John W. Adams and AIP, LLC

Admin Proc. File No. 3-11676

On September 23, 2004, the Commission instituted and simultaneously settled proceedings against John W. Adams and AIP, LLC (collectively, "Respondents"). The Commission found that Respondents caused Hawaiian Airlines ("Hawaiian") to violate the Securities Exchange Act of 1934 by failing to update material information published in Hawaiian's tender offer documents in mid-2002 concerning Hawaiian's ability to afford the tender offer and remain solvent. The Commission ordered AIP to pay disgorgement of $2,229,193, plus prejudgment interest of $237,094, and Adams to pay disgorgement of $3,782, plus prejudgment interest of $402. The monies were paid into an escrow account by October 12, 2004, and were transferred to the U.S. Department of the Treasury's Bureau of Public Debt on October 13, 2005. See the Commission's order: Release No. 34-50427.

On March 9, 2005, the Commission issued an order appointing Damasco and Associates, LLP as the Tax Administrator. See the Commission's order: Release No. 34-51341.

On February 20, 2009, the Commission issued an order approving publication of the notice of the proposed distribution plan and opportunity for comment, appointing Gilardi & Co., LLC as the Plan Administrator, and approving the administrative bond. See the Commission's order: Release No. 34-59431.

On February 23, 2009, the Commission issued a notice of the proposed distribution plan and opportunity for comment and simultaneously provided a link to the proposed distribution plan. The notice provided parties 30 days to submit their comments on the proposed distribution plan. The Commission received no comments on the proposed distribution plan. See the Commission's notice: Release No. 34-59433, and the proposed distribution plan: Release No. 34-59433-pdp.

On May 6, 2009, the Commission issued an order approving the distribution plan. See the Commission's order: Release No. 34-59870.

On January 25, 2013, the Commission issued an order modifying the distribution plan and directing the disbursement of $2,628,775.28 from the Disgorgement Fund. See the Commission's order: Release No. 34-68736, and the modified distribution plan: Release No. 34-68736-mpd.

On May 7, 2015, the Commission issued an order modifying the modified distribution plan and directing the disbursement of $47,520.26 from the funds held at Huntington National Bank. See the Commission's order: Release No. 34-74905.

Persons to Contact:
Plan Administrator: Gilardi & Co., LLC, 1-866-967-6845;
www.gilardi.com/hawaiiansecdisgorgementfund; disgorgementfund@gilardi.com