Wednesday, February 27, 2008

PL Bankruptcy Hearing Tomorrow

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Key Palco hearing set for Thursday
John Driscoll/The Times-Standard
Article Launched: 02/26/2008 01:27:25 AM PST

A vital bankruptcy court hearing on Thursday will begin to reveal if the restructuring plans for the Pacific Lumber Co. meet its creditors' muster, and lay the groundwork for the remainder of the case. Attorneys for the parties are expected to argue over the summary of three different plans submitted to the U.S. Bankruptcy Court in Corpus Christi, Texas. The disclosure statement, as it's called, is key to the case.

”It's supposed to have a bunch of information to help creditors make intelligent decisions on how to vote on a plan,” said San Francisco Bay Area bankruptcy expert Peter Clapp, who has been following the case.

The unsecured creditors committee has been ordered by the judge to come up with a single disclosure statement that outlines the three plans before Thursday's hearing. Either at the hearing or shortly afterward, Judge Richard Schmidt will determine whether the disclosure statement is adequate, and then creditors will get to vote up or down on each plan. In April, Schmidt is scheduled to hold a confirmation hearing, in which he'll consider the votes each plan received and whether there are enough votes to reach a certain threshold. If more than one plan gets enough votes, the judge may then decide which plan is best for creditors.


At 3/19/2008 10:45:00 AM, Blogger Stephen said...

We are wondering if you people are selling out like EPIC has now, backing their money owed through payback by Fisher family GAP/Mendocino Redwood Company instead of protecting old growth or local jobs.

We need help getting our Bear River Heartlands Reorganization Plan, the ONLY ONE guaranteeing all old growth trees, (no weasel-wording on that like MRC is doing) protected FOREVER as SACRED SITES, because no one is recognizing Bear River's Native American tribal rights in their ancestral lands owned by Palco/Scotia-Pacific, not the court in Texas, not any of the local news.

If you guys want to do the right thing, restore all indigenous species back to PL lands, including Native American human species as stewards of their own lands, one third of PL lands back to the tribe including all old growth groves and trees, and two-thirds back to Palco employee ESOP company, employee owned and operated, bringing Palco back to local ownership and management. And all completely sustainable as our Heartlands lottery system takes all the pressure off of Palco loan repayments.

For the good of the community do not let MRC take ownership of the land away again and into a rich family's hands.


At 3/21/2008 08:34:00 PM, Blogger John Doe #86 said...

You people?

What kind of help are you requesting?

At 3/22/2008 04:08:00 AM, Blogger Stephen said...

Protest MRC's Plan. Protest the selling out of community leaders to MRC's Plan. Demand a fair hearing in Corpus Christi by the Palco bankruptcy judge for Bear River's Heartlands Plan--its the only one that can protect old growth trees forever as sacred sites, the only Plan where Palco workers form their own ESOP company like Winco and stop getting screwed by outside corporate interests, the only Plan that diversifies Palco, creating added-value end products of wood besides just making boards and fencing. Our Plan expands the workforce instead of decreasing it and of course, our Plan is the only one where Native American's finally have a say on what happens on the lands they have stewarded for centuries before we whites came along and screwed everything up.

At 3/24/2008 08:53:00 AM, Anonymous Bolithio said...

And after that find something else to protest!!! ALWAYS protest!!

Seriously though - as a certified archaeological surveyor I can promise you that each and every THP notifies Indian tribes who's ancestral territory overlaps the project area and the CA Historical Information Center (the living database of previously recorded sites/surveys. If this is not done CDF will not even accept the THP. After that, the tribes (which believe me know where there sacred sites are - or at least where high probability areas are, can and will comment or come out in the field to observe the project for them self.

MRC will not be an exception to this. Sure it would be nice to tar and feather Hurwitz - I would personally take part in that act and enjoy it thoroughly. Still, since that is unlikely it is better to move forward than just always be angry right? Isnt it time to actually manage the land?


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