Exhibit 10.53
March 7, 2005
Mr. Dennis C. Simonis, President
Members of the Board of Directors
ML Resources, Inc.
26-238 Hawaii Belt Road
Hilo, HI 96720 | OUR REFERENCE |
Re: Audit Committee
Gentlemen:
The New York Stock Exchange has advised the Company that:
(1) I cannot serve on the Audit Committee because our firm performs legal services for the Company. Nevertheless, I can attend all meetings of the Audit Committee in my capacity as an attorney as long as I am not a voting member of the Committee.
(2) Furthermore, I am independent as far as serving as a director and member of the Governance and Nominating Committees.
(3) Therefore:
(1) I resign my position as a member of the Audit Committee effective immediately.
(2) I will continue to serve as an attorney for the Company, director, and member of the Governance, Nominating, and Compensation Committees at the pleasure of the Board of Directors.
| Sincerely, | |
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| /s/ James H. Case |
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| James H. Case | |
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