(4) On October 28, 2009, immediately following the Merger, the Issuer redeemed (i) 415,200 shares of Common Stock held by Mr. Murdock in exchange for the transfer to Mr. Murdock’s designee of an 85% interest in Wellbeing Properties, LLC and the assumption by such designee of $30 million of debt associated with Wellbeing Properties, LLC and (ii) 960,000 shares of Common Stock held by Mr. Murdock in exchange for the transfer to Mr. Murdock’s designee of the Issuer’s ownership interest in one parcel of idle farmland of approximately 1600 acres in Honduras. http://www.hoovers.com/free/co/secdoc.xhtml?ID=10303&ipage=6881529
I was just in Hawaii and stayed on Lanai, most of the island is still owned by David Murdock, Dole. There are two hotels on the island both owned by him but operated by Four Seasons. We heard from one of the locals that Murdock supplements with an additional $20M to keep the island and hotels going. His intent was to market the real estate on the island as an upscale development but it has never really taken off. The island and the hotels are beautiful.