LETTER TO EDWARD J. WALSH ESQ. FROM DANIEL A. BENT

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP90B01370R001201600014-7
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 20
• Document Creation Date: December 21, 2016
• Document Release Date: November 6, 2008
• Sequence Number: 14
• Publication Date: April 13, 1984
• Content Type: LETTER

Approved For Release 2008/11/06: CIA-RDP90B01370R001201600014-7 0< :
US. Department of Justice Y -155?
United States Attorney
District of Hawaii
Room C-242, United States Courthouse
300 Ala Moana Blvd., Box 50183
Honolulu, Hawaii 96850
April 13, 1984
Edward J. Walsh, Esq.
Internal Security
Criminal Division
U. S. Department of Justice
Federal Triangle Building
315-9th Street, N.W.
Room 203-B
Washington, D. C. 20530
Legislative Liaison Office
Central Intelligence Agency
Washington, D. C. 20505
Enclosed are articles re Ronald Rewald taken from
the Hawaii Investor, Honolulu Magazine and the Honolulu
Star Bulletin for your information.
Very truly yours,
DANIEL A. BENT
United States Attorney
District of Hawaii
By
Chrono
JOHN :? PEYTON, JR. N
Assis ant U. S. Attorney c
JFP/ljh
L
STAT
STAT
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7 s friendlier sides.
1
The CIA played a
devious but leading
role in the use and fall of
Bishop, Baldwin
Ron Rewald's defunct consulting firm was a
front in the most embarrassing tradition.
It's beginning to look like Honolulu
bankruptcy trustee Thomas Hayes
took on more than he bargained for
when, court appointment in hand, he
first strode into the offices of Bishop,
Baldwin. Rewald, Dillingham
Wong, Inc.
That was early last August and
Hayes' takeover of the Honolulu
investment counseling firm with the
staccato name capped a landslide of
events that in less than a week had
j
Ron Rewald
toppled the- company from
prominence to ruin.
On July 29. a local television station
aired a report that Bishop, Baldwin
was under investigation by state
consumer protection authorities and
hinted that the firm's chairman, 43-
year-old Ronald R. Rewald. may not
be the classy investment wizard that
most everyone thought him to be.
The next day. Rewald was found in
a Waikiki hotel room with his wrists
02
a 11, 1 101i 11111
447 6085
slashed. Rushed to a hospital, he
quickly recovered from what the
police said was an attempted suicide.
But while Rewald was still in the
hospital, the investment empire he'd
formed just five years before came
unglued. After a half-hearted attempt
at business as usual, Rewald's partner,
Sunlin "Sunny" Wong, promptly
resigned as company president and
declared his willingness to cooperate
with any and all of the state and federal
investigators suddenly gathering on
Bishop. Baldwin's doorstep. The
dapper, 34-year-old Wong was quickly
followed in his hasty exit by many of
the 30 or more attorneys, accountants
and others that Bishop, Baldwin had
brought on board as well-paid
professional "consultants."
On August 4, a Honolulu federal
court declared Bishop, Baldwin
involuntarily bankrupt and froze its
assets, along with those of the
company's still-hospitalized leader,
Ron Rewald.
Open-and-abut. The next day,
Tom Hayes stepped in as Bishop,
Baldwin's interim trustee and started
treating the company's collapse as an
open-and-shut case. Though Rewald
had ordered certain records removed
the day of his apparent attempted
suicide. Hayes immediately
announced that a quick check of the
company's files revealed that over
300 investors had entrusted about
S17 million to Bishop. Baldwin and
that the only sign of what had
happened to their money was that it
had been spent. not on the high-
yielding investments that had
attracted the depositors but on a
cornucopia of business and personal
expenses that, said Hayes. had
emptied the company's coffers.
Rewald, declared Hayes to a
stunned Honolulu business
community, had run an elaborate
scam. His words were echoed by the
bankruptcy judge, who labelled
? 8 & Ls' big losses, pas
The long ro
to prof
Some Hawaii S&Ls wit
recovering from losses
At the end of last year, the sighs of
relief were almost audible among
Hawaii's savings and loan associations.
For 1983 brought a none-too-soon
upturn in their businesses that. it was
widely supposed, also spelled a return
to profitability.
But, unlike the state's major banks
whose publicly owned holding
companies report their profits each
year, providing a window on how those
institutions are doing. the S&L's are
traditionally tight-lipped about such
financial details. The best indication
they usually provide is the balance sheet
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Rewald
Continued from pace I
Bishop. Baldwin a "Ponzi scheme"
wherein investor funds were
siphoned off for ulterior purposes and
paid back only as necessary to keep
up the pretence of legitimate
investments.
To no one's surprise, Rewald was
arrested on his release from the
hospital on theft charges from two
investors. One of them was John C.
"Jack" Kindschi, a former Bishop.
Baldwin consultant and close
associate of Rewald's. Kindschi had
been one of Rewald's first visitors in
the hospital. Before he joined Bishop.
Baldwin in 1981. he was the Honolulu
section chief for the Central
Intelligence Agency. Bishop.
Baldwin's records carried Kindscht as
a $185.000 investor in the company.
They also revealed that on the day of
Rewald's attempted suicide he
withdrew $140.000 from his account.
Subsequent disclosures show that
prior to his "retirement"from the CIA.
the 56-yar-old Kindschi had written
personal checks to Bishop. Baldwin
and three associated companies
totalling about $2,000. The checks. all
in relatively small amounts. were
recorded as payments for telephone
bills. Similar payments were made
after Kindschi Joined Bishop, Baldwin
by his successor as the CIA's local
section chief. John Rardin.
Feete" rrtron. Such revelations
fanned speculation that Bishop.
Baldwin had somehow been involved
with the CIA. The federal bankruptcy
court at first did little to squelch the
rumor when, acting on the federal
agency's request. it sealed many of the
Bishop. Baldwin files that Rewald had
first removed and after his arrest
surrendered to the court. The court
slapped a gag order on any discussion
of the matters contained in the sealed
documents, but interim trustee Hayes
re,caled that a letter missed in the
dragnet indicated that the CIA may
have halted an earlier Internal
Revenue Service investigation of
Bishop. Baldwin.
The letter, dated January 18, 1983.
was from Ron Rewald to the CIA's
John Rardin. It asked Rardin to
expedite an earlier request that the
CIA intercede in an IRS audit of
Rewald's personal finances because
they contained some relationships that
he would rather not explain. What
Hayes didn't see was a letter written
just 10 days later by Bishop. Baldwin
attorney Dana W. Smith to IRS
Honolulu investigator Joseph A.
Camplone. The letter confirmed that
Shipyards Continued from page 6
of a commercial shipyard's activity is
high-tech." asserts Low. "One modern
Navy ship, with its sophisticated
weapons, navigation and other
systems, is the equivalent of a $100
million high-tech company." he
declares.
KEMS. Inc.. a Honolulu company
that specializes in electrical and
electronic repairwork on ships, had
developed a crew of highly trained
technicians before the slump in Navy
contracts. Now. it has laved off all but
six of what six months ago was a 21-
man crew.
Camplone had been instructed by
higher ups in the IRS to hold off on the
Rewald investigation.
Speaking with authority. however.
Haves declared that. at the most.
Bishop. Baldwin and its global
network of 17 offices-most of which
he described as no more than "a desk
and telephone"-served as innocuous
mail-drops for the CIA.
Hayes hadn't changed his mind
about either Rewald or his company
when. in February. his office issued a
voluminous report detailing Bishop.
Baldwin's finances. It showed that
between 1979. the company's first year
of operations. and August 4. 1983. the
date it was declared bankrupt. it took
in a total of $20.4 million in
investments. Deducting money paid
back or spent on behalf of investors.
the company ended up owing more
over SI million spent on two ranches
near Honolulu. one in Waimanalo and
the other at Pupukea, and the Hawaii
Polo Club. which Rewald bought two
years ago.
The ranches and Polo Club were
among a long list of enterprises into
which the trustee's printout shows that
Rewald or his firm pumped close to $4
million. Also on the list is MotorCars
Hawaii. a classic auto emporium
where Rewald stabled his personal
fleet of sportscars. But the report
declared that none of these were valid
investments Reiterating a claim made
by Haves since August. the report
concluded that Bishop. Baldwin had
made no legitimate investments. It had
spent all of its investors' money on
indulging Ron Rewald's fancies. on
going his cronies a ready source of
ash. and on providing Bishop.
Against a different backdrop, the jigsaw
pieces fit.
than 300 of its clients $12.6 million.
And it has no funds left to repay them.
unless the trustee can collect $2.3 in
overdrafts by 80 other investors or
take advantage of a clause in Hawaii's
bankruptcy law that makes those who
take money out of a firm 90 days
before its collapse put it back. The
trustee is trying to recapture funds on
both counts. But. so far. only ex-CIA
section chief Jack Kindschi has
responded. He has quietly given back
the $140,000 he took out on July 29.
Further collections are unlikely.
Most of those investors who drew
more out of their accounts than they
put in are former consultants and
others associated with Bishop.
Baldwin who have had to adjust to
more modest lifestyles since the firm's
demise. Even so, the most that
investors would get back from such
repayments is about 20 cents on the
dollar.
