Sunday, January 21, 2007

Headwaters Deal To Be Challenged?

A challenge by Maxxam/Pacific Lumber to the Headwaters Deal would be, in the words of one reporter,a "battle royale". It would pit the state attorney general against ruthless corporate raiderCharles Hurwitz, CEO of Maxxam.

If the deal was undone hundreds of acres of Old-Growth Redwoods that were set aside from logging for 50 years at the signing of the deal could be opened up for logging.

In related news, Patrick Fitzgerald of the Dow Jones Newswire reports that "Maxxam Inc. placed its embattled Pacific Lumber Co. subsidiary into Chapter 11 bankruptcy in an attempt to prevent bondholders from trying to foreclose on 200,000 acres of prime redwood forest in Northern California."

1 Comments:

At 1/21/2007 07:08:00 PM, Blogger Heraldo said...

I had to laugh (or cry) at the "200,000 acres of prime redwood forest" quote. But there's no question that its far more important for the land to stay zoned as Timber Production rather than turn into an Arkley-Kramer suburb.

 

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