Lawyers outline Lanai sales, utilities deal
Lawyers for billionaires David Murdock and Larry Ellison outline how a promised $10 million will be spent on the island, and what Murdock will keep in the land deal.
Lawyers submitted documents to the Public Utilities Commission Wednesday, answering a slew of questions to move a step closer to transferring three of the island's major utilities.
The land deal between the two billionaires closed on June 27.
Now, Murdock is trying to complete the transfer to Ellison of Manele Water Resources, Lanai Transportation Company and Lanai Water Company.
Ellison's Lanai Island Holdings plans to spend $10,147,500 on improvements and upgrades to several wells, reservoirs, and water pipelines on the island.
Documents were also released on Wednesday outlining the sale of the island.
Several large sections and all cost estimates were blacked out, but the document revealed what Murdock plans to keep, including several properties and businesses.
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