Plethora of purchases. The trustee's
report makes Ron Rewald the biggest
culprit in this debacle. In accounting
"to the penny" what happened to the
missing millions. the report says that
Rewald took $4.7 million from what it
calls his "bogus investment
counseling- concern and used it for
"personal spending." By the trustee's
reckoning. he spread money lavishly
over a plethora of purchases ranging
from a suit of armor to decorate his
waterfront home to veterinary bills for
his string of polo ponies. Included was
that he saw the cutbacks coming and
has tried to diversify into a retail
marine electronics business and
repairwork for fishing and pleasure
boats. But the big drop in Navy work
has obviously hurt. His company's
former technicians have tried to find
work in the local construction
industry, one of the few places that
some of their skills might be utilized.
"but they're not hiring these days.
either." says Yee. 'These are specialists
that, if they can't find work here, will
either have to give up their skills or
take them to the mainland." he
Baldwin's consultants jet-set careers
hopping from one exotic company
office to another
There was nothing particularly new
in the trustee's report, it simply
documented what Hayes and others
involved in picking up the Bishop,
Baldwin pieces had been saying for
months. The only dissent has come
from Rewald and some of his former
associates. Though muted by the
coup's gag order and far of other
repercussions, these survivors paint a
far different and more sinister picture
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of Rewald and his mysterious
company.
Places as. Placed against a different
backdrop than the one provided by the
court and trustee, the jigsaw pieces fit
as they never did for the public
officials. In the picture that emerges.
Bishop. Baldwin's globe-girdling
string of "offices" makes sense, its
multi-million dollar investor 'slush
fund" has a more useful purpose. and
the company's otherwise whimsical
"investments" do produce a yield after
all. And. the key to it all. the man at the
center of the picture. Ron Rewald.
emerges as a loyal disciple of what has
been called the international cult of
intelligence.
On January 30. Rewald was released
from the Oahu Community
Correctional Center after his family
scraped together enough assets to meet
his $140.000 bail In the preceding two
months. the bail had been twice
reduced from an original $10 million.
The initial amount. unprecedented in
Hawaii. was set ostensibly to keep
Rewald in jail where he could neither
make good on his supposed suicide
attempt nor skip town with the
illgotten pins that trustee Haves and
others were claiming he had bilked
from investors. Rewald is now suing
Hayes for such obstructionism and
other alleged offenses. But that isn't
the first lawsuit he has filed since
getting out of jail.
Just days after his release, Rewald
sued the CIA for a whopping $671
million. The suit charges that the
federal agency was not only
extensively involved in Bishop.
Baldwin's activities but that the
Continued on page 8
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
Rewald
Continuedfrom page 7
company. along with two others. was
specifically formed in the late 1970%on
instructions from the agency. The CIA
even picked Bishop. Baldwin's name.
claims Rewald. because the firm was
intended to concentrate its "business"
in the Far East. where the names
Bishop. Baldwin and Dillingham-all
prominent in Hawaii and other Pacific
business circles-would give it
credibility. Rewald and his partner
Sunny Wong were the only principals
listed in the company's title whc
weren't bogus.
Rewald claims that he acted as a
full-time coven agent for the CIA
dating back to 1977. when he moved to
Hawaii from his native Wisconsin. His
association with the agency goes back
even further. In the mid 1960s. while a
student at the Milwaukee Institute of
Technology. Rewald says that he was
recruited by the agency and employed
part-time to spy on student activist
groups at the University of
Wisconsin's Madison campus. Over a
nine-month period in 1967-68. Rewald
was paid 0120 a week for his efforts
and reported the results to the CIA's
Chicago office.
Beading M. After a hiatus of several
years. Rewald began taking more
ambitious assignments from the CIA.
He worked for a sporting goods
company in Milwaukee and made
several buying trips to the Far East.
While there, he carried out relatively
minor intelligence-gathering chores
for the agency and made some contacts
that would later prove useful. One of
the friends he cultivated was a
Japanese sporting goods manufactur-
er whose son worked for that country's
Mhnutry of Transport.
In 1976. Rewald formed a company
called CMI Investment Corp.. a
counseling firm that furthered his
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excuse for travel. That year. the
sporting goods firm he had risen to
head went bankrupt and so did
Rewald. In the entanglement. Rewald
got into a scrape with Wisconsin
authorities for violating the state's
franchising laws. He was also
concerned about post-Watergate
trustee's report, which purports
through the live Honolulu bank
accounts it analyzed to account for
98^r of all funds flowing into Bishop.
Baldwin since its inception The report
attributes only S.,'00 or so in
telephone bill payments to the agency.
Any other CIA contributions. if they
The CIA wanted the HSST plans and sent
Rewald to steal them.
federal investigations then being made
of the CIA's domestic spying
operations, an activity prohibited by
the agency's charter. Rewald
expressed his worries to his contact at
the CIA's Chicago office and said he
was thinking about relocating to
Hawaii. The agent encouraged him to
do so and gave Rewald the name of the
agency's man in Honolulu, chief of
section Eugene J Welsch.
After Rewald. his wife and five
children moved to Honolulu. Rewald
reestablished CMI Investment, took
in local real estate broker Sunny Wong
as a partner and looked up Welsch. It
was Welsch who gave Rewald his first
major assignment for the CIA.
Impressing the agency. Working
with the Japanese Ministry of
Transport. Japan Air Lines had
developed what it called a high speed
surface transportation system. or
HSST for short. Using a top secret
magnetic propulsion technique, the
system was intended for use on trains
that would carry passengers between
Japan's Narita International Airport
and Tokyo at speeds of close to 200
miles per hour. slicing travel time from
the usual 90 to about IS minutes. The
system works, but the problem was
and still is enabling passengers to ride
safely at such break-neck speeds.
Nevertheless, the CIA wanted the
HSST plan to pan on to U.S. industry
and sent Rewald to steal them.
Through the son of his former sporting
goods contact he suceeded in doing so
and the agency was impressed with his
work.
Other Far Eastern assignments
followed. In 1978. just before U.S.
relations with the peoples Republic of
China were normalized. Rewald
visited mainland China under the
banner of his CMI Investment Corp.
He made the trip to assess trade
prospects and make contacts for the
CIA. Because Rewald succeeded
where many others had failed, he won
high praise from section chief Welsch,
who was about to be replaced in his
Honolulu post by another agency
veteran. Jack Kindschi.
Under Kindschi. Rewald's
involvement with the CIA moved into
high gear. Late in 1978, Bishop.
Baldwin was formed to spearhead two
other cover operations already
established at the CIA's direction.
Hawaii-registered companies called H
A H Enterprises and Canadian Far
East Trade Corp. With Bishop.
Baldwin in place. Rewald's old firm,
CMI Investment. was all but
abandoned.
Rewald says that the CIA not only
gave Bishop. Baldwin its name but an
operating budget of "several million"
dollars to get it underway. The claim
differs sharply with the bankruptcy
occurred. must have come in under the
guise of investor deposits, says the
report. And James Wagner. an
attorney for the trustee. scoffs at that
notion. To produce the amount of CIA
support claimed by Rewald -would
require that a large portion of the
investors had to he agents." he says.
Rewald. who devpne the massive
odds against him has maintained a
,teely composure throughout his
ordeal. is unruffled by the trustee's
claims He maintains that Hayes. who
is now Bishop. Baldwin's
administrator. Reynaldo Graulty. an
attorney and state legislator who was
named permanent trustee. and the
lawyers and stall helping them are no
closer to the truth today than they were
in August
Co-mingled funds. Rewald says that
the five Honolulu bank accounts on
which Haves and his associates base
their analysis reflect only part of what
were Bishop, Baldwin's real finances.
Millions more. he insists, were buried
in overseas accounts in which, as in the
Honolulu banks, innocent investor
funds were freely co-mingled with
deposits from the CIA and other.
not-so-innocent "investors."
Hayes acknowledges the existence
of the overseas accounts, but says they
are all but empty. Rewald agrees. but
he claims that that wasn't the can at
the time of Bishop. Baldwin's collapse.
He says that there was then enough
money in the company's foreign
accounts to repay the $10 million that
the trustee now says is owed to
investors, and much more. But the
funds quickly disappeared when
Bishop. Baldwin's operations
disintegrated, leaving a trail that grew
cold while Rewald sat in jail.
But evidence of these accounts and
their intended use is murky, obscured
by the court's order against revealing
the contents of Bishop, Baldwin's
still-sealed files and, if the claims of
Rewald and a few others are to be
believed, an elaborate and well-oiled
mechanism with which the CIA and
others in the country's intelligence
network bury their mistakes.
Characteristically, the CIA has
steadfastly denied any role in and
refused further comment on the
Bishop. Baldwin case. Even the clear
involvement of three of its former
Honolulu section chiefs. Jack
Kindschi and, to a lesser extent.
Kindscht's predecessor Eugene Welsch
and his successor John Rardin, has
failed to shake the agency's policy of
silence. The most that it has said came
in response to Rewald's recent damage
suit, when a spokesman contacted at
the CIA's Langley. Va. headquarters
referred a questioner to the ruling
Cr.nnnued on pare I.
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Rewald
Continued from page 8
made last September by Bishop.
Baldwin' bankruptcy, judge that
the company's sealed documents had
no bearing in its financial affairs
Yet the jurist concerned. veteran
federal judge Martin Pence. has
privately admitted that he didn't
personally inspect the rams of
documents before. acting on the advice
of the CIA. he seated them in August.
Zor did the judge mad a lengthy
affidavit submitted by Rewald to
explain his CIA involvement before he
sealed that, too.
And Rewald hasn't had much luck
in getting a rise out of his alleged
former employer. A response of sorts
that did come was the reassignment by
the CIA of the head of its litigation
division. John Payton. to the post of
assistant U.S. Attorney in Honolulu.
