Shareholders get second $100,000 dollar distribution

Posted: Wednesday, January 15, 2003

ANCHORAGE (AP) -- Akhiok Kaguyak Inc. sent out the second and final $100,000 installment to shareholders Wednesday in one of the largest payouts ever made by an Alaska Native corporation.

The small Native corporation on Kodiak Island made the first $100,000 payment to 147 shareholders last August after cashing out most of a trust account worth $36 million.

The trust fund was established under a 1991 amendment to the Alaska Native Claims Settlement Act. It was funded by the 1995 sale of nearly 77,000 acres of corporation land to the Exxon Valdez Oil Spill Trustee Council.

More than $5 million remains in the trust account, said Akhiok Kaguyak board chair Pauline O'Brien.

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