This will be a litigation between Toks, Inc./Ade Ogunjobi (Plaintiffs) and Start Bulletin of Honolulu (Defendant) regarding an article in Star Bulletin written by Kristen Consillio on March 15, 2007 (article is attached below at the end of this "Litigation" page) to establish the sale of Hyatt Regency Waikiki to Hyatt Corporation and Mr. Ade O. Ogunjobi’s participation on behalf of TC Company and Toks, Inc. when $9,000,000,000 in stock was offered to creditors of Azabu Buildings, the entity that owed over $5,000,000,000 and ended up filing for bankruptcy in return for ownership of Hyatt Regency Waikiki--which is designed to use the property to get a loan of $100 milliion to $200 million to start the process of Toks,Inc.'s transaction.

The article maliciously portrayed Toks, Inc. and Mr. Ade O. Ogunjobi of selling unregistered securities because of the law suit SEC brought against Toks, Inc. and Mr. Ade Ogunjobi accussing Toks, Inc. and Ade O. Ogunjobi of committing securities fraud without “victims” and criminal indictments--- when the author was establishing the winner of the bid which happens to be Hyatt Corporation, the very entity majority of the bidders opposed to buy Hyatt Regency Waikiki until Mr. Ade O. Ogunjobi surfaced to participate in the second round of bidding because the first bidding was rejected due to enormous opposition. For the record Mr. Ade O. Ogunjobi was in courtroom that day and all the so-called attorneys that supposedly represent their clients' interest were actually opposing me. Their reason: We couldn't post the $25,000,000 required to particiapte in a bid. Toks, Inc. and TC Company established through filings with the court when an investment letter document was prepared to issue the $9,000,000,000 in stock through the exempt that there would be no need to post $25,000,000 because this is about closing. $25,000,000 deposit can be applied to parties with no true agenda to buy, other than to participate in the bidding. One just wonder that people would go any length to protect the "status-quo." That's their problem.

A response was initiated “effective immediately” via e-mail to the author, Kristen Constillio that the article was false and Toks, Inc. and Mr. Ade O. Ogunjobi were victims of "racism" and "bigotry" in hands of a federal judge and division of enforcement of SEC and it was immediately established that a litigation will ensue against Star Bulletin. Kristin Constillio was reminded that if anyone must be accused of fraud is the very management team of Azabu Buildings that received $5,000,000,000 ($5 billion) and ended up filing for bankruptcy. Kristen Constillio was reminded Toks,Inc. and Mr. Ade O. Ogunjobi have never received any money from any investors, period, let alone to commit fraud. This self-delusion is very common about Toks, Inc. and Ade O. Ogunjobi. Is like each person with ties to the establishment is quick to portray Toks, Inc. and Ade O. Ogunjobi as “criminal” without any arrest record, criminal indictments, trial, incerceration, actual fraud, conviction, victims on record, civil actions against Toks, Inc. and Ade O. Ogunjobi from various victims, etc. None of these elements were present when this article was written. Kristen Constillio was even reminded why she left out the address of the Web site at the same time writing about selling unregistered securities over the internet. In the court we will dsiplay the "obvious."

The purpose of this litigation is to expose everything that went behind closed doors with SEC starting from the very day of registration statement was filed with SEC, the stop-order by SEC, the civil action, the response to civil action and the injunction by a partial judge, a “racist” and a “bigot.” This lawsuit will also expose the very reason why Star Bulletin wrote this article. That very reason will come out at the end of the questioning inside the deposition.