What might otherwise seem a
demotion for the agency 5 top lawyer
indicates the importance it places on
Rewald. But so far it has kept that
concern to itself.
Shortly after his imprisonment.
Rewald had his civil attorney. Robert
A. Smith. write a letter to CIA
Director William Casey asking for $10
million in commissions that he said
were due Bishop. Baldwin on an arms
deal it had arranged for the agency in
Taiwan.
Pandora's box. There has been no
direct reply to the letter. but, if the
q'iscric are many compelling reasons
for louring your business at
Campbell Industrial Park. The bUow?
ing explores those reasons and allows
a few of our tenants to explain their
motives be locating as the Pak
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claim is accurate. it blows wide open a
Pandora's box of covert activities that
Smith's letter and a crazyquilt of other
evidence indicate that Rewald and
certain of his associates performed for
the CIA. Those activities ranged from
selling huge quantities of military
hardware to such strategically touchy
countries as Taiwan and India to
laundering money for political leaders
like Indira Gandhi and big money men
like Philippine banker Enrique Zabel
and the Sultan of Brunei.
It's in this shadowy context that
many of the loose ends left by the
trustee's explanation of Bishop.
Baldwin's affairs fall into place: like
the $600.000 spent on a seemingly
useless network of overseas offices:
nearly 5800.000 lavished on two Oahu
ranches that were never really used:
$700.000 pumped into a Hawaii Polo
Club that was about to lose its polo
field: $260.000 for a stable of ponies
and show horses that were rarely
ridden: and nearly S2 million in
salaries and fees paid to a small army
of Investment consultants who never
made an investment
The trustee attributes this wild
spending to Rewald's extravagance.
But it would seem that a master
swindler capable of bilking hundreds
of investors out of $20 million would
be more frugal with his ill-gotten pins.
And he would surely have taken better
care of himself than ready dying. then
spending six months in jail and coming
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business and they didn't tad we could
maintain our level of service from this
location But they were wrong. Orr
services we equal or better chat those
ofour competstoes in awn and our
overhead is peobrbly one.dWd at
dries. This bar tent allows to to hire
asodser person for custama service
and to carry a heBer investtory."
"Our business opened at Canpbel
Industrial Pelt in 1965 In fact we've
never been anywhere else. We mar s-
ham pohystyrar cooks. Outboards.
building; matalai said ad= prodsscts.
Ow products are low-pefced mid take
up a lot of storage roaai. beW basically
air. surrounded by ptwiL Cost control
is very importer so us betasee of our
close tn.rBhta Ow low ere rent
keeps our ovedtesd under control and
(seeps us cast "
Pacific Allied Froducs I Pad Smash:
"V'iien we needed so esprit it was as
may move rtgln widrri the Park"
Ingram Papers manarter. John sidetw
Our rent sannp allow us to carry a larger
? 61 WW 1EME
)RE(1KEEPS
CM
COMPEr mvE."
For a company working on ,kite profit
mangi . low rent is very important
Paul Smith. president of Pacific Allied
Produces, has Jim such a eompa Y. His
company is also one of the Park's
oldest tenants.
661M( 1
4.SPAESVFS
MONEY.
Low land cost enables sent to have the
room to operate efficiently Nike
Durant of Jorgemen Steel explains
what this means to his company.
"VI'e moved our marnrhas ruig
operation from the airport am to
Campbell Industrial Pak in 1977. We
have five acres, which mean we have
space to opera ebcianly. The largest
par of our overhead ie labor costa and
ine5ciency meant wasted art haws
and wasted many. For Qanpk, at our
previous location, when we were
running a large pipe order. we would
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
MARCH 1984
out looking for work. For nowhere in
the trustee's exhaustive study of
Bishop, Baldwin's affairs is there the
slightest hint of hidden booty for Ron
Rewald. As Hayes has said from the
star. "He spent all the money."
If such behavior is out of character
for the super-summa that Rewald
has been made out to be, it is much
more in keeping with the CIA's pattern
of using private U.S. businesses and
institutions as fronts for a potpourri of
clandestine activities
Nupn Hand. A case in point is the
Nugan Hand Bank. whose spectacular
demise four years ago is still
embarrassing the CIA. The rise and
fall of the Sydney-based bank bear a
striking resemblance to the
rollercoaster history of Bishop.
Baldwin.
Continuing investigations by an
irate Australian government indicate
that Nugent Hand was set up with CIA
backing in 1973 to carry out an
assortment of coven tasks and dirty
tricks. One of them seems to have been
helping to topple the Labor
government of Prime Minister Gough
Whitlam. who had irked Washington
with his stand-offish attitude toward
the U.S. Whitlam was sacked late in
1975 after a well-aimed misinforma-
tion campaign had scandalized his
government. The CIA calls the
technique "disinformation.' which is
the lacing of truth with deliberate lies.
Though they're not certain, the
4ean Higher Profits
istrial Park Tenants
have to stop production periodical y to
load pipe and ship it out. There was no
room for storage. Here we can
m anubcture as much pipe as necessary
without unnecessary stoppage. Ample
space to work also means no double
handling of matenaL"
Jorgensen Steel's Mike Durant,
We dun t have to double handle materials.-
5 fa
Since its ineepoort the James Campbell
Estate has set high standards for the
Park's development. It separates light.
general and heavy ithdustry so that an
elecuonha Mrs need not have a steel
processor as its neighbor.
The Park has established specific guide-
lines to preserve the physical beauty of
the area to create a pleasant work rag
environment Tenant participation
is encouraged through an annual
Beautification Awards program
Mtge setbacks and wide streets mean
readily available parking for your
cistomers and employees as well as easy
access for your compacts and the freeway.
6 AVwtlg MU
Si 1?L
Because of the low cost. you can
prepare for expansion by taking more
land than you now need Campbell
Inds nal Park has can times the
acreage d the next largest park and
the only presently-available acreage
.
mud for heavy industry
Available Vacant
Australians now see the CIA's imprint
on what happened to Whitlam and
they suspect that Nugan Hand helped
launder the money that financed his
fall.
typically. the CIA's financial
support of Nugan Hand Bank went
little beyond providing seed money to
get it started and standby funds. none
of which was easily traceable. For
appearance sake as well as for more
practical reasons, agency fronts. called
"propnetorics."are supposed to be not
only self-supporting but highly
profitable. Nugan Hand earned
millions on illicit drug trafficking.
arms deals and running a laundromat
for money used for a variety of shady
purposes Pan of the bank's income
7 ME ARD
MOVL
*(MU GROWTH)
From 19" to 1900. the populations of
Pearl City and Makakilo have more
than doubled Mililani Town's growth
has been ten times ova This illustrates
a definite trend in movement to the
ewes end of the island
Government plans indicate that by the
late 1980's, three out of every five new
families will settle west of tire,
generating a built-in labor force that
would muds rat her drive to Campbell
bsdssuW Park than battle the traffic
to town
Several thousand acres are planned for
residential growth; teat development
such as the West Beads Resort and a
ucondsry urban certaer.
In additicek the deep-draft harbor will
have a mafor uitpact on Hawaii.
Creating new lobs aid enticing new
industry . All the facts indicate due
is the arcs of growth for Oahu.
HOW FAR IS
"TOO FAR' ?
From Atha Tower. Campbell
Industrial Park is only twenty-two
miles and thirty minutes driving time
away during huh hour The sun is at
your balk and you re driving against
the flow of heavy traffic.
Is it too far to drive to save up to 80%
on your lease rent? Is it too far to drive
to have the space you need to work
idBciendy and keep sour overhead
under controls Is it too tar to drive
to work in a well-planted clean
environment?
over 120 of our satisfied tenants don't
think so They're really to meet their
future at CampbeU Industrial Pare Join
us, and you will be, too.
Call the Estate of James Campbell,
536-1961. or your broker, or write
Suite 500.828 Fort Street Mall.
Honolulu. Hawaii 96813
e
CAMPBELL
INDUSTRIAL PARK
went to support the "legitimate" side of
its operations, paying big yields to
unsuspecting investors whose tunds
were co-mingled with other income
and high salaries and expenses to hoth
innocent employees and covert agents
who used the institution's 22-branch
international network as a cover the
rest of the earnings were channeled to
other CIA fronts. contributing to a
vast funding network that is the
backbone of the agency's global
operations
Officially. the size and budget of the
CIA are limited by law and scrutinized
by both the federal Administration and
Congress But for years the agency has
gotten around these restraints through
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
S&Ls
(o,uinued Irani pace I
rates and the resulting upturn in loans
and deposits. it was assumed that
savings institutions' profits had
benefited. though. again, few people
knew how much One of the accom-
pan% ing charts (Table Al illustrates the
reason for the optimism-nearly solid
gains in savings. mortgage loans and
assets for all of Hawaii's eight savings
and loan associations
But another chart (Table Bi paints a
less rosy picture. Its source is
confidential, but reliable ltshowswhat
the S & L's don't commonly report.
their profits and losses Though the
figures are now out-of-date. the most
recent being for the six months ended
last June. they nonetheless indicate
how serious were the losses of the 1981-
82 debacle and how far some
institutions have to go in their climb
back to profitability
Most S A Ls contacted wool
comment on how that struggle is
going. other than to voice optimism
based on their improved deposit and
loan figures. They say that. with greater
stability in interest rates and the
growing acceptance of adjustable
mortgage loans IAMLsl that provide
the lenders with better protection
against future jumps in their money
costs, the profit outlook has
brightened But they wont say how
much.
