deep value, The discount to intrysic value for Alex has almost evaporated given the significant rally in the sp. The co. continues to re-cycle commercial RE at a frantic pace to make reported earnings appear better than they are. They have not taken the write downs which are required on their Hawaii dev. activities. They have sold zero in Hawaii residential in 12 months and are unlikely to unless they reduce prices a lot. The shipping business is improving the rest of their business is clearly not. There exists some great opportunities in Maui right now but to take advantage of them the dividend will have to be sacrificed.