Registration Statement

The division of enforcement stated that Toks, Inc. and Mr. Ade O. Ogunjobi are committing securities fraud through the sale of unregistered securities over the internet. But the registration statement filed with SEC (see http://www.sec.gov/ for Toks, Inc.’s filing) became an “obsession” for division of enforcement at SEC from the beginning. They never allowed the completion of the registration statements and never allowed full addressed of the registration statement. There was a time when SEC complained that the registration statement must be written in “plain” English which we responded that in America, no investors is obligated or forced to make investments or buy into securities they don’t understand. Plain English is “subjective” because what one can call “plain” English might not be so and what one may call not “plain” English might be “plain” English to another. And the requirement is so “unconstitutional” it makes one wonders who is in charge at SEC. The litigation wil use this filing as an indication of an entrepreneur's dream--and the start of establishing that there aws never any iota of intent to commit fraud. If anyone that is committing fraud is the division of enforcment of SEC.

Stop Order

Stop order was initiated in the middle of the registration statements to stop the securities from being “effective” for sale to the public due to the a rule in securities laws that when registration statement is filed, within 20 days such securities become "effective" for sale to the public. The review by SEC is actualy called "post-effcetive" that will allow SEC to declare such securities for sale to the public--and that's not an "iron-clad" because SEC's role is to make suer all information are disclosed fully. But one can actually aargue how would SEC know what has been fully disclosed? Many times investoprs have lost money on thevery securities SEC declared for sale. So, the very people quick to accuse an entrepreenur of "fraud" are not so perfect themselves. SEC has no "perfect" record. Period. Please note that a securities attorney was on record that stop-order process was abandoned 25 years ago by SEC. So one can actually agree that it make sens for SEC to abandon it because mere refusing to declare the securities "effective" until certian elements are resolved wil be enoiugh. The irony of the stop-order was we first responded and abandoned to take part in the “circus.” We were not sophisticated enough back then to request “dismissal” of the stop-order because of the 425 Notices filed October 8, 2001 before the stop-order was filed established that the founder, Mr. Ade O. Ogunjobi would be in possession of the 20 Class A common shares filed for registration. A reminder that the registration statement was filed under “self-underwriting” with “best efforts” which is legal and accepted under securities laws. There was never a time when it was claimed otherwise because it was clear inside the registration statement that it would be “self-underwriting” and behind the registration statement standards needed to buy the shares were established—which includes officers of the very company filing the registration statements. So, if 425 Notices established that the founder would be in possession of the 20 shares, then the issue is closed regarding the stop-order because no entity is obligated to sell shares to investors, period. This will reflect in our litigation the "egregious" act of division of enforcement at SEC. Reminder, we are not suing SEC, we are suing Star Bulletin to make an "example." Forget SEC.

425 Notices

When the 425 Notices were filed, it was met with the very reason why the registration statement was filed which is to establish the Class A common shares priced at $5,000 per share with an agenda to make it “heavy premium” for issue to conduct acquisition in stock. The purpose of the registration statement is to have this very “currency” as in Class A common stock. The Company is consistent with its agenda till today. The complaint is all about consistencies.

Tender Offer Violation

The SEC administrative judge established that we violated tender offer rules because we had no money before we announced the tender offer in the 425 Notices. But we never claimed we had any money and gaining access to capital markets like all other entities or entrepreneurs to finance the tender offer through registration statement filing was the agenda. Al the deals closed are not financed by money from one's pocket. Bank of America was approached before the 425 Notices was filed and the name of the banker at Bank of America can still be found inside the 425 Notices. Also this is an opportunity to establish that Tender Offer violation is reserved for the real violators that possess stocks to trade. This violation was applied wrongly and falsely because when the stock patrol conducted its own research, Toks, Inc. nor Mr. Ade O. Ogunjobi never owned any publicly traded stock or even know anyone that owns these stocks of entities announced for acquisition. If SEC division of enforcement and the administrative judge were aware of that, then why applied violation of tender offer rule in the order. No one came forward to accuse the Company or any officer of tipping them off filing such Notices. If that being the case, criminal indictment would have been filed by DOJ because it’s a federal offense dealing with securities laws violations. So, people crying foul must be “self-deluded” to see someone “hanged” just like the days of lynching when folks used to be hanged without evidence. Another issue will address with the court is these are publicly traded entities and all information about them "directly" and "indirectly" disclosed must be accepted as long as such information is not used to manipulate. If Bank of America provides the capital or bonds were issued, there would be no need to apply the tender offer rule violation wrongly.