And they do note that they're
working hard to tram costs and keep
their deposits working by pumping
them out as quickly as possible in the
AML: that all are pushing. That
improves operating margins. the
difference between money costs and
loan income and from those come
profits -Our margins are looking
better now than they have to a long
time." sass one S&L executive. who
like others doesn't like to talk in
specifics when it comes to profits
Mortgage loan volume. all industry
officials say. is the key to their
industry's future. given reasonably
combination of squeezed margins and
plummeting loans that caused the
problems of 1981-82.
Most executives are guardedly
hopeful about the rest of thisvear.even
with interest rates on the climb again.
The reason Borrowers are now
accustomed to higher rates and getting
used to the adjustable loans. That. of
course. assume that the rates don't go
through the roof. And most local
lenders don't think they will. at least
this year.
That's another reason for the all-out
push nowadays to place mortgage
loans. There is little certainty about
what's going to happen to interest rates
after this fall's elections. Nobody.
however. is predicting that they will
come down. And that could spell more
trouble for industry profits. especially
among those associations that are still
recovering from the last slump HI
TABLE A
Hawaii S&Ls Assets and Liabilities
Association
12/31/83
12/31/82
% Caaap
Honolulu Federal
51.167.516.000
51.121.605.000
+4.1
American*
753.073.000
699.864.000
+7.6
First Federal
535.565.000
465.967.000
+14.9
State"
362.729.000
325.870.000
+11.3
International
304.620.000
292.874,000
+4.0
Pioneer Federal
251.887.000
232.592.000
+8.3
Temtortal
225.516,000
185.709.000
+21.4
People's
13,047,000
7.550.000
+72.8
Total
83,613,952,000
83.332.030,000
+8.5
Honolulu Federal
81.267,859.000
81,368.953.000
-7.4
American"
780.158.000
773.853,000
+0.8
First Federal
484,347.000
491.116.000
?1.4
State"
388.951.000
413.250.000
-5.9
International
313.874.000
298,195.000
.5.3
Pioneer Federal
303,277.000
290,989.000
N.2
Territorial
224.075.000
237.860.000
-5.8
People's
7,895.000
4,350.000
?81.5
Total
83,770.436,000
83,878,584.000
-2.8
Honolulu Federal
81.602.497.000
81,651,%7,000
-3.0
Amenan?
932,099,000
929,675,000
40.3
First Federal
624,943.000
610,449.000
?2.4
State"
485,097.000
478,245,000
?1.4
International
397,068.000
387,677,000
?2.4
Pioneer Federal
362,224.000
356,126.000
?1.7
Territorial
299,680.000
285,753,000
?4.9
Peoples
14.103.000
9,344,000
+50.9
Total
.Now 'so opraritint only.
S4.717.71 1.0110
84,709,255,000
40.2
TABLE B
Hawaii S&Ls Net Income (Lou)
Sia-Motwa Period, Ending:
Association
6/30/83
6/38/82
6/30181
Honolulu Federal
$1,168.000
(57.254.0001
842.000
American"
(2.372.000)
(9,356.000)
(6.386.000)
First Federal
1.379.000
(2.650,000)
11.224.0001
State"
(1.994.000)
(4.823.0001
0.500,000)
International
1390.0001
(1.913.000)
1937.0001
Pioneer Federal
(1.805.000)
(1,802.00(j)
(935.0001
Territorial
908,000
(917.000)
(960.000)
People's
101.000
(9.000)
(7.000)
(3.005.000)
(28,724.00(1)
(11.907.000)
Rewald
Continued from page 13
the use of front operations and
contract agents whose existence never
shows up on the official records The
dodge. paid for through and by
hundreds of agency propnetories.
swells the CIA's size far beyond its
legal limits and makes it almost
invulnerable to budgetary squalls in
Washington.
Contract agents. The contract
agents are a key ingredient in this huge
subterranean network. They are a
part-time army of amateurs who join
up for the pay. the excitement, or-an
argument frequently used on U.S.
recruits-the patriotism. Their
assignments may be innocuous or
dangerous. depending on their skills
and the need. and they may wait for
years between jobs or be employed
steadily. The contracts are recruited by
control officers or other agency
professionals who are likely to be.
knowingly. the only regular agents
they ever meet. The less its contract
agents know the better, the CIA
figures.
That and the usually limited amount
of training they are given make the
contracts a calculated risk for the
agency. Though when they are given a
job the agents sign a secrecy pledge.
that doesn't assure their silence As a
result. part-time agents are frequently
recruited from retired military
careerists, especially high-ranking
officers who are accustomed to
handling classified information.
Nupn Hand had several former
militay brass working for it. One was
its president. Earl P. "Buddy" Yates. a
retired Navy admiral and former chief
of staff for strategic planning with C.S.
forces in Asia and the Pacific. Another
was retired Army general Edwin F.
Black. who once commanded U.S.
troops in Thailand and served as
Nugan Hand's representative in
Hawaii. Such former professionals not
only brought experienceand discipline
to their job. but an old-boy network of
contacts that could be useful to the
CIA.
Not too many contract agents.
however, can be star-studded veterans.
The bulk are less seasoned and are
picked for their potential. They have to
prove their mettle before being given
more sensitive assignments.
Frank Nupn was such a person and
so was his partner. Michael Hand.
Nugan was & fast-talking. goodlooking
Australian who moved easily in
Sydney's financial circles when he met
American. was Nupn's antithesis. a
burly, tough-talking ex-Green Beret
who had already done contract work
for the CIA in Southeast Asia. The
pair started an investment counseling
business in Sydney. specializing in
advising former U.S servicemen.
Three years later. though both were
just out of their 20s. they formed
Nugan Hand Bank. which was quickly
to become a major conduit for
transporting CIA funds worldwide
Things went smoothly for Nupn
Hand for several years Attracted by
interest rates that were higher than any
others around. deposits flowed into
the bank by the millions. Fueled by its
successful part in torpedoing the
Whitlam government. the bank's
coven activities also blossomed,
involving it in projects all over the
world.
But in the late '70s Frank Nugan ran
afoul of the Australian authorities He
was accused of cheating shareholders
in his family-owned food business in
Sydney. There was talk of pay-offs
linked to drug trafficking The trouble
didn't seem to bother the easy-going
Nugan, however. except that he
increased to almost daily visits to his
church And he kept on spending
money at a dizzying rate. including
5500.000 to remodel his Sydney
waterfront home And on the day that
he died. Nugan was completing
negotiations to buy a 52.2 million
country estate.
Ignored evidence. Nugan's body was
found early one morning in January.
1980 He was slumped on the front seat
of his Mercedes. parked on a country
road near Sydney. Nugan was shot
through the head. Beside him was a
rifle that was later discovered to be
wiped clean of fingerprints A
coroner's jury ruled the death a
suicide, dismissing police arguments
that because of its angle it would have
been nearly impossible for Nugan to
have fired the fatal wound.
Three months later, the Nugan
Hand Bank collapsed amid a barrage
of official investigations that continue
to t his day. Depositorsand investors in
the bank stand to lose millions as
authorities hit one blank wall after
another in their search for assets. The
CIA has denied any involvement in the
Sydney bank and it and other U.S.
agencies have been cool to the
Australians' requests for help in sifting
the bank's tangled affairs. The one
person who might help them the most,
Nugan's partner Michael Hand.
disappeared shortly after Nupn's
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
Rewald
Continued fries pare l4
death and hasn't been heard from
since.
Though they've been mentioned, the
similarities between Nugan Hand and
Bishop. Baldwin have largely gone
unnoticed since the Honolulu
company's demise The swift dismissal
of a CIA connection by those in
authority. the court gag order and the
silence of the companv's survivors.
contacts were to be used for placing
orders for such sophisticated hardware
as AWACS and L-1011 transport
planes, part of a huge coven arms deal
that Bishop. Baldwin's contract agents
were negotiating with the government
of India.
The transaction was being handled
for Bishop. Baldwin by S. S Pashch. a
well-connected Indian national who.
acting as a company consultant, had
established a New Delhi Office for
BBRD&W in the former Soviet
The similarities between Nugan Hand and
Bishop, Baldwin have largely gone unnoticed.
including most investors. have embassy building His chief contact in
discouraged pursuit of the parallel. So. the talks was Rajiv Gandhi. the only
too. has the departure or submergence surviving minister. and d a top Gandhi. aide of India's
the
of those most directly involved in prime
Bishop. Baldwin's covert activities. big arms sale. which would have
Jack Rardm. the CIA's section chief
in Honolulu during Bishop. Baldwin's
final two years. quietly left his post
soon after the company's collapse An
i
s\ " l r -
err gossip column revealed his o
d
J
t
re.emergence in Florida Ns.t
t
Multiple "-atlrefaents". Jack r r , \
`
Kmdschi. Rardin's predecessor who ,r.? ?i
supposedly left the agency to become a ?'-
1Ss ?.. Stir. I ) i?
the e -
I
n
CIA Cover that was blown.., ~. i. i
f ;
1970s he was an executive with Robert
R Mullen & Co.. a New York j~ r _' I r ry
involved in the Watergate scandal i .I. a - y I ?s. /' , - , =i
When the firm folded. Kindschi , .V f4' _i7l j aEBi
CIA's Honolulu section chief. e4 ; -.Y I / % ,'
%
Sunny R'ong. Bishop. Baldwin 's r .~+. 0 - At _ , a I / I l 1; r- I , -
another BBRDAW consultant whoa~ `~. -?? ; - t? i}?? ?~A-ilpT-{,; iy~t:?.+~,;. /lets ,
played a key part in the firm's Far .01 ?
l ! g
Eastern money laundering activities t o a; a , ,,
Kim is listed by the trustee as owing inc company nearly 5500.000 in a /. - :?
account.
