Sandwich Isles keeps finances private
Sandwich Isles Communications Inc. says it is profitable but members of the public can't verify that statement based on the company's filings with the state Public Utilities Commission.
That's because the PUC and the state consumer advocate's office have agreed to allow the company to file its annual financial reports under protective order.
Industry analysts say the move makes it virtually impossible for the general public as well as interested parties in the Hawaiian Telcom bankruptcy to assess whether Sandwich Isles' offer is viable or not.
"It's a disgrace that a company using federal money to benefit a state agency does not have to file in the open," said Marty Plotnick, a local marketing expert who has written a history of Hawaiian Telcom.
Sandwich Isles wants to buy Hawaiian Telcom Inc. for $400 million. The offer is a competing bid to a standalone $460 million reorganization plan proposed by the local phone company itself.
The Advertiser has requested copies of Sandwich Isles' annual reports for 2006, 2007 and 2008 from the PUC. Copies of the 2006 and 2007 reports were provided but all financial details were redacted from the report.
The Advertiser has appealed the PUC's decision to redact the reports.
When asked by The Advertiser why company reports are filed with the PUC under protective order, Sandwich Isles president Albert Hee said his company is a private one. But he said he would make public appropriate financial information if asked by the bankruptcy court.
Hee added that he does not to know his company's annual revenues, saying he leaves the company's financial details to CEO Robert Kihune.
"I don't track the financial. I have no idea what the revenues are. All I know is that the expenses are less," Hee said.
"Quite frankly, I'm satisfied as long as we aren't losing money and are making money."
Trustee Robert K. U. Kihune
A 1955 graduate of Kamehameha Schools, Robert Kihune graduated from the U.S. Naval Academy in June 1959, with a Bachelor of Science degree in marine engineering, followed by a graduate degree in electrical engineering in 1965.
After 35 years of distinguished service, Kihune retired from the Navy in 1994 with the rank of Vice Admiral. His brilliant career included command of two aircraft carrier battle groups – the USS Kitty Hawk and USS Nimitz – as well as the USS New Jersey battleship group. During the Vietnam War, Kihune commanded a guided missile destroyer that conducted nightly strikes against North Vietnam while successfully dodging hundreds of rounds of enemy fire without sustaining damage. Kihune was awarded a Legion of Merit with a combat "V" for gallantry.
Among his significant military assignments are the support for the capture of the terrorists involved in the Achille Lauro hijacking and serving as Commander of the Naval Surface Forces of the Pacific Fleet. He also served as Assistant Chief of Naval Operations for Surface Warfare at the Pentagon, where he was responsible for procurement of ships and surface ship weapons systems with a budget of $22 billion. Additionally, he was Chief of Naval Education and Training responsible for all technical school house training in the U.S. Navy, including flight training and recruit training.
Kihune currently serves as an officer and member of several non-profit boards, including as Chair of the USS Missouri Memorial Association, where he has been involved in the refurbishment and development of the Battleship Missouri Memorial as a top visitor attraction in Hawaii.
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