SEC filed a civil action seeking permanent injunction against Toks, Inc. and Mr. Ade O. Ogunjobi (a big joke and travesty—as if in America a court actually has the authority to bar someone from making a living without criminal background or "pattern of recidivism") accusing both of securities fraud and intent to commit fraud. This action was based on the prospectus posted on this very Web site http://www.tspnotes.com/ to raise $50,000,000,000 through promissory notes of a 9 month period which under the law is not required for registration. SEC division of enforcement turned around and said such law does not apply to us—even if the law says it does. The prospectus in question had typical legends declaring such document has never been passed for its “accuracy” and the document established the risks. Talk about “accuracy” some guys in Hawaii just duped a guy for $100 million filing “false” registration statement with SEC which SEC accepted (it looks like the division of enforcement at SEC must be sleeping on job). Refco filed its IPO that was declared and investors lost money overnight. “Accuracy?” Depending who is filing. The court will be aware of the ongoing "efforts" on behalf ofthe "big boys" from divison of enforcement at SEC to undermine this transaction. It wil be noted that Steven Cutler, the senior attorney that signed on this civil action is now back in "private practice" in order to demand "payback" from the "big boys" for "job well done."

A response to the civil action by SEC against Toks, Inc. and Mr. Ade O. Ogunjobi was implemented through a motion seeking Change of Venue. Change of Venue motion requires an Affidavit and such document wants the defendant to spell out their activities in the next court. Also it wants “financial hardship” to be established before the defendant can be granted such change. We displayed the financial hardship since division of enforcement at SEC is so obsessed in stopping this (which is another joke—division of enforcement at SEC has no authority to tell shareholders what they can do with their shares or not) and our activities focused on request for jury trial, countersuit against SEC for defamation of character, etc. We tried to give SEC all the reason to display to the public we were engaging in securities fraud. SEC division of enforcement responded that it was against it. Why would SEC division of enforcement that filed this action refused to go full length? We gave them a chance to showcase the real fraud—they declined because the judge Paul L. Friedman (he just ruled in favor of Whole Foods acquisition which we supported because FTC really is power hungry here. This is America people can go someone else to buy food if the price in one store is just too high for them—for a government agency to use that as an excuse is why America will always try its best to remind people that this is still America—period), the partial judge, “SEC JUDGE” a racist and bigot is in their corner. The judge sided with SEC. The purpose of bringing this to court is Judge Paul Friedman deserves no respect whatsoever, period. Because any judge that labelled someone a "crook" without evidence, facts, criminal indictments, is nothing short of being a racist and a bigot. We must not engage in a "cover-up" here. Call a spade a spade. That simple. America has come a long way, turning the clock back to accommodate a racist and a bigot sitting on a federal bench is "scary."

The injunction was handed down after we requested the judge to dismiss the case without prejudice meaning it could be filed if evidence of fraud actually surfaced. Or victims approached SEC. The injunction was issued, but interestlingly the judge outlined that we were committimg fraud. That our purpose to raise capital to finance the deal is all about fraud. One wonders the true maening of “fraud” when one stated what it was going to do with the money raised. If such agneda is not carried out, then fraud is engaged. Most attorneys and individualas have tried to portray Toks, Inc. and Mr. Ade O. Ogunjobi as being barred froim securities. They purposely omitted the injunction stating that we Toks, Inc. must file papers with SEC for any activities we tried to engage in, as if we didn’t already know this. The judge says the 9-month promissory note wasn't applied. A letter of "cease or desist" would have been enough. 9 month promissory note also called “commercial paper” is allowed under the law not to be filed. Again, division of enforcement at SEC is saying we don’t have the right to raise capital while everyday people are raisng money without any forms of registration statements being filed. If divison of enforcement at SEC allow us to complete the registration statement, they don't have to worry about fraud, whjich they know wsa "false." At this stage we are no observing this injunction because both SEC division of enforcement and Judge Paul L. Friedman engaged in “witch hunt” and racism and bigotry. One must be cleared that the bigots and racists here are the very SEC attorneys at division of enforcement that must be acknowledged. Sometimes, the Commission at SEC never engaged in some cases. There was a time when an SEC commissioner lamented how division of enforcement engaged in activities the Commission never sanctioned. The Commision has overturned SEC administrative order numerous times. So, we must be very careful when “SEC” is used because the division of enforcement is the division that catered "racism" and displayed bigotry with the help of a partial judge, a racist and a bigot by his own standard. This argument wilL be elaborated to the court that "fighting" back is the "key" here. Not necessarily about following the rules and regulations because SEC division and enforcement never cared about Toks,Inc. observing the rules. Their position is our way or the highway. Not so fast, it's the rules here we are dealing with. We must be allowed to engage in the rules without interference.