Bishop. Baldwin's contingent of
former military brass was less
developed than Xugan Hand's. but it
was getting there. Retired four-star
general Hunter Harris. once deputy-
commander of the Strategic Air
Command. was a sometimes
BBRD&%% consultant. Concern over
Harris' heavy drinking and
talkativeness caused Rewald to sound
an alarm that cancelle
expedition to Laos i
MIAs led by ex-Gre
James "Bo" Gist:
d a CIA-backed
n search of U.S
en Beret officer
The y scatted about three years
ago orthe personal computer.
And there was dancing.
But there wasp t much talking.
Because as more and more computer
dramatic
eta Bally.
than IBM
And. w
switch. th
Lt. Gen Arnold Braswell. who
,ompanisarrived.
retired in
Pacific co
BBRD&
was -con
September a
mmander. w
W and has
sidering" jo
s the Air Force's
as an investor in
admitted that he
ining the firm at
there were some very
real compatibility
problems.
Until one latecomer
arrived. Sperry.
With a remarkably
associatio
n was mor
e of a certainty
it .5 CU "+"
,.. brae
??? ??~^"?"
than the
had, in
general lets
fact, done
on and that he
some work for
all IBM com patible
software.
it was able to fun all
^rs::,:''""
i`Cx
company
with the
name, private
511% faster than IB>t.
Enough for one night"
Not for the people from
Sperry
For the Sperry PC had
the additional ability to
plug into the real brains
of an organiracion-the
main computer. Whether
that system was IBM or
Spem..
Or both.
The s cry PC. An
admittedly attractive
t
phone numbers and introductions to id ` ~ inta pbm
three former Air Force generals who dmtim
hold key positions at major U.S. Sperry Computer Systems. S--t- 1400. Spem Ruilding.:ltii9 e'a'ten Sheets Honolulu. Hawaii 96719 isms 836-2tit0
aerospace manufacturers. The
generated millions in commissions for
Bishop. Baldwin. was still in the works
when the company folded.
Mpsay.laonelaring. As pan of the
arms deal. Bishop. Baldwin was to
shelter funds for the Gandhi family.
including kickbacks to be paid out of
its commissions. and invest them in the
U.S. This arrangement was one of the
paramount reasons for handling the
transaction under-the-table and
characterizes not only some of the
CIA's money-laundering activities but
its efforts to stockpile marten from
key foreign leaders. The hefty
commissions paid to intermediaries
like Bishop. Baldwin-amounts
usually built into the arms' purchase
price-also provide a convenient way
for suppliers to pay the bribes that aft
Continued on pair 16
f~'t
When you're late for the dance,
youlb better have a very good reason.
t.
a cu
rom
f
d
graphic, an
more cumfortaltle keyboard
's.
ith the flick of a special "turfo"
e Sperry PC could even run
But when you art there late. ynu'd
triter have something important to
bring to the party.
To see how the Sperry PC can work
for you and for your free copy of the
Micro Software Catalogue. write Sperry
Cott' .noon. Computer Systems. Dept.
1W. P.0 &,x 5W. Blue Bell. PA L44_4.
(Jr all t0US47
e 11?f:itil1 --1- Iw,
?SpER2Y
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
Rewald
Comrnurd from page IS
common in some parts of the world.
but taboo for U.S. companies since the
Lockheed scandal of a decade ago
One arms sale that was completed
before Bishop. Baldwin's collapse was
the one to Taiwan on which Ron
Rewald's attorney tried to collect the
S10 million commission That sale.
which involved such deadly gadgets as
infra-red sights for M-l6 noes.
illustrates vet another purpose of the
Cl A's underground arms business the
as oidance of political repercussions. in
this case in the U.S's fragile relations
with mainland China
But all of Bishop. Baldwin's coven
activities weren't to be as lucrative. at
least at first Using its impressmse name
and a growing list of happy investors
as emits. the company made friends
with a number of wealthy CIA-
targeted foreigners whose benefit to
the agents was to be long-range
On the surface. BBRD&N offered
them the same halt it used to lure
legitimate msestom tspicals a 201,
minimum annual return on
investments that. the compass
claimed to some. were guaranteed by
the Federal Deposit Insurance Corp
for up to SI50.(8)0 per account
\obods challenged the claim. which
had limited use. until just before
Bishop. Baldwin closed down The
insurance incentive. which was clearly
lies and the FDIC's scope. was des ised
for certain foreign investors and there
were, in fact, funds set aside for such a
purpose. The FDIC had nothing to do
with Bishop. Baldwin, but the federal
agency had been premed to say that it
did if asked.
When the insurance claim spread
beyond its intended use, the FDIC
cautioned the company in a letter
addressed to its Napa. Calif office.
Napa manager Robert Jinks assured
the agency that the claim was
employee error that wouldn't happen
again and the matter was dropped.
This was last June and the error
that front.
Tapaldial f. Atthetopoftheagencys
target list of rich foreigner was Enrique
Zabel, the Philippine financier who is
reputed to be among the I0 weakhitst ban-
ken in the world. Zabel a a long-time con-
fidante and key backer of President
Ferdinand Marcos and has powerful
political and business tics around the
globe He was thus not only a good
man to know for his clout in the
strategically sensitive Philippines. but.
properly coaxed. Zobel and his super-
affluent friends could have become
As part of the arms deal, Bishop, Baldwin was to
shelter funds for the Gandhi family.
ssmptomired a serious problem that
Bishop. Baldwin was then having in
controlling the growth of its
investment accounts Normal money
market interest rates had fallen well
below the high returns promised on the
company', accounts and the firm's
innocent but hard-charging consultant
were straining the propnetors's cover
bs bringing in more investment clients
than it could comfortably handle The
company was. in fact. then trying to
phase out all investment accounts
except those that were needed for its
mines-laundering activities. And the
CIA was pushing for more action on
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major contributors to the CIA's
underground money machine
One of those friends is the Sultan of
Brunei. the supreme ruler Of a tiny. Oil-
rich country on the northern coast of
Borneo which recently gained its
independence from Britain Since one
of the wars that the CIA pleases its
high-placed allies among the U.S
business and political communities is
by providing them with useful
intelligence. The sultan was reckoned a
good contact to have in keeping tabs
on the oil production plans of OPEC.
of which his country is a member.
The sultan also offered the agency
and its business allies more tangible
attractions. Brunei has a $4.5 billion
investment porwtfolio that before its
independence as managed by the
British. With independence. the purse-
strings passed to the sultan In one of
the biggest banking coups in years.
New York's Morgan Guaranty Bank
and Citibank have replaced London's
bankers as managers of the Brunet
portfolio. a )oh which at the very least
will produce about S30 million a year
in fee income
To Bishop. Baldwin and. in
particular. its silk-smooth chairman
Ron Rewald goes at least part of the
credit for this triumph. It came about
through the sultan's close friendship
with Enrique Zabel. the ties that
! Rewald forged with the Filipino
banker. and the rabid interest all three
showed in the gentlemanly sport of
polo
The polo connection. Polo was, in
fact. in many ways the most successful
of the fronts that Rewald ran for the
CIA in Hawaii He used the sport to
give him and his associates ready
access to the world's elite in an
unguarded atmosphere that they
might never have enjoyed as mere
Pupukea and Waimanalo The
company had agreed to buy the
Pupukea property for $3.5 million on
highly leveraged terms It had an
option to buy the Waimanalo ranch
for $500.000 The arrangements
enabled the company to spend most of
its money on sprucing up the
properties. To add to the
windowdressing. and Rewald's image
as an international sportsman. an
additional $260.000 in company funds
was lavished on a string of 17 polo
ponies and show horses
But there was a method to this
seeming madness. even though
Bishop. Baldwin's trustee chalks it all
up to Rewald's frivolity The gala polo
matches and the showcase ranches. as
well as Rewald's fleet of fancy
sportscars and high-rolling lifestyle.
were really pans of an elaborate
scheme to enhance Bishop. Baldwin's
image of legitimacy. an image that was
further fed by the fact that not more
than a dozen of its 115 worldwide
emplnyees were involved in anything
other than bona-fide investment and
estate management work
In his dual roles as sportsman-
financier, Rewald visited Buenos Aires
during the 1982 Falkland crisis
Outwardly. he was there to discuss
investments and socialize with
Argentine polo enthusiasts But the
real purpose of his trip was to assess
for the CIA the safety of the billions
that U.S banks have loaned to
Argentina. Secondarily. he helped
other CIA agents trace the
sophisticated weaponry that the
Argentines were using against the
British in the Falkland war One of the
trails led to some of Bishop. Baldwtn's
contacts in Taiwan.
But the biggest single target of
Rewald's polo ploy was Philippine
banker Zobel and his global
connections. Zobel provided a window
on the inner workings of the Marcos
regime that was unparalleled and the
CIA had grown concerned about the
dictator's plans. Through intermedi-
aries. Marcos had purchased two
estates in Honolulu's fashionable
Makiki Heights and the agency
wondered if he was planning an early
retirement
That wasn't the limit of Zobel's
usefulness With the CIA's help.
