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Kohala Agriculture v. Deloitte & Touche11/10/1997
oliday) was solely owned by Paul and Anita DeDomenico (collectively the DeDomenicos). Hawaiian Holiday was involved with three limited partnerships formed to develop macadamia nut orchards. The DeDomenicos had ownership interests in general partners in all of these limited partnerships. Hawaiian Holiday contracted with each limited partnership to provide agricultural land, services, and/or macadamia nut trees to the partnerships.
The first limited partnership, Hawaiian Macadamia Orchard (HMO), was formed in 1982. Its general partner "was related" to Hawaiian Holiday by common ownership, presumably the DeDomenicos since they were the sole owners of Hawaiian Holiday. HMO bought macadamia nut orchards and leased the underlying land from Hawaiian Holiday.
HMO also contracted with Hawaiian Holidays for management of the orchards and the provision of macadamia nut trees.
Kohala, the second limited partnership, was formed on July 15, 1983. Kohala's general partner was Third-Party Defendant DeDomenico Agro-Pacific Enterprises (AP Enterprises). AP Enterprises general partners were Third-Party Defendant Agro-Pacific Development, Inc. (AP Development) and DeDomenico Orchard Corporation (Orchard). Orchard was solely owned by the DeDomenicos. Kohala had numerous limited partners, including some of the individuals and entities referred to herein as the Kohala investors and the Kohala/Keaau investors.
Kohala contracted with Hawaiian Holiday for agricultural work and for grafted macadamia nut trees. Kohala agreed to sell all of its harvested macadamia nuts to Hawaiian Holiday at fixed prices.
Keaau, the third limited partnership, was formed on October 17, 1984. Keaau's general partners were Third-Party Defendant Pacific Agriculture, Inc. (Pacific) and Orchard. Keaau's limited partners included some of the individuals and entities referred to herein as the Keaau investors and the Kohala/Keaau investors.
Keaau contracted with Hawaiian Holiday for the planting of grafted macadamia nut trees supplied by Hawaiian Holiday. Like Kohala, Keaau agreed to sell all of its harvested macadamia nuts to Hawaiian Holiday at fixed prices.
D&T;performed accounting services for Hawaiian Holiday and for the three limited partnerships.
D&T;reviewed Hawaiian Holiday's financial statements for the years ending March 31, 1982 and March 31, 1983 and issued a report (the 1982-83 Hawaiian Holiday report). In addition, D&T;apparently continued to review Hawaiian Holiday's financial statements for 1983-84.
D&T;prepared audits for HMO in 1982, 1983, and 1984.
D&T;performed the 1983 Kohala audit for Kohala covering the period from the date of Kohala's inception until December 31, 1983. The 1983 Kohala report was dated March 2, 1984 and issued on March 30, 1984.
D&T;completed a second audit of Kohala's financial statements for the next period ending December 31, 1984 (the 1984 Kohala audit); this audit report (the 1984 Kohala report), dated February 15, 1985, was issued on May 29, 1985.
D&T;conducted the 1984 Keaau audit for the period from the date of Keaau's inception until December 31, 1984.
B.
On February 20, 1991, Plaintiffs, who include Kohala, the Kohala investors, the Keaau investors, and the Kohala/Keaau investors, filed their complaint against D&T;
The complaint described "a pattern of fraud" committed by Hawaiian Holiday. Paul DeDomenico, the owner of Hawaiian Holiday and "a principal in the creation of [Kohala]," allegedly "failed to reveal material matters regarding himself and Hawaiian Holiday in the private pla
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