The very reason why an appeal wasn't pursued against this "un-American" justice from the hands of Paul Friedman was the very reason why SEC division of enforcement entertained this "egregious" act disguised as "justice" is lack of money from the founder. Even though the regret is eminent that an appeal wasn't pursued, that doesn't support the fact that securities fraud was ever, ever committed by Toks, Inc. or Mr. Ade O. Ogunjobi for that matter. This wil be elaborated inside the complaint and to the jury.

We sent a letter to SEC division of enforcement seeking names of all “victims” that were defrauded since the judge ordered all ill-gotten money must be disgorged. This is the reason why Judge Paul L. Friedman was called a "racist" and a "bigot" because he never conducted his own due diligence and research about “victims” on record or any criminal indictment against Toks, Inc. and Ade O. Ogunjobi. He just issued an order mandating us to cough up money to fake “victims.” Why should anyone respect that type of judge? U.S. taxpayers financing racism and bigotry. It boggles the mind. The attitude here is we don't care if there are no "victims." Our agenda is to destroy you. We never received any response to the request for list of "victims"---not even disgraced Dan Rather, former CBS Evening News anchor could conjure up such list of "victims." Also the division of enforcement at SEC never conducted a press release seeking any “victims” to come forward as we requested. They accused us of securities fraud, then they should be able to back it up. Their arrogance is nothing applied to Toks, Inc. and Mr. Ade O. Ogunjobi, no wonder people starve to death in our society because one idiot thinks "others" don't deserve to “eat.” It’s the same mentality. Well, this fight is not over yet. The court must be aware of this.

Option To Seek Advice from Counsels Regarding Filing Complaint Against Judge Paul L. Friedman through Judial Commission

Toks, Inc. and Mr. Ade O. Ogunjobi on behalf of Toks, Inc., Ade O. Ogunjobi, U.S. Taxpayers, Shareholders, etc will seek to advice to file any formal complaint through the Judiciary Commission regarding Judge Paul L. Friedman's "reckless" judicial obligation to issue an order as in "Injunction" full of "false" and "misrepresentation" that can be characterized as "racist" and "bigotry." Our document which is the very prospectus of TSPNOTES will be the evidence and supported by the response to the civil action; and Mr. Ade Ogunjobi's own "efforts" to observe securities laws at all cost--starting with days of calls to SEC regional office to request SEC booklet and the very day the registration statement was filed which had its own process. The Judiucial Commission will see this evidence as a man, an entrepreneur making "effort" not what Paul Friedman and division of SEC tried to portray through their own "fantasy" normally termed "self-delusion." America has sent a clear message to a great deal of public officials in the past and till present that no one is "above" the law and "below" the law. Paul Friedman is not "above" the law and Ade Ogunjobi is not "below" the law. This fight is not over.