Rewald was scheduled to accompany
President Ronald Reagan on a visit to
the Philippines last fall. Zobel had
arranged for Rewald to meet privately
with Marcos while he was in Manila
But Reagan's trip was cancelled and
Rewald couldn't have gone by then.
anyway He was in jail.
Looming profits. When its roof fell
in. Bishop. Baldwin was about to sell
its interest in the Waimanalo ranch to
Early in 19'2. Rewald paid have given it a respectable 200r'i profit
for the Hawaii Polo Club, a shoestring
g on that investment. The company's
operation that was about to lose the on theta ranch was being groomed to
use of its only tangible facility. a polo sell to Zobel's buddy. the Sultan of
field on Oah north shore.'
hore. But the Brunei Bishop. Baldwin figured to
510,000 was o on nly the down-payment clear about SI million on that deal.
on a succession of related investments Even the Hawaii Polo Club was
that were to exceed 51.3 million. Over slated to turn a profit. Northwestern
the next year or so. Rewald and his Mutual Life Insurance Co. had
company poured nearly 5300.000 into acquired the land under and around
the operations of the Polo Club itself, the Mokuleta field as part of plans to
elevating its Sunday afternoon develop the area into pricey homesites.
matches from sandlot status to lavish A big reason for turning the Polo Club
major-league events into a showcase operation was to
Closely related. about $900.000 was
.nehes at Continued on page 17
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
Rewald
Continued fenrn page 101,
Kong. where the company had picked
up the pieces left by the earlier
explosion of the Nugan Hand Bank.
Hong Kong was one place where the
covert activities of Nugan Hand and
Bishop. Baldwin didn't just run
parallel. but converged. It was
primarily to penetrate this market with
its untold billions in the hands of
nervous investors that Bishop.
Baldwin was devised
In the weeks just before it cloud.
Bishop. Baldwin published a
handsomely bound volume entitled
"Capital Flight from Hong Kong and
How Hawaii Can Benefit." The 300.
page study had been nearly a year in
the making and purportedly had
involved extensive on-the-scene
research by Bishop. Baldwin
consultants. Included were dozens of
interviews with those who control the
Crown Colony's fortunes. all
conducted under Bishop. Baldwin's
familiar-sounding banner and in the
convince Northwestern that it should
use the club as a centerpiece for its
Mokuleia development. Rewald had
worked out a deal with the giant
insurance company to relocate the
Polo Club to posh permanent facilities
near its present makeshift site The
new site would have been deeded over
to the club by Northwestern at no cost,
giving it an asset worth close to SJ
million, Rewald figured
While these negotiations were going
on. Rewald was also using the Polo
Club to cement his ties with fellow.
sportsman Enrique Zobel. Last June.
the pair formed Ayala Hawaii Corp.
for the purpose of engaging in
unspecified land developments. But
Ayala Hawaii. whose ownership was
split 30-50 between Zobel and Rewald.
actually had some very ambitious
objectives.
It's namesake. Manila-based Ayala
Corp., a Zobell vehiciefora wide rangcof
international business ventures. One
of these was to be a big resort
development at Soto Grande. on
Spain's Costa del Sol. Zobel's friend
the Sultan of Brunei was supposed to
have put up $7 million to In the
project rolling and millions more were
to follow. Both the money invested in
Soto Grande and the profits from its
sales to wealthy Europeans-an
expected S20 million or more-were to
be channeled through Ayala Hawaii
Corp., where the proceeds would be
split between Zobel and Bishop.
Baldwin. And if that venture worked
successfully, other profitable
partnerships were to follow.
At about this time. Rewald also
formed two other joint ventures that
had ulterior motives. These were called
Hawaiian-Arabian Investment Co.
and U.S. and United Arab Emirates
Investment Co., both registered in
Hawaii. These were ventures with
Indri Gautama, a wealthy Indonesian.
and Saud Mohammed, a crown prince
of the United Arab Emirates. The
companies were to be involved in
investments ranging from tea
plantations to resorts, but never got far
off the ground.
Hoag Kong.projeet. But potentially
the biggest project of all those that
were nipped in the bud by Bishop.
Baldwin's collapse focused on Hong
The basic premise of the study. as its
title implies. was that the smart money
is leaving Hong Kong by the planeload
in anticipation of its takeover by
China-an event that's technically still
13 years away. when Britain's lase on
most of the colony's real estate is due
to expire. The Bishop, Baldwin report
matter-of-factly accepted that this will
spell the end of Hong Kong as a center
of international investment and went
on to describe how Hawaii can cash in
on the resulting capital exodus The
real purpose of the report. however.
was not to describe an event that was
happening. but to help cause it.
To its chagrin. the CIA has Largely
been unable to penetrate China's
power structure and influence its
strategic decisions. In its drive for
industrialization. China badly needs
foreign exchange and a Hong Kong
under its direct control could give it a
major. established source of such
currency-providing, that is. that the
huge trading center maintains its
prominence in world commerce . If
Hong Kong were to lose that position.
it could force China to make
concessions to the West it might not
otherwise make. Hong Kong is thus
seen by the CIA as a weak link in
China's otherwise impenetrable
armor. If the agency could tugger.
even at this early date. a panic among
the colony's already uneasy investors it
might deny the Asian superpower a
valuable pawn in the Third Kingdom
role its trying to play between the U.S
and the Soviet Union
Typically, most of those consultants
involved in preparing the Bishop.
Baldwin study saw it as a legitimate
undertaking. accepting without
question the data and key contacts
provided them in Hong Kong by years
of CIA spadework One of the
consultants. who like most insists in
anonymity, says that he thought that
the Hong Kong report was aimed
primarily at the Hawaii Legislature
Cnnnnued on page IN
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
?
Liliuokalani Gardens:
Nothing but pleasant surprises
The new Waikiki condo pampers its buyers and their pocketbooks.
Liliuokalani Gardens. one of
Waikiki's newest highnse condo-
miniums. is designed to please its
owner The twin-tower. 392-unit
project. the first major condo built
under the severe mtraints of the
Waikiki Special Design District codes.
does this with a host of amenities that
range from free maid service for initial
occupants to an assortment of cost-
saving features geared to benefit
owners for years to come
The project sits on a 2 75-acre site
fronting on Ala Wit Blvd that is 70'"4
devoted to open space Befitting its
name. the grounds are lushly
landscaped. A tiled drive sweeps in
from one side through wrought-iron
gates. A similarly ornate fence
encircles the entire property. enriching
its elegance and oasis-like atmosphere
Rewald
Continued from page 17
because of the changes in state laws it
recommended to make Hawaii more
attractive to overseas investor.
Indeed, most of the report was devoted
to describing flaws in the state's
business climate and the improve-
ments that it said are needed. But
underlying the criticism was the
implication that if Hawaii didn't get its
act together it would miss its share of
Hong Kong's hemorhaging investment
dollars.
Spark in a tinderbox. Although
Bishop. Baldwin's contribution can't
be proved. Hong Kong definitely
experienced a major economic crisis in
1982-83 that toppled stock and real
estate prices and caused a flight of
But much of Liliuokalani Garden's
ambiance is less obvious It has a very
practical side as well. Like washer-
dryer rooms tucked away on the
ground floors of its 244tory King and
Queen towers where tenants can perform
such menial chores while rclaung in
adjoining loungers A remote control
system tells them when their washing is
finished. Or. a closed-circuit TV
system connected to each unit that
allows occupants to check out the
availability of the projects' two tennis
courts without leaving their
apartments. They can also get a peak
at what's happening at the swimming
pool. which is designed in a nearly
forgotten rectangular configuration to
make it easier for health-minded
swimmers to negotiate their laps.
The project's mixture of studio. one-
seems to have slowed. in part because
of hasty assurances from Peking. the
colony's economy remains shaken and
jittery. a tinderbox that another spark
like the Bishop. Baldwin study could
ignite once again.
Even though the report appeared to
be tailored for Hawaii consumption.
its distribution reveals its true intent.
Of the 800 copies printed. less than half
remained in Hawaii, including about
100 that are now in the hands of the
trustee. Most were distributed
overseas to the financial Isms.
investment houses and other opinion.
shaper.
Since his release from prison. Ron
Rewald has been busily preparing his
defense against the two token theft
charges on which he was jailed and
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Where Yfw i..d I. Knew
and two-bedroom apartments are two-
thirds sold. The studios went first as
have the larger units with the better
views of the Ala Wai and the
mountains beyond. But there are still
choice units left.
The studio units range in price from
$61.000 to 599.000. depending
primarily on location Their site vanes
slightly from 321 to 333 square feet.
There arc a total of 138 studios in the
project.
One-bedroom. one-bath units run
from $125.000 to 5260.00. depending
on both size and location Their area
ranges from 538 to 1.081 square feet.
signaling a variety of configurations
The two-bedroom, two-bath apart-
ments are priced from $260.000 to
$484,000. again depending on size and
location. Their liveable floorspace
wings. Among the many ironies in the
case, Rewald has done his work in the
downtown Honolulu offices of his civil
attorney, Robert Smith. Next door to
Smith is the office of BBRD&W
administrator Tom Hayes. When
runs from 907 to as much as 1.255
square feet for a few 2'h-bath
penthouse models. washer-dryers are
included among the many built-ins in
these models. but not in the other.
The units are leasehold under a 55-
year last from the site owner. the
Liliuokalani Trust. Lease rent is fixed
for the first 10 years and each
succeeding 10 years up to 30. after
which rent is renegotiated Intel lease
rent varies from S50 a month for studio
apartments to $140 monthly for two-
bedroom models. Monthly
maintenance fees run from an average
S85 for studios to $245 for the two-
bedroom units.
