Saturday, March 31, 2007

Latest On PL/Scopac Bankruptcy Hearings

"Scopac doesn't folow the rules, the rules follow Scopac." said Kathryn Coleman, attorney for Scopac (a PL subsidiary).

That gem of a quote came from yesterdays hearing on whether or not Scopac is a "Single Asset Real Estate" (SARE) debtor. If the judge finds Scopac to be a SARE the company would have to file a reorganization plan within 30 days according to the Eureka Reporter.

I've heard nothing new on the venue debate.

The Ad Hoc Noteholders committee, who Scopac is indebted to, wants to foreclose on Scopacs 220,000 acres of land within a matter of months according to Hanks Sims of the North Coast Journal.

"Lets bring on the battle we all know is going to happen." Evan Flaschen, attorney for the Ad Hoc Noteholders committee.

During the hearing Flaschen reiterated the Noteholder committees claim, "We just want to get back to responsible and sustainable levels of harvesting."

They are borrowing our own rhetoric. This shows the recognition on the part of the Noteholders committee that environmental defenders must be accounted for in their buisiness equation.

As Flaschen has said of the Noteholders- “We're not tree huggers. We're businessmen.”

And the defenders of Humboldt Countys forests are a force to be reckoned with.


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