Bayou case is about an hedge fund that went bust. The founder of the hedge fund raised almost half a billion and lost everything—except $110,000,000 that was seized by Arizona authorities. Toks, Inc. and Ade O. Ogunjobi engaged to gain access to the $101 million through an intervention to issue 40,000,000 shares in return to use the $101 million to start the process to close the very deal of Toks, Inc. and make amendments. An attorney was retained who agreed to draft the motion and appear in court fdor the hearing. And the next thing the attorney decided to “play” games starting by maing reference to the injunction that it would preclude Toks, Inc. and Ade O. Ogunjobi from working with Bayou case (again in America—we will see) to reimburse the investors that are now “victims.” Most of the victims were contacted and their attorneys were contacted. The attorney we retained was contacted and advised not to represent us. No doubt. We canot prove it, but divison of SEChas something to do with it with their own "self-delusion" working to stop the deal on behalf of the "big boys." This attorney will be subpoena to give his take why he turned hostile. Majority of the victims through their attorneys did not respond, nor go on record to decline. Some of the victims' attorneys were hostile. They had their lawsuits pending against the consultant that referred them to the hedge fund. Update is the lawsuits were dismissed--so the victims that had the chance to walk away with $10 billion in stock are now forced to share $101 million in cash disbursement. Whole new meaning to when one tries to protect the establishment, one ends up becoming the victim of that very establishment especiallyt if it's "ugly." Maybe division of enforcement at SEC can reimburse them (what the hell do we know?).

Cameron Holmes’s office at Arizona Attorney General’s office was even contacted. Cameron Holmes took it upon himself to play “hero” after investors have been defrauded (talk about self-delusion an "chutzpa") by Bayou. To call Cameron Holmes a "racist" and a "bigot" is an understatement. An attorney in charge of financial fraud who has no proof or solid evidence against Toks,Inc. and Mr. Ade O. Ogunjobi, no criminal indictments--decided to protect people. Yeah, protecting the "big boys" he might end up working for to continue the "ugliness." Cameron Holmes wrote a piece about Toks Inc. and Ade O. Ogunjobi, again as usual, must like his colleagues (racists and bigots) at division of enforcement at SEC that people must beware. Beware? We contacted Cameron Holmes’s office to inform them about such agenda to work with Bayou investors. How could someone who wants to engage in fraud will be caling DOJ, Arizona authorities, retaining attorney to file papers, write letters to the judge in charge of the Bayou case, etc to inform them about intervention. Even the judge was sent a letters which was established to all parties involved---including Cameron Holmes. Honestly, anyone who doesn't think racism and bigotry is well and alive in America is crazy. We will present this "Motion For Intervention” as another evidence that Toks, Inc. and Mr. Ade O. Ogunjobi never engaged in any form of fraud, but mere exercising their constituitional right to raise capital to close a legitimate transaction. The establishment may think is not legitimate, that’s their problem. Just like racits and bigots thought that “slavery” must remain legal. Or the supporters of "apartheid” want to continue legal segregation—which results in denying others based on their color of the skin to benefit from social programs like education, opportunities, employment, etc in their own country. Is the same ugly elements Paul Friedman, Cameron Holmes, SEC division of enforcement have engaged in and will continue to do so, until the day comes to resolve this once and for all inside the courtroom for a jury to hear.

Advisory Statements To Shareholders and Investors To Seek Information From SEC Regarding "Victims"

The shareholders of all publicly traded entities on record to be acquired through "List of All Entities" page on this Web site and the investors that will be participating in various corporate "equity" and "debt" securities underwriting of Toks, Inc., TC Company, Aurelia Stephen Banc Corp, Aurelia Stephen Securities, etc are hereby advised to contact SEC division of enforcement and request all the evidence pointing to Toks, Inc. and Mr. Ade O. Ogunjobi engaing in securities fraud or any types of fraud whatsoever that led to division of enforcement at SEC to file civil action accusing Toks, Inc. and Ade O. Ogunjobi of securities fraud--and seeking "disgorgement" of all money raised (for the record Mr. Ade O. Ogunjobi reminded SEC division of enforcement via writing that if any money actually was raised that money would have been used to wage the biggest fight of all--because no government agency has authority to deny any entity or individuals to raise capital to conduct legitimate business) from investors.

