Galbraith land sale update
June 5th, 2008 by RickA Canadian investor who is attempting to purchase 2,100 acres of Galbraith Estate lands in Central Oahu has ties to a controversial Montreal developer.
Phil Archer has been a behind-the-scenes player in Nokaoi Development LLC’s attempt to purchase the central Oahu agricultural tract from the Galbraith Estate.
A 2003 article by the Toronto Star described Archer as a “securities wheeler-dealer” who was banned by the Alberta (Canada) Securities Commission from trading for 15 years for allegedly manipulating the stock price of a Canadian company.
In March 2006, the Alberta commission found that he violated the ban and ordered him to 60 days of house arrest, according to the Daily Miner and News of Kenora, Ontario.
Archer also is a former owner of a historic Canadian resort — the 90 year-old Minaki Lodge in Ontario — which was heavily damaged by a fire in 2003. Archer did not carry insurance on the property, resulting huge losses for the developer and for contractors who did work on the property, according to news reports.
Nokaoi says that Archer is no longer involved in the Galbraith deal. A 2005 filing with the state Department of Commerce and Consumer Affairs noted that company owner Dennis Blain bought out Archer’s interest in Nokaoi and that Archer is no longer a manager with the company.
But several people familiar with the deal said Archer played an active role in the negotiations on the Galbraith sale.
The Galbraith deal has not yet closed and Nokaoi is still conducting due diligence. But the company has told state lawmakers that it looked to subdivide the property and sell off 30-acre parcels to individual buyers .
The deal faces opposition from community leaders who want to preserve ag land in Hawaii. For them, Nokaoi’s links to Archer will likely to serve as further fodder for those concerns.
Tags: Galbraith Estate, land sale
June 6th, 2008 at 9:40 am
The land in Minaki is worth quite a bit more without the hotel on it.
June 6th, 2008 at 3:23 pm
[…] Honolulu Advertiser reporter Rick Daysog says Phil Archer, “who was banned by the Alberta (Canada) Securities Commission from trading for 15 years for allegedly manipulating the stock price of a Canadian company,” was actively involved in negotiations for purchase of the Galbraith land on behalf of Nokaoi Development LLC. Read his blog entry here. […]