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Hawaiian Airlines Investor Arrested  
User currently offlineAeroWesty From United States of America, joined Oct 2004, 20322 posts, RR: 63
Posted (9 years 1 month 1 week 3 days 15 hours ago) and read 2369 times:

HONOLULU - The main investor in one of the two competing bankruptcy reorganization plans for Hawaiian Airlines was arrested Wednesday for allegedly trying to bribe an undercover FBI agent in a fraudulent scheme to fund the plan, federal authorities said.

Paul Boghosian, 50, was arrested in St. Louis after he allegedly agreed to pay a $500,000 bribe to an FBI agent posing as a hedge fund manager, in exchange for a $2.5 million loan, U.S. Attorney David N. Kelley said.

Boghosian, head of Hawaiian Investment Partners Group LLC, also "made a number of misrepresentations to the Bankruptcy Court, among others, regarding HIP's ability in fact to provide approximately $300 million in new equity funding and financing in order to carry out HIP's reorganization plan," federal prosecutors said in a statement.


More at: http://www.mercurynews.com/mld/mercu...ws/news/breaking_news/11092905.htm


International Homo of Mystery
7 replies: All unread, jump to last
 
User currently offlineClickhappy From United States of America, joined Sep 2001, 9601 posts, RR: 69
Reply 1, posted (9 years 1 month 1 week 3 days 14 hours ago) and read 2318 times:
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This part of the story doesn't make sense:

During a meeting last month in New York City, the undercover agent told Boghosian that the Hawaiian Investment Partners' financial documents and account numbers were bogus and the agent warned that the reorganization plan would collapse because there was no real funding, according to the federal complaint.

How would the undercover agent know that the documents and account numbers Boghosian used for his reorg plan were bogus? if that is the case, it sounds more like entrapment...IE I know you are lying, so pay me 500k and I will shut up...

Weird.


User currently offlineHa763 From United States of America, joined Jan 2003, 3596 posts, RR: 6
Reply 2, posted (9 years 1 month 1 week 3 days 14 hours ago) and read 2316 times:
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At first I thought that this was going to hurt Hawaiian's chances of getting out of bankruptcy, but then I realized that this guy isn't connected to RC Aviation. RC Aviation is the one with the preferred reorganization plan and is also the majority shareholder. This person isn't an investor in Hawaiian. He is just the financial backer to Hawaiian Investment Partners' competing reorganization plan. This should make the proceding easier since this basically throws their competing plan out. RC Aviation is supposed to have a hearing today on their plan. HIP was supposed to have their hearing tomorrow, but it looks like the plan will be withdrawn.

http://the.honoluluadvertiser.com/article/2005/Mar/10/bz/bz01p.html

http://starbulletin.com/2005/03/10/news/index2.html


User currently offlineAeroWesty From United States of America, joined Oct 2004, 20322 posts, RR: 63
Reply 3, posted (9 years 1 month 1 week 3 days 13 hours ago) and read 2299 times:



Quoting Clickhappy (Reply 1):
it sounds more like entrapment

The first sentence in the following paragraph explains it: "The FBI agent then asked for a kickback of $500,000 to get his hedge fund to make a loan under those circumstances."

It sounds like this guy's elevator didn't go all the way to the top floor, and apparently his arrest has removed some of the clutter in the way of Hawaiian's reorganization.



International Homo of Mystery
User currently offlineClickhappy From United States of America, joined Sep 2001, 9601 posts, RR: 69
Reply 4, posted (9 years 1 month 1 week 3 days 13 hours ago) and read 2289 times:
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So it is a set-up?

"Hey I know you lied to the bankruptcy committee when you said you had access to a bank account with 500 million dollars in it (figure taken from the source article) so in order for my hedge fund to lend you 2.5 million "under those circumstances" you will need to pay me 500,000?"

It doesn't make sense to me.


User currently offlineAeroWesty From United States of America, joined Oct 2004, 20322 posts, RR: 63
Reply 5, posted (9 years 1 month 1 week 3 days 13 hours ago) and read 2273 times:



Quoting Clickhappy (Reply 4):
It doesn't make sense to me.

Click: The link to the article in the Honolulu Advertiser HA763 provided gives a play-by-play of the sequence of events. Interesting reading!



International Homo of Mystery
User currently offlineHa763 From United States of America, joined Jan 2003, 3596 posts, RR: 6
Reply 6, posted (9 years 1 month 1 week 3 days 9 hours ago) and read 2199 times:
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Quoting AeroWesty (Reply 5):
So it is a set-up?

Well, Boghosian set himself up. Remember, he initiated the contact with the investment firm, who then informed the FBI.


User currently offlineClickhappy From United States of America, joined Sep 2001, 9601 posts, RR: 69
Reply 7, posted (9 years 1 month 1 week 3 days 8 hours ago) and read 2163 times:
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Ah, the Honolulu Adviser story clears things up.

Thank you!


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