The shareholders and investors are hereby advised that Mr. Ade O. Ogunjobi carries zero risk in terms of Toks, Inc.'s operation due TO incoming new management that will handled such operation. The shareholders and investors must even realized that any appearance of fraud being committed against Toks, Inc. by Mr. Ade O. Ogunjobi is nil, zero, zilch--due to Mr. Ade O. Ogunjobi as a shareholder. Meaning Mr. Ade O. Ogunjobi owns shares in Toks, Inc. and he is entitled to any form of liquidity of those shares from time to time. So there's no need to worry about such individual committing fraud.

The shareholders and investors are hereby advised that the spinoff of the banks to form the largest bank in the world will be run by managemnet and the board of directors are who is who in corporate world to oversee many decisions. Even though Mr. Ade O. Ogunjobi will be the leader through the holding company, there are enough people to maintain integrity. We are not even begin to talk about the public that will be following this "new" World Bank in a private sector.

This advise to shareholders and investors is designed to put to rest who is actually committing fraud here against the shareholders that are entitled to maximize thier investment; the investors that are being systematically denied to gain access to a legitimate transaction under "capitalism" because this is a reminder that "capitalism" is accessible to everyone as opposed to the few that want to control such access. Shareholders and investors must realize one thing here, Bayou investors were denied the opportunity to get their investment maximized through the "ugliness" of the very attorneys hired to recoup their investments; same fate was suffered by the creditors of Azabu Buildings because their attorneys supported the very Hyatt Corpporation the minute they learned about Toks, Inc./TC Company particpation in the bidding to protect the establishment. This time, this very ugly "fate" wil be avoided. Shareholders and investors will be allowed to make decision, not the "establishment." Oh, guess who is one of the creditors owed the $5,000,000,000? The one and only Merrill Lynch is a creditor of Azabu Buildings. We can't wait to tell the shareholders of Merrill Lynch where their money is going.

The shareholders and investors must realize that when one flunks the test, one cannot be accused of "cheating." Which is the case here because "they" (SEC) are saying flunking the test amounts to the same as "cheating." One cannot equate such.

This is just a summary. When that lawsuit is filed against Star Bulletin, a great deal will be forthcoming especially, SEC division of enforcement. We are on a mission to make Star Bullentin the “example.” We don’t need to sue everyone. Star Bulletin is enough to get the whole issue out there. Even if Mr. Ade O. Ogunjobi's approach is unorthodox, such act does not rise to the level of securities fraud. Securities fraud is a serious issue and federal offense punishable by fine and imprisonment. Mr. Ade O. Ogunjobi will seek another opportunity to have his day in court and have another say on this issue. Paul Friedman, SEC division of enforcement and Cameron Holmes (the biggest "idiot") are welcome to be in court to continue their "obssesion" and "barbarism" parading as public "virtue." Due to this "egregious" act from SEC division of enforcement, no investors have ever been rescued from this transaction, on the other hand investors have been denied to judge sfor themselves if this is what thye really wanted to be part of. SEC division of enforcement doesn't give a "hoot" about investors. Again, eccentricities is never against the law--as some may portray this transaction.

Also this is an opportunity to establish that after all these, Mr. Ade O. Ogunjobi’s character has evolved to the level of great courage, nobility, compassionate for the “poor” and “little” guys, lack of respect for the establishment and racism and bigotry and finally, enormous tenacity. This delay of this transaction is experiencing has resulted in “blessing in disguise.” If this transaction wasn’t delayed, we will not be in a position to establish this “vision” to this generation to launch the largest bank in the world to address global poverty. Amazing when people say every disppointment is a blessing in disguise.

