PL Negotiating Deal With Mendocino Redwood Company
The bankruptcy hearings on the reorganization of Pacific Lumber have taken another twist. The company asked for a break in court yesterday so that they can discuss what appears to be PL trying to come on board the MRC/Marathon plan. Not sure what is driving PL to do that other than the fact that their own reorg plan is "dead in the water" as Judge Schmidt put it. Perhaps this is what PL lawyer Frank Bacik alluded to when he said there would be an 11th hour surprise. Times Standard reporter John Driscoll writes that the plan would "fit within the boundaries" of the existing Mendocino Redwood plan. I find that hard to believe.