Trustees Raid KSBE Trust to Save Hawaiian Electric

by Andrew Walden

Is saving Hawaiian Electric from bankruptcy one of the functions of the Kamehameha Schools Trust? 

If Hawaiian Electric goes bankrupt, stockholders lose everything.  Control will pass to HEI creditors who are outside Hawaii and don’t care about the local political power structure.

Kamehameha Schools today announces it kicked in $872.5 million to Governor Green’s phony Maui wildfire settlement ‘agreement’ -- with conditions.

According to KSBE's website: "As of June 30, 2023, the Endowment was valued at $14.6 billion comprised of a globally diversified Financial Assets portfolio of $9.9 billion and Hawaii Commercial Real Estate of $4.7 billion."

DO THE MATH: $872M / $9.9B = 9% of KSBE financial assets.

KSBE liability stems mostly from failure to clear dead grass from Trust property in the burn zone.

How does that add up to $872M?

Interlocking boards create a conflict of interest.

The five-member KSBE Board of Trustees is very HEI-connected:

Vice Chair Trustee Crystal Kauilani Rose is a former board member of Hawaiian Electric.

Trustee Robert K.W.H. Nobriga served as executive vice president and chief financial officer of American Savings Bank, a subsidiary of HEI.

Former KSBE Trustee Chair Micah Kane is one of the seven current members of the HEI Board of Directors.

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RELATED: 

Hawaiian Electric shares “could go to zero”

Bankruptcy News: Hawaiian Electric Admits Company may not be a 'Going Concern'

Full Text: Insurance Company Lawyers Debunk Green’s Fake Lahaina Fire Settlement

FAKE: Green Announces $4B Lahaina Settlement -- Without Insurers' Agreement

KSBE: Kamehameha Schools’ contribution to healing and restoration | Kamehameha Schools (ksbe.edu)