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

OUR REFERENCE NO.: 056812-1

Hilo, HI 96720

 

 

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,

 

 

 

 

 

 

 

/s/ James H. Case

 

 

 

 

 

James H. Case

 

 

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