Below is the attached article for reference regarding why litigation will be pursued against Star Bulletin of Honolulu:

Hyatt gets OK to buy flagship property in Waikiki

The Hyatt Regency Waikiki will be sold to Hyatt Corp. for $445 million

By Kristen Consillio
mailto:kconsillio@starbulletin.com?subject=http://starbulletin.com/2007/03/15/

Hyatt Corp. got court approval yesterday to buy its flagship Waikiki hotel for $445 million from bankrupt Azabu Buildings Co. Ltd.

U.S. Bankruptcy Judge Robert Faris confirmed the sale of the Hyatt Regency Waikiki Resort & Spa to Hyatt, which has managed the property since it opened in 1974.

The sale includes the King's Village Shopping Center, which is owned by Azabu Buildings' wholly owned subsidiary, Azabu USA Corp. Azabu went into bankruptcy in February 2006.

Hyatt was the sole qualified bidder, having put down a $25 million deposit for the property as of the March 6 deadline for competing bids.

STAR-BULLETIN / JANUARY 2007
Hyatt Corp. will soon own the two-tower Hyatt Regency Waikiki Resort & Spa, above, which it has been managing since the property opened in 1974. CLICK FOR LARGE

Hyatt claims the Hyatt

The Hyatt Regency Waikiki Resort & Spa will be sold to Hyatt Corp. for $445 million in a deal that was confirmed yesterday in U.S. Bankruptcy Court.

Hyatt, which has managed the flagship property since it opened in 1974, is taking control of the hotel by purchasing the stock of bankrupt Azabu Buildings Co. Ltd. of Japan, which went into bankruptcy in February 2006.

The sale includes the King's Village Shopping Center, which is owned by an Azabu subsidiary, Azabu USA Corp.

Meanwhile, Azabu and the committee of unsecured creditors have filed a lawsuit against Azabu's Japan-based lender, Chuo Mitsui Trust & Banking Co. Ltd., and entities owned by Honolulu-based Trinity Investments, which holds the first and second mortgages on the hotel totaling $330 million, asserting that the claims should be rejected by the court.

A second offer for $5.1 billion in cash or $9 billion in stock from Ade Ogunjobi, founder, chairman and CEO of TC Co./Toks Inc. was rejected by the court, which disqualified his bid because he couldn't post the required $25 million deposit.

Toks and Ogunjobi were sued by the U.S. Securities and Exchange Commission in August 2003 for offering fraudulent promissory notes over the Internet in a bid to raise billions of dollars to acquire more than a dozen of the world's largest corporations, though the company had no assets, sales or revenue.

In December 2003, Toks, which said it had relocated to Honolulu from Los Angeles, submitted a motion and application to acquire Hawaiian Holdings Inc., parent company of Hawaiian Airlines, through an exchange tender offer for $1 billion in stock and assumption of all of the airline's debt.

An auction set for yesterday was called off because there were no other qualified bids.

Hyatt is required to increase its deposit to $44.5 million, or 10 percent of the sales price, three business days after confirmation of the transaction.

Hyatt is taking control of the hotel by purchasing the stock of Azabu Buildings.

Meanwhile, Azabu and the committee of unsecured creditors have filed a suit against Azabu's Japan-based lender Chuo Mitsui Trust & Banking Co. Ltd., Waikiki First Finance Corp. and Waikiki S.F. Corp.

Waikiki First and Waikiki S.F. -- both owned by Honolulu-based Trinity Investments -- hold the first and second mortgages on the hotel, which total $330 million.

Azabu and the creditors assert that the lender's claims and the mortgages should either be rejected or reduced in priority. Chuo Mitsui's claims total $192 million.

Paul Alston, attorney for Chuo Mitsui and the two mortgage lenders that Trinity acquired, said his clients deny there is any merit to the claims made by Azabu and the creditor's committee.

Hyatt's general manager, Michael Jokovich, didn't return calls for comment yesterday.

"The property has substantial strategic value to Hyatt so the bid price is fairly aggressive," said tourism consultant Joseph Toy of Hospitality Advisors LLC. "Given its strategic value to Hyatt they certainly are willing to pay that premium."