There is a good deal about
Liliuokalani Gardens. a project of
veteran Island developers Hasegawa
Komuten (USA). Inc.. that is tailored
to make life easier for owners and their
association future operating and
maintenance costs are projected
carefully. even though no association
has vet been formed. The developer
feels that costs will stay within its
projected budget. If they don't. the
developer picks up the overage
Although zoning restrictions
prohibit transient rentals at the
project. the management as part of its
service will provide an office to handle
unit rentals of a year or more HI
complaint has been quietly dropped.
No trials? And there is speculation
that none of the charges against
Rewald will ever go to trial. On the
theft counts, the prospect of Rewald
facing in an open courtroom his
There is speculation that none of the charges
against Rewald will ever to to trial
Hayes and Rewald meet in in the hall.
they don't speak.
Platoons of FBI and other agents
have been using Haves' office on and
off since August to work on what may
be federal charges against Rewald.
even though an earlier securities fraud
former close associate Jack Kindschi.
the major complainant. might produce
more embarrassment than the CIA
could tolerate.
In fact. everybody seems
embarrased by the Bishop. Baldwin
debacle except the even-tempered
Rewald. Hawaii's news media. after
spotlighting the Hong Kong report
when it first came out quickly
condemned it when the company fell
from grace. Big-league publications
like Time and Money magazines
jumped on the bandwagon and
labelled Rewald a swindler. echoing
the line that the local media had picked
up from interim trustee Hayes and the
coups
But now the anti-Reward chorus ho
grown silent and it may be the
erstwhile financier's turn at bat
Rewald is filing lawsuits against Time
and Monet and against his nemesis
Tom Haves. He has even turned down
an oblique payoff overture from the
CIA that would have given him the
S10 million he asked for last August.
That's not enough, Rewald fsgum. so
repay Bishop. Baldwin's investors and
make up for the other losses suffered.
He has retained famous trial lawyer
Melvin Belli to help him get alot more
in what could be a turnabout that will
make his old company's cash flow look
modest by comparison
What emerges as the most intriguing
Continued on page 21
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Rewald
Continued from page 18
aspect of Bishop. Baldwin 's whole
tangled tale. however. is the
suddenness and completeness of the
company's collapse. It left both
investors and employees bewildered.
'What baptismal to Ron!' One
brand new consultant who reported
for work on August I. the first
workday following Ron Rewald's
attempted suicide, recalls the
confusion of that day. 'Everybody was
guessing what had happened to Ron,"
he says. 'We had a meeting and
nobody even suggested that the
company was in danger The next day,
there was almost nobody in the office
and one of the older consultants
suggested I go home and stay there.-
A lot focuses on what happened to
Ron Rewald. A In Nugan Hand.
Bishop. Baldwin's coven activities
were. as much as possible. shunted to
other CIA proprietories. The handful
of agents involved either followed
them or. like old pro Jack Kindschi,
simply retired.
The other company activities have
either quietly folded up or. as in the
case of the two Oahu ranches, reverted
to former owner. Enrique Zobel is
still interested in buying the
Waimanalo ranch, but now he wants
to get it for SI million instead of $1.5
million. The Hawaii Polo Club isnl
having much of a season this year.
BBRD&W's trustee has given up the
lease on the company's once-spacious
offices in Honolulu's Grosvenor
Center and sold off its furniture and
equipment. A floor-to-ceiling
waterfall that once decorated Rewald's
private office has been donated to
charity. Rewald's former waterfront
residence. which he bought for
3950,000 in 1980 and figured was
worth $2.4 million, is being put up for
sale at an undetermined price. So is his
fleet of sportscars and his stable of
polo and show horses. though the
former have weathered their inactivity
since July far better than the latter.
Worse-off, however, is Bishop.
Baldwin's human debris. The
company's 300-plus investors have
been left empty-handed. Their only
hope for recovering more than a
fraction of their lost millions is in
getting the CIA to own up to some
responsibility for their predicament.
The courts won't allow the investorsto
join in Rewald's suit against the
agency. Ted Fngard. a retired
chiropractor who lost $300.000. is
leading a band of them in a separate
action, through Melvin Belii. So is
Robert Jinks. who is the only former
BBRDLW consultant who openly
claims that he worked for the CIA.
Jenks, a California attorney. virtually
moderated the first segment of a
television series being done by the
British Broadcasting Corp. about
Bishop. Baldwin.
Out of wok. Most of the company's
ex-employees are having a tough time
finding work. Those who have
relocated fat that they're lucky. They
dont talk about their previous
employer, partly because their new
employers dgnt want them to,
Ron Rewald is one of those still
looking for a job. He thought he had
one lured up through Honolulu
Teamsters boss An Rutledge, but that
elaborate cover and thus abandoned
the company and its leader in the
prescribed manner? Did the agency
feel that it couldnt stop or divert state
investigators where it could to easily
manipulate federal probes? Are
proprietory companies and their
agents and victims to expendable that
they are dumped no matter what the
cost at the first hint of trouble Is the
CIA's skin that thick' Is it above the
law'
fell through. The other offers he's had
called for use of his selling skills, but he
says he's no salesman. He's not sure
anybody would buy from him.
anyway. Meantime. Rewald is living
with friends, driving a borrowed car
and mooching quarters to feed the
parking meter. A year ago, he was
making $20,000 a month and
expenses.
Rewald's fortune might change once
again, of course, if he forces the CIA to
relent Rewald has steadfastly refused
to discuss his role with the CIA. as well
as the coven chores performed by his
company. But his recent lawsuit
against the agency and a welter of
records and comments of others that
have gradually surfaced say a great
deal for him. They paint Rewald as a
fall guy in the Nugan Hand tradition.
The big question is. who meant him
to fall'
Whom fall guy? Was it the CIA' Did
it fear that a routine state investigation
would blow Bishop. Baldwin's
Or was somebody else behind
Rewald's downfall and the CIA forced
to react to a situation suddenly sent
out of control by the flood of publicity
attending Rewald's apparent suicide
attempt and his company's spectacular
collapse' Rewald's meteoric rise and
aristocratic lifestyle invited plenty of
critics who were only too happy to
condemn him when the roof fell in
He may also have had some
Continued on page :2
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 Approved For Release 2008/11/06: CIA-RDP90BO137OR001201600014-7
Rewald
Continued from page 21
downright enemies. Rewald kept a
squad of bodyguards on his payroll
and one was never far from him or his
family 'A hen he was in fail. there was &
man who tried repeatedly to see
Rewald. posing first as a minister and
then as a prison guard. He was
reputedly an associateof BoGntz who
had gone on the aborted Laos mission.
Acting on a tip that the man was more
than he pretended. state authorities
intercepted him before he could reach
Rewald and deported him to the
mainland
There is a theory about Rewald's
downfall that could have been lifted
from a Robert Ludlum thriller. It goes
like this It was the Chinese who
fingered Rewald They wanted to
discredit the Hong Kong study and
figured that espoang the man behind
it as a crook would do the trick And
Rewald was an ears mark. He had a lot
of critics who would believe the worst
of him. A push in the nght place would
bring down his house of cards. The
CIA would do nothing to protect him
once his cover was threatened because
that's its policy with contract agents.
In fact. it would help discredit him by
jerking what was left of his cover.
Vanished records. On a wall in
Rewald's former office at Bishop.
Baldwin hung two diplomas from
Marquette University Both were fakes
but up until last July Rewald was
carned on the Milwaukee institution's
alumni roster. After July. the school
told inquiring reporters that it had
neser heard of a Ron Rewald.
Then there was Rewald's
professional football career. Though
that was pan of an earlier cover and
seldom mentioned in Hawaii. Rewald
claimed that he had once played for the
Cleveland Browns. the Kansas City
Chiefs and the Baltimore Colts Media
inquiries last summer produced no
confirmation. though Rewald has
copies of contracts signed with all
three clubs during the mid-1960s
Other probes into Rewald's past
yielded similarly damaging
revelations. A purported high school
chum and football coach. interviewed
records of Bishop. Baldwin's
involvement in over 50 companies and
partnerships have either been lost or
discounted completely, just as have the
records of its two dozen or more
foreign bank accounts.
If the suicide attempt was a perilous fake, was it
the CIA's idea or Rewald's?
by a TV reporter in Milwaukee.
portrayed Rewald as a mediocre
achiever who fantasized a good deal.
Rewald denies knowing either the
coach or the "friend "
The most damaging of all the
revelations, of course, were the
trustee's statements that Bishop.
Baldwin had never made a legitimate
investment and that Rewald had
squandered millions of its funds
without a thing to show for them The
As it claims. the trustee's accounting
is probably accurate as far as it goes It
will likely neser be known what
Biihop. Baldwin's records would have
looked like prior to August 4 Possibly
little different. since large quantities of
cash moved in and out of its global
operating accounts in mysterious
ways And there was no separate
ledger kept for what was legitimate
and what wasn't The CIA doesn't
obverse normal accounting practices
in keeping track of its investments and
their returns
Kew weekend. 4 misters that's esen
more intriguing because it seems more
sohable is what happened to Ron
Rewald on the end-of-Jul weekend
that his hall of mirrors shattered. Was
his supposed suicide attempt pan of
whatever it was that brought him
down. or the cover-up that resulted'
Rewald wonl say. In fact, he says
esen less now about the events of that
Friday and Saturday than hedid at the
time.
