of all ten buildings to result in the "grand hotel" Mr. Cloobeck envisioned. Building four is in the final stage of completion after being completely "gutted" on the interior and, for some reason, a complete new set of roof tiles. The big concern we should have is the (probable) cost over run in the next four plus years and the subsequent dunning of all of us for the money to complete the rebuild. DRI said that "cannot happen" since they have an "ironclad" contract with Layton Construction Corp, but we'll see!

Jim Helm