The proposed $100 million airport financing arrangement between ASG and McKinley Investment LLC provided three installments or tranches for the government’s $10 million investment.
As has been reported the $10 million from the ARPA Interest Account at Zions Bank was transferred to an escrow account related to the airport financing arrangement.
According to the draft agreement that was distributed at a Senate hearing earlier this week by Acting Treasurer Carri-Lee Magalei-Tulafono the first installment or tranche was $20 million, followed by $30 million and then $50.1 million. Each installment was supposed to be provided within 30 business days of the previous stage.
The draft is inconsistent about how ASG’s contribution would be counted. One section says ASG’s initial investment would be credited toward the first installment.
The next page says the final $50.1 million installment would include ASG’s investment and the $100,000 application fee. The three installments also total $100.1 million, although the stated financing target is $100 million.
Governor Pulaalii Nikolao Pula sent his authorization email late on Monday, March 16. Executive Advisor for Finance Brett Butler then asked Acting Treasurer Carri-Lee Magalei-Tulafono to return the signed document so an email could be sent by 6 a.m.
If the money was wired on March 17 and the 30-business-day period began the following day, the estimated schedule—excluding weekends and public holidays in Wyoming and Singapore—would have been:
• First $20 million installment: April 29, 2026
• Second $30 million installment: June 16, 2026
• Final $50.1 million installment: July 29, 2026 These dates are only estimates.
The bank record confirming the wire date has not been made public, the draft does not clearly establish when the 30-business-day period began, and the required insurance coverage had to be secured before funding procedures could start.
No evidence has yet been made public showing that McKinley provided the first $20 million installment. The agreement says that if the first installment was not provided on time—through no fault, delay or non-cooperation by ASG—McKinley would have another 30 business days to refund ASG’s initial investment.
Using March 17 as the assumed starting date, the estimated refund deadline would have been June 16. That deadline could be suspended by regulatory action, force majeure or ASG’s failure to provide required documents. The draft describes the refund as ASG’s “sole and exclusive remedy.”
Although the separate $100,000 application fee is described as refundable, the refund provision specifically refers to ASG’s “Initial Participation Investment.” It does not clearly say whether the application fee would be returned at the same time. The documents made public do not establish when the funding period began, whether it was extended, whether the first installment was provided or whether ASG requested a refund.
