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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April 6, 1994
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (808) 543-5662
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
HAWAIIAN ELECTRIC INDUSTRIES, INC. RECEIVES STATE COURT
APPROVAL OF LAWSUIT SETTLEMENT
On April 6, 1994, Hawaiian Electric Industries, Inc. (HEI) received
state court approval for the out-of-court agreement between HEI and the Hawaii
Insurance Commissioner, stemming from the commissioner's April 1993 lawsuit
over the December 1992 discontinuance of HEI's property-casualty insurance
subsidiary.
The agreement calls for HEI to pay $32 million to the commissioner as
rehabilitator/liquidator of the Hawaiian Insurance Group in return for
dismissal of the lawsuit and release of claims against HEI, its affiliates and
their past and present officers and directors. HEI will fund the settlement,
which was announced February 10, 1994, from available cash and/or short-term
borrowings. The $32 million settlement amount is to be deposited in an escrow
account by April 20, 1994 and will be disbursed upon dismissal of the lawsuit
and expiration of appeal periods with no appeals having been taken.
The settlement resulted in a $15 million, or 58 cents per share,
after-tax charge to HEI's 1993 earnings.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
(Registrant)
/s/ Robert F. Mougeot
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Robert F. Mougeot
Financial Vice President and
Chief Financial Officer
(Principal Financial Officer of HEI)
Date: April 6, 1994
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