URI is a Hawaii corporation, incorporated on June 28, 1963, and wholly owned by C. Pardee Erdman, Jr. It is separate and distinct from Ulupalakua Ranch, Limited, also a Hawaii corporation, which will hereafter be referred to as URL. Before the acquisition of its capital stock by URI as stated below, URL was wholly owned by the Estate of Frank F. Baldwin, Deceased, and owned and operated a cattle ranch known as Ulupalakua Ranch in the Ulupalakua and Kipahulu sections of Maui.
