Friday, May 30, 2008

Judge Says Ruling on the Bankruptcy Likely Next Week

Repeating what they were told by Pacific Lumber lawyer and VP Frank Bacik, the Eureka Reporter writes that Judge Schmidt indicated from his courtroom in Texas that he would probably make a ruling next week. He will reveal his decision as to whether the bankrupt Pacific Lumber should go to Mendocino Redwood Company or be auctioned off as requested by the banks who loaned millions to the failing, exploited company. The judge says that the MRC plan may not be legally acceptable. How long this state of limbo for PL will continue is anyones guess.

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