Business Briefs

Posted: Thursday, July 19, 2001

KPAR welcomes new members

The Kenai Peninsula Association of Realtors is proud to welcome its newest members into the association. Installed June 21 were Daughn Carpenter of Real Estate Professionals, Kay Giles of Beluga Realty and Bobbie Greibel of Re/Max of the Peninsula all in Kenai and Linda McLane of Ron Moore Company in Soldotna.

New tanker makes first run

Phillips' first state-of-the-art Millennium Class double-hulled tanker, the Polar Endeavour, sailed to the Port of Valdez July 11, where it loaded its first cargo of Alaska North Slope crude oil. The company has four oil carriers under construction. These are the first tankers to be constructed specifically for trade in Alaska.

Alaska bank records increase

During the second quarter, First National Bank of Alaska reported a 24 percent increase in earnings over the same time last year. The bank's total deposits and assets also increased. FNBA has served Alaska for more than 77 years.

Tesoro receives an award

Tesoro Alaska Company is a recipient of the 2001 Legacy Awards for Oil Spill Prevention, Preparedness and Response. It was awarded Tuesday as one of five businesses and organizations nationwide.

Alaska Airlines honored by readers

Alaska Airlines has been named best domestic carrier by the readers of Travel and Leisure magazine. This is the third time the airline has been chosen by the magazine and its readers. The airline will be presented with the award July 26 in New York City.

GRS drill deemed successful

Chevron and Alyeska Pipeline Service Company recently completed a four-day drill in Prince William Sound. The drill built on previous successful drills for the deployment of geographical response strategies.

CIRI board members elected

During the 28th annual meeting of CIRI shareholders in Washington June 2, board of directors members were re-elected to three-year terms ending in 2004. The board is made up of members who are all Alaska Natives.

Crowley Marine announces tank farm in Bethel

ANCHORAGE (AP) -- Crowley Marine Services will enter the Bethel fuel market next year after completing agreements with Bethel Native Corp. for construction of a bulk-fuel tank farm.

The two companies said Tuesday that Crowley will build and run the tank farm on land leased from Bethel Native Corp.

The Bethel tank farm should open by September 2002, according to the companies.

The land lease will help offset declining revenue from Bethel Native's fish-processing plant, said chief executive Marc D. Stemp.

The village Native corporation also has investments in environmental remediation, food commodities, uniform and accessories management services, security services, and apartments and office buildings in Bethel, Anchorage and Albuquerque, N.M.

Crowley has operated in Alaska since 1953, the company said.

Shareholders seek to dissolve Huna Totem trust

JUNEAU (AP) -- A Juneau Superior Court judge will decide whether shareholders of Huna Totem Corp. should be allowed to opt out of a $42 million trust. Shares in the trust are worth $350 each, so shareholders with the typical 100 shares would get $35,000 if they could cash out.

A lawsuit by dissident shareholders seeking the big payout went to trial this week.

Lawyers for the trust and for Huna Totem, the Native village corporation for Hoonah, say the trust has been a good thing for shareholders.

The trust was set up in 1994 with money the corporation got from selling operating losses on its logging operations to another corporation, giving that company a tax break worth millions. Huna Totem was paid accordingly.

Huna Totem's directors also serve as the trustees for the trust, which pays out 60 percent of its income to the 1,191 shareholders. The remaining 40 percent is reinvested for inflation-proofing. Last year, the trust also made a $50-per-share payout from the principal.

--Clarion staff and Associated Press reports

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