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futuresobjective
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http://home.businesswire.com/portal/site/home/index.jsp?epi-content=GENERIC&newsId=20040614006113&newsLang=en&beanID=202776713&viewID=news_view

June 14, 2004 07:00 PM US Eastern Timezone

Ranch Capital Led Investor Group Purchases 10 Million Shares of Hawaiian Airlines

SAN DIEGO--(BUSINESS WIRE)--June 14, 2004--Ranch Capital, LLC announced today that an investor group it controls has purchased 10 million shares of Hawaiian Holdings, Inc. (AMEX:HA) in a privately negotiated transaction from its controlling shareholder, AIP, LLC.


Hawaiian Holdings, which is not in bankruptcy, is the parent company of Hawaiian Airlines, Inc., which has been operating under bankruptcy-court protection since March 21, 2003. In May 2003, a trustee was appointed to manage the debtor. Since the filing, Hawaiian Airlines has continued to operate under the protection of the court.

"We are excited about our investment in Hawaiian Holdings," said Lawrence Hershfield, founder and chief executive officer of Ranch Capital. "Because of the significantly improved performance of Hawaiian Airlines, we believe that its stock, which is 100-percent owned directly and indirectly by Hawaiian Holdings, has significant value." Ranch Capital completed the purchase of Hawaiian Holdings Inc. through a newly formed entity called RC Aviation, LLC, where Lawrence Hershfield controls as its managing member. RC Aviation LLC was advised by Imperial Capital, LLC in this transaction.

As part of the share-purchase transaction, John W. Adams will resign his position as chairman and chief executive officer of Hawaiian Holdings Inc., and Edward Z. Safady, and Thomas J. Trzanowski will resign as directors of Hawaiian Holdings Inc. RC Aviation nominees including Lawrence Hershfield and Randall Jenson will replace them as directors, as soon as legal or regulatory requirements are met.

Ranch Capital intends to immediately assume the control, direction and formulation of the Hawaiian Holdings and its proposed plan of reorganization for Hawaiian Airlines.

"We expect to meet with the trustee and the various parties interested in the proceedings as soon as possible and look forward to a rapid and successful conclusion to the proceedings for all of the parties involved," said Hershfield.

About Ranch Capital

Ranch Capital, LLC was formed in October, 2002 by Lawrence Hershfield and Randall Jenson to invest in distressed, bankrupt and other special situations. Since its formation, Ranch Capital has been involved as an investor in a number of bankruptcies including Oakwood Homes and Seitel, Inc.

Contacts


David Silver, 213-488-6161
info@silverpr.com


***************************
Open $ 5.10
High $ 5.20
Low $ 5.10
52-Wk Low $ 0.29
52-Wk High $ 5.35
P/E Ratio 7.63
Volume 139,100
Market Cap 147.7 M
Shares Outstand. 28.4560 M
Share Statistics
Average Volume (3 month): 143,681
Average Volume (10 day): 122,000
Shares Outstanding: 28.46M
Float: 5.70M
% Held by Insiders: 79.97%
% Held by Institutions: 20.91%
***********************
Company Information


Hawaiian Holdings, Inc. Formerly known as Hawaiian Airlines, Inc.. The Group's principal activity is to provide scheduled transportation of passengers, cargo and mail. Scheduled passenger airline service consists of, on an average, 150 flights per day with daily service between Hawaii and Las Vegas, Nevada and the five key United States West Coast gateway cities of Los Angeles, San Diego and San Francisco, California, Seattle, Washington and Portland, Oregon. The Group also provides charter service from Honolulu to Las Vegas and to Anchorage, Alaska and from Los Angeles to Papeete, Tahiti. The Group operates a fleet of Boeing 717-200 and 767-300 aircrafts. The Group 's inter-island operations provide service to six major Hawaiian Islands of Oahu, Hawaii, Maui, Kauai, Molokai and Lanai.
HAWAIIAN HOLDINGS, INC.
Suite G-350 3375 Koapaka Street Honolulu HAWAII 96819
Phone: +1 808 835-3700
Fax: +1 808 835-3690

http://www.hawaiianair.com/

I think it will move... I am not buying into it just posting for anyone who has not seen any info on it ... the pr was released tonight around 7 PM. GLTA


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