A hotel employee on a routine room
check found Rewald lying on the
bathroom floor of Room 1632 of the
Sheraton Waikiki Hotel at 4 p.m on
Saturday. July 30. There was blood
spattered on the floor and fixtures of
the bathroom. The shocked employee.
believing Rewald might be dead.
immediately left the room and
summoned hotel security When
security officers arrived they found
Rewald not only alive but conscious.
his arms held above his head. They
covered him with a blanket and called
for an ambulance and the police From
a driver's license and two credit card,
found in the room. a security officer
identified Rewald. While waiting for
the police and ambulance. the security
men talked to him. Rewald told them
that he washed he was dead. he said
that a teles iston report the night before
about the state investigation of his
company had ruined him.
When the police arnsed. they too
questioned Rewald. After some
prodding, he said that he'd tried to kill
himself. The investigating officer
noted in his report that aside from the
blood in the bathroom and a large
stain and two blood-soaked towels on
the bed. the hotel room appeared to be
in order There was no sign of a
struggle. Rewald's business clothes
were draped neatly over two chairs. his
shoes placed side-by-side under one of
them Next to the license and credit
cards stacked carefully on an adjoining
table were five S20 bills. Rewald's
wnstwatch, wedding band and an
envelope addressed to his wife.
The envelope contained two notes
written on hotel stationery in a barely
legible scrawl. The notes asked for
forgiveness. One said that '1 started
out working for our country" and
Continued on page 23
Employers:
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YOU'RE
BREA]KING
THE LAW1.
Even If you have less than 1S employees in any department
or location, one of them must have a current
(less than three years old) first-aid certificate. If there are
more than 15 employees, two of them must be certified.
This is the State law, spelled out in paragraph 203.2 of.
Hawaii's Occupational Safety and Health Law.
If you do not currently comply with the law,
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 Approved For Release 2008/11/06: CIA-RDP90BO1370R001201600014-7 -
Rewald
Cuntinuej from page 2
The envelope contained two notes
written on hotel stationery in a barely
Legible scrawl. The notes asked for
forgiveness. One said that 'I started
out working for our country" and
concluded "it never dawned on me that
I would be left alone and unprotected."
The only other item found in the
hotel room that didnt belong there
was a cartridge of Gillette Platinum
Plus razor blades lying next to the
bathroom sink. One of the blades was
partially protruding from the cartridge
and was stained with blood.
Doctor's theory. At Queen's
Hospital in Honolulu. Rewald also
told staff doctors that he had tried to
kill himself. He was put in intensive
care and given eight units of packed
red blood cells to replace the estimated
four pints of blood he had lost There
were lacerations on each of Rewald's
wrists and a long gash on the inside of
his left forearm A doctor estimated
that the wounds on the left wrist had
occurred several hours before the
others. He theorized that Rewald had
inflicted the first wounds. wrapped his
arm in towels. lay down on the bed and
lost consciousness He then later
awakened and made the other slashes.
The doctor said that before cuttinf
himself the first time Rewald had
taken about a dozen Tylenol and
codeine tablets. commonly prescribed
for pain relief but not in such quantity.
Although Rewald was kept under
close surveillance in the hospital-
common practice in suicide
attempts-the staff psychiatrists who
attended him reported that from the
beginning Rewald denied any further
suicidal intent. In fact. the patient's
spirits as well as health appeared to
improve rapidly. Though he knew it
would mean his immediate arrest,
Rewald chose to be released from the
hospital rather than being admitted to
its psychiatric ward, an alternative that
was offered him.
On August 4, the same day that a
federal court declared Bishop.
Baldwin bankrupt, the Honolulu
police closed their file on the event at
the Sheraton Hotel and declared
Rewald an attempted suicide.
The only evidence besides that
found in the hotel room that was
described in their report was the
registration card for the room. The
name shown on the card was Ron Imp,
of & Milwaukee address. The room had
been paid for in advance for one night
at the time of check-in on July 29. And
the payment had been in ash, which
required no identification. A police
handwriting expert was asked to
compare the writing on the
registration card with that on the two
notes found in Rewald's room. but he
said that the writing on the card was
insufficient for a comparison. It was
assumed that the 'Ron Imp" who
registered was really Ron Rewald
using his wife's maiden name and the
home address of her parents.
Mg question. What happened in
the Waikiki hotel room in the as much
as 24 hours that Rewald occupied it
holds the nddk of his -attempted
suicide" and perhaps much more.
Did Rewald act alone' The evidence
indicates that he did. If he had been the
intended victim of a professional
killer. even one wishing to make his
work appear like a suicide, the assassin
or assassins would surely have been
more thorough. And there was no sign
of a struggle in the room.
Did Rewald intend to kill himself'
For weeks after his discovery he claim-
ed that he did He said that he was
-crushed" by the seeming personal
attack of the television report
revealing the state investigation of his
company. But such a drastic reaction
to what Rewald also described as is
routine probe seems out of character
for a man who has since then
demonstrated superb self-control.
Unless he was rutting to much more.
Between September 1982. when
Rewald claims he went into semi-
retirement at Bishop. Baldwin. and
last Jul%. there were occasions when
Rewald expressed doubts about his
support from the CIA He worried
about the agency's slowness to block
the IRS's investigation of his personal
taxes And he complained that too
many covert assignments were being
given to his compass. increasing the
risk of exposure. One of Rewald's
"suicide- notes spoke of being "left
alone and unprotected."
Late in 1982. Rewald began to
secretly record conversations between
himself and those whom he felt would
help prove his CIA invovivement. He
also started collecting a private file of
similarly significant correspondence.
This material now forms a key part of
his defense. Some say that the
material, though authentic enough.
resulted from circumstances that were
staged by Rewald to prove his point
and is therefore misleading.
Their implication is that Rewald
played a far less significant part in the
CIA's use of Bishop. Baldwin than he
now maintains In short, they argue
that Rewald used the CIA more than it
used him and his company. A
mainstay of the lawsgits by Rewald
and his investors against the CIA is
that the agency at least knew of
Bishop. Baldwin's purloined
investment accounts and is therefore
responsible for them. Some of these
investors are saying that they knew
about hie agency, so it must have
known about them and what was
happening to their money On proof of
that may hang the investors' case,
Muster winip.lator.One of Bishop.
Baldwin's unsuspecting consultants.
who now says that he doesn't know
what to make of Rewald. describes his
ex-boss as the most disarming person
he ever met -Ron was a master of
manipulation." he says. "He had an
uncanny sense of people's feeling. of
saying the right thing at the right
time."
Was Bishop. Baldwin a CIA front
that got out of control" Was it the
agency. and not some more sinister
force. that brought it down? And what
of Rewald's "attempted suicuide"
Was that the agency's idea, or his' Was
it real. or was it a perilously convincing
ruse' Was Rewald's life-saving
discovery accidental or planned'
Since that late July afternoon.
Rewald has complained bitterly about
the plight of his family. most of whom
now live in Milwaukee He sass that
their abandonment bs the CIA is a
major reason for his lawsuit against
the agency. He says that he counted on
the agency to take care of his family
should anything happen to him. He
had S3 million in life insurance. but
that has lapsed and it's doubtful that it
would have gone to his family anyway
had he died on July 30 because of
Bishop. Baldwin's ensuing
bankruptcy.
Rewald also professes deep concern
about the welfare of Bishop. Baldwin's
former investors and employees.
blames the CIA for Letting them down
too. Who did the letting down is, of
course, what the whole sordid tale on
Bishop, Baldwin is about.
One of the few ex-employees who
did avoid being bruised in Bishop.
Baldwin's fall was a man from Seattle
who had just been hired because of
some very special qualifications On
his re sume. which not many saw, he
described himself as a professional
"intelligence officer" who among
many former jobs had once been the
"senior CIA representative in
Moscow " He listed among his honors
the Career Intelligence Medal, which
had been awarded him bs the Director
of the Central Intelligence in May 1981
for "exceptional achievement " HI
Real Estate Briefs
Continued from page /9
Kukalau Ranch
Two Montana ranching families
hose purchased the 12.900-acre
Kukaiau Ranch on the But Island from
Theo H Davies k o for an
undisclosed price The husers are Mr
and Mrs Ailhur J Hensler tit Helena
and Mr and %Irs (also, 1 Chn.uan.
of Polson. Montana
TheoDavies had owned the
Hamakua Coast ranch for 70 sears
during which time it once covered
35.000 acres and. as one of the world's
largest ranches speciali,inp in raising
Hereford cattle. with up to 11.000
head
The new owners said they intend to
continue the operation of Kukaiau as a
working cattle ranch Included in their
purchase was the ranch's current herd
of 4.000 Herefords. to which the
owners have already added 35
Charolais bulls and 20 cows to being
expansion of the herd HI
Maui Business Park
? 43 Lo.sehold Lots 10,000 sq. M. - 64,000 sq. R
? Retail, OMko, Commercial, & Light Industrial
? Central Kahului location on busy wake. Avenue
? Now available
DON'T MISS ANOTHER ISSUEII
Plea a .nt.e any ss*.pigitl.w to Hanou /ntr .fat/. NM me tls next
12 tlfaewYsly Howe at tA. NOW LOW RATE of 819 Hawaii And Main
land U.a..nlly. Canada /.r.Ign rat. $20 /.t row. For AinnaiI
S.rtrl.., add $10. Y.S. fade only, p.a...) Norio Mew e t a
wooke for d.w