Update: KBV Owners Moving Forward with Demand for Arbitration
If you haven’t already done so, Please complete and return your Brian Reichel Proxy
Last week we informed you of the KBV Board of Directors decision to file a lawsuit against Grand Pacific Resorts (our Plan Manager) in an effort to prohibit the KBV Owners from holding a Special Meeting on December 18. Not wanting to drag GPR into our dispute with the KBV Board, the KBV Owner group that arranged for the Special Meeting felt, under the circumstances, it would be best to postpone the meeting until after the first of the year.
Next week, pursuant to our KBV Governing Documents, we will be submitting a Demand for Arbitration to both the American Arbitration Association (AAA) and the KBV Board of Directors. In our view, the time has come for capable, objectively minded arbitrators to decide if it is legal (or not) for the current KBV Board to ignore our governing documents (and long time KBV legal counsel) and terminate our current Plan Manager without a vote of the KBV Owners. We feel confident in our position and will keep you updated as this matter unfolds.
Please know, we still have every intention to call a Special Meeting of the KBV Owners sometime after the first of the year. If the KBV Board of Directors attempts (again!) to meddle with our rights to conduct a Special Meeting, pursuant to Hawaiian law, we will call our own Special Meeting on a date and at a location of our choosing. Again, stay tuned.
If you haven’t already done so…. PLEASE click the button and complete and return your proxy to Brian Reichel. Since we still intend to conduct a Special Meeting to recall the current KBV Board, it remains critical that we secure as many proxies as possible.
Happy Holidays! Mele Kalikimaka! Best Wishes!