Naniloa buyer says $5.2M transferred for purchase

The buyer of the Naniloa Volcanoes Resort says he has transferred the funds to complete the $5.2 million purchase.

On Monday, David Farmer, Naniloa’s bankruptcy trustee, told the Tribune-Herald that the money had not been provided by a deadline, and expressed doubt over Tower Development’s ability to complete the transaction.

Ed Bushor, president of the company, said today he transferred the remaining funds needed to complete the transaction to escrow on Monday, disputing a statement from Farmer.

Farmer said today he received an email shortly after noon stating that the funds were in the process of being transferred to escrow.

The two remain in dispute over other aspects of the sale, including what documents and other information the trustee is required to provide.

A hearing in U.S. Bankruptcy Court will be held Monday, Farmer said, to address those issues.


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