It's a story straight out of Greek mythology. Intrepid mariner Leo Ohai was 58 years old when he and his son, Nephi, began building the Kauai, the fishing vessel of their dreams.

That was 26 years ago, and the boat's not done yet. Leo is 84 now; Nephi's gone gray.

The Trojan War only took 10 years to settle. And Ulysses spent another 10 years finding his way home to Ithaca and the very patient Penelope.

The Ohais have spent six years longer than that fighting to finish the Kauai.

They're out of money. They recently lost a six-year legal battle with the state, which wants to foreclose on the fishing boat and maybe even on the Nu'uanu condo where Leo Ohai lives.

"They're threatening to throw my father out on the street," Nephi Ohai said this week.

Of course, there is the slight matter of $1.75 million which the Ohais owe to the state. They started borrowing way back in the early 1980s, first taking out a $560,000 boat construction loan, then another $166,000 loan. Plus nearly $900,000 in accrued interest payments.

As their attorney, Ted Hong, said a couple of years ago, "The Ohais are great fishermen, but there's room for improvement as businessmen."

State Circuit Judge Karen Ahn ruled in favor of the state in February, saying that "throughout this unfortunate scenario, the state sought to assist ... the Ohais in getting the Kauai built and the loans eventually paid off."

But the Ohais claim the judge ignored crucial evidence in the case and want to appeal the ruling. To do that, however, they must post a bond worth $1.75 million and they're not sure they can manage that. They point out that they built and are still operating the Libra, the only other commercial fishing boat financed with loans from the state's now-defunct boat loan program.

That program began in the 1970s and was meant to grow Hawai'i's commercial fishing fleet into a major industry. It didn't work. The boat loan program was discontinued in the mid-1980s when more than 70 percent of $5.2 million in outstanding loans were seriously delinquent.

The Ohais say they could finish the Kauai in another year at a cost of maybe $300,000, but to do that, they'd have to first find the extra money and give up commercial fishing on the Libra. They want the chance to somehow make it all work.

"We're not asking for forgiveness of the loans," Nephi Ohai said. "We just want to finish the boat, pay what we owe and catch fish."

If you know that a particular money trail will lead to boondoggle, excessive spending or white elephants, reach Jim Dooley at 535-2447 or jdooley@honoluluadvertiser.com