=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/05/15/f= inancial1513EDT0168.DTL ---------------------------------------------------------------------- Thursday, May 15, 2003 (AP) Adams offers to step down as chairman, CEO (05-15) 12:13 PDT HONOLULU (AP) -- John W. Adams offered to resign as chairman and chief executive of Hawaiian Airlines as part of an effort to stop the possible appointment of an independent trustee to run the financially troubled carrier. The resignation offer was included in a motion filed Wednesday in U.S. Bankruptcy Court, where Judge Robert J. Faris was considering the appointment requested by Boeing Capital Corp., the airline's main aircraft lessor. The airline's creditors committee supports the move. Adams' resignation was one of a number of concessions the airline said it would make to address issues raised by Boeing and the committee. Hawaiian has held that having a trustee appointed would place a stigma of failure on the airline and drive away business at a crucial time for bookings, as well as delay implementation of what it believes is a sound business plan for saving the airline. Seattle-based Boeing Capital, the financial arm of Boeing Co., has accus= ed Adams and the airline's board of directors of insider dealings and mismanagement that have led to the carrier's financial hardship. Hawaiian, which filed for protection from its creditors March 21, has denied any wrongdoing or mismanagement. "While Boeing has said that they want Hawaiian Airlines to remain a customer, the effort they have focused on me is wreaking profound damage on the company, and I can't allow this to continue," Adams said. In addition to Adams' resignation, the board made a number of other offers, including having Mark B. Dunkerley, the airline's president and chief operating officer, appointed CEO and made a member of the board. On the Net: Boeing Capital Corp.: www.boeing.com/bcc/flash.html Hawaiian Airlines: www.hawaiianair.com =20 ---------------------------------------------------------------------- Copyright 2003 AP