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Tiki Central Forums General Tiki Here's Where the Kahiki Rebuild Money Went
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Here's Where the Kahiki Rebuild Money Went
TikiHula
Tiki Socialite

Joined: Apr 09, 2002
Posts: 754
From: SacTown
Posted: 2004-05-18 4:13 pm   Permalink

As we all know, Michael Tsao decided not to rebuild the Kahiki restaurant. Looks like all the money to rebuild it was dumped into a new factory for the frozen food business instead....bummer

http://news.corporate.findlaw.com/prnewswire/20040504/04may2004180806.html
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"But why is the rum gone?!" -Capn. Jack Sparrow


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johntiki
Tiki Socialite

Joined: Mar 31, 2002
Posts: 1528
From: MD
Posted: 2004-05-18 5:17 pm   Permalink

You know, the fact that the Kahiki is gone and will never be rebuilt is extremely sad! Never seeing the Kahiki is one of my life's great regrets............so why the hell haven't I found any of Kahiki Foods products in any supermarket in my area? If they want to make some money to finance their new production facility why don't they just sell off the sacred pieces of the Kahiki? It troubles me to think of those artifacts, that I've only read about and seen in print, wasting away in some dusty warehouse!
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Tikiwahine
Tiki Socialite

Joined: Apr 09, 2003
Posts: 3293
From: Victoria, BC
Posted: 2004-05-18 5:25 pm   Permalink

johntiki,
When I was visiting Maryland I saw their products at a grocery store in Gaithersburg! Not that that helps much. But I did see them! There is also a great Trader Joe's there.(great to me because we don't have them in Canada) Good luck with your hunt!
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dogbytes
Tiki Socialite

Joined: Mar 24, 2002
Posts: 2244
From: seattle, wa
Posted: 2004-05-18 6:09 pm   Permalink

we saw some Kahiki brand foods at Costco in Seattle. guess i might have bought some, if it werent in such mass quantities and if there were a tiki on the box.. but alas..

 
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christiki295
Tiki Socialite

Joined: Apr 09, 2003
Posts: 3836
From: LA-2547 mls east Hawaii &5500 Easter Is
Posted: 2004-05-18 7:08 pm   Permalink

I do not understand why two can not be operated simultaneously. If he wants to make frozen foods, I would think he could hire someone else to mix the MaiTais.

I also would have thought that there could bew no better advertisement than an on-going tiki mecca.


 
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bigbrotiki
Tiki Socialite

Joined: Mar 25, 2002
Posts: 11589
From: Tiki Island, above the Silverlake
Posted: 2004-05-19 12:13 am   Permalink

As far as I know Michael Tsao had been a manager at Trader Vic's for 10 years before he got hired to manage the Kahiki, and then finally took it over. All together he probably had been in the restaurant business for over 30 years when Walgreens came with that "offer he couldn't refuse".
I believe he is just burned out on the restaurant business, and he sees more financial security and less hassle in manufacturing food products. He had his fun, and wants to retire with a nice chunk of dow.

I am not condoning the sale and loss of the Kahiki, just pragmatically looking at the realities. That's the way the cooky crumbles, folks.


 
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Swanky
Tiki Socialite

Joined: Apr 03, 2002
Posts: 5276
From: Hapa Haole Hideaway, TN
Posted: 2004-05-19 08:20 am   Permalink

You know what's scary about this? When Bigbro was in Atlanta, a tiki friend brought an old Tiki News by and there it was in black and white saying there is no need to worry about the Kahiki ever closing because business is so good. This makes things extra scary to me because I could say the same thing about the Mai Kai. Yet, when I realy think about it, the Mai Kai could be gone some day too. Sure, they serve 1200 a night regularly. They are one of the highest grossing restaurants in the nation regularly. But... Honestly, it is run by the family. They do it well. But I have seen great things like this get ruined when someone dies. What was a proud family tradition becomes "business" or there may come internal struggles. Who knows? What's there now is absolutely the greatest, and successful, but it really could all change any time. That property alone is likely so valuable that having a restaurant there, no matter how popular, could make it easier to retire and sell than go through the hassle.

So, love your tiki bars while you can!
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tikibars
Tiki Socialite

Joined: Apr 11, 2002
Posts: 2026
From: Aku Hall, Chicago
Posted: 2004-05-19 09:40 am   Permalink

Swanky's got a good point here.

