Friday, December 22, 2006

PL's Split Personality



In a recent Eureka Reporter article, PL president George O'Brien is credited with stating that "financially, the company is performing the way it’s supposed to and is on track to make all of its debt payments on schedule"

But in Maxxam's November Securities Exchange Commission Report it says that "ScoPac (the land management subsidiary of PL) has concluded that, in the absence of significant regulatory relief and accommodations, [it cannot] satisfy its debt service obligations..."

So is PL floating while Scopac sinks?


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