Saturday, June 07, 2008

Mendocino Redwood Company to Assimilate Pacific Lumber

The ruling is in, Pacific Lumber will be taken over by Mendocino Redwood company (knock on wood). Texas bankruptcy Judge Richard Schmidt chose the MRC plan over the Noteholders proposal to auction off the company, essentially stating that the auction plan did not fulfill the requirements of a successful reorganization plan. Not much time to get into more detail today. Check out the Humboldt Herald blog for more. (also see the times standard report) I'm planning to write up some analysis of how this could effect forest defense activities.

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