This is the reason that House of Tiki in Chicago closed (not that it was evn REMOTELY CLOSE to a Mai Kai or Kahiki-level establishment). Old man Ciral retired, and not one of his four offspring wanted the bar. So that was that.

Also re: Sven's Kahiki comments, what he says is 100% correct, and I have also been lead to understand that the descision to sell was also influenced by the fact that there was structural damage to the building that would have required more $$$ than was practical or possible to repair.


 
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mrsmiley
Tiki Socialite

Joined: Apr 03, 2002
Posts: 3187
From: Las Vegas, NV
Posted: 2004-05-19 12:48 pm   Permalink

Quote:

On 2004-05-19 08:20, Swanky wrote:


So, love your tiki bars while you can!



I'll drink to that!!!!
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TRADER VIC'S, Vintage, Vegas & more on EBAY 1957SPUTNIK
http://shop.ebay.com/1957sputnik/m.html
If you like it, it is ZAZZ! If you don't it is RAZZ!


 
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mattfink
Tiki Socialite

Joined: May 05, 2003
Posts: 579
From: Detroit
Posted: 2004-05-19 1:08 pm   Permalink

Darn that man for tearing it down!

[ This Message was edited by: Mattfink on 2004-05-19 13:45 ]


 
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Tiki Chris
Tiki Socialite

Joined: Mar 24, 2002
Posts: 1542
From: London
Posted: 2004-05-19 1:14 pm   Permalink

i think kahiki might be a publicly traded "penny stock". we could always invest as a group, become major shareholders & INSIST the company do things (like open another restaurant) more to our liking:

http://finance.yahoo.com/q?s=KSCI.PK

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martiki
Official Mixologist

Joined: Mar 29, 2002
Posts: 3059
From: http://www.smugglerscovesf.com
Posted: 2004-05-19 2:10 pm   Permalink

Holy shit, Chris- that's a brilliant idea. Wouldn't that be great? Any way to find out how many shares it would take to become majority shareholders?

 
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thejab
Grand Member (first year)  

Joined: Mar 25, 2002
Posts: 2987
From: Tradewinds Apartments, Alameda, CA
Posted: 2004-05-19 5:59 pm   Permalink

There was the option of refusing Walgreen's offer, and looking for a buyer that would have continued to run the restaurant.

The repairs may have been paid for with a low or no-interest loan from the government as that is one of the few perks of being listed on the Nat'l. Register of Historic Places.

There were other ways out (and into the frozen food business) for Mr. Tsao besides cashing in with the Kahiki's destruction.


 
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freddiefreelance
Tiki Socialite

Joined: Feb 15, 2003
Posts: 3006
From: San Diego, Ca.
Posted: 2004-05-19 10:11 pm   Permalink

Quote:

On 2004-05-19 17:59, thejab wrote:
There was the option of refusing Walgreen's offer, and looking for a buyer that would have continued to run the restaurant.

The repairs may have been paid for with a low or no-interest loan from the government as that is one of the few perks of being listed on the Nat'l. Register of Historic Places.

There were other ways out (and into the frozen food business) for Mr. Tsao besides cashing in with the Kahiki's destruction.



But he couldn't keep the Kahiki name & the goodwill the restaurant had built up over the years. He had to take the restaurant down while it was still popular to do that. Mr. Tsao promised he was reopening to keep that goodwill: 'I have almost 100 people that rely on me for their livelihood. . . I want to make sure that Kahiki lasts another 40 years. That is why we are moving,' explained Michael when asked if he would reopen." (from
http://www.tikinews.com/kahiki.html) I only hope that Mr. Tsao keeps that promise, even if the plans for a chain of Kahikis falls through.
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Tiki Chris
Tiki Socialite

Joined: Mar 24, 2002
Posts: 1542
From: London
Posted: 2004-05-20 11:03 am   Permalink

Quote:

On 2004-05-19 14:10, martiki wrote:
Holy shit, Chris- that's a brilliant idea. Wouldn't that be great? Any way to find out how many shares it would take to become majority shareholders?



i called the company requesting an investor package.

i'm not sure yet, but it looks like light volume (1000 shares availabe?). thus, it might be impossible to really be a majority or even a noticeable minority. but there still may be possibility to hold sway.

i'll do some more research (fool.com, etc.) & if there's anything worth sharing, i will.


[ This Message was edited by: Tiki Chris on 2004-05-20 11:08 ]


 
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