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Bishop Estate

From dKosopedia

The Bishop Estate was created in 1884 by the will of Bernice Pauahi Bishop, the great-granddaughter of King Kamehameha the great. Princess Pauahi died of cancer at the age of 52 and left the most of her estate for the benefit of the Kamehameha Schools. Princess Pauahi specified that the estate be governed by a five member board of trustees, to be appointed by the Hawaii Supreme Court.

The governor of the state of Hawaii appoints the Supreme Court justices and also provides the names of candidates to be considered for the Bishop Estate Trustee position.

The Bishop Estate is the largest private property owner in the state of Hawaii and having assets of around $10 billion whose sole beneficiary is the Kamehameha Schools, located on a ridge above Honolulu.

On August 9, 1997, the Honolulu Star-Bulletin published an article by five prominent citizens of Hawai'i titled, "Broken Trust", in which the removal of all but one of the trustees was recommended and the state of Hawaii was urged to investigate the Board of Trustees.

The "Broken Trust" article was written by:

The state attorney general, Margery Bronster and the IRS conducted investigations. On May 7, 1999, Probate Judge, Kevin Chang ordered the trustees temporarily removed after the IRS threatened to revoke the estate's tax-exempt status. By December 13, 1999, all five of the Bishop Estate Trustees had either resigned or were permanently removed by court order.

The Bishop Estate trustees at that time were:

New temporary trustees were appointed, the management style of the Board of Trustees was changed and a new CEO was hired, Hamilton McCubbin. The official name of the trust was changed to the name to Kamehameha Schools.

The new permanent trustees named in November 2000 were:

External Links

Retrieved from "http://localhost../../../b/i/s/Bishop_Estate_61d2.html"

This page was last modified 21:19, 31 July 2006 by dKosopedia user Jbet777. Based on work by dKosopedia user(s) Allamakee Democrat. Content is available under the terms of the GNU Free Documentation License.

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