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Pacific Lumber files for bankruptcy

great news that PALCO is bankrupt - the rest of the article is palco propaganda (but a good example of media bias)
Pacific Lumber files for bankruptcy
Article Launched: 01/19/2007 09:30:35 AM PST

The Pacific Lumber Co. has filed for bankruptcy protection in federal bankruptcy court in Texas.

The company and its subsidiaries, including Scotia Pacific and Britt Lumber Co., cannot pay their debts, according to a news release. Palco claims regulations on timber harvesting have caused a financial crisis and have reduced revenues, leading to the Chapter 11 bankruptcy protection filing.

Palco sued the state in December for breaching the 1999 Headwaters Forest agreement, which transferred 7,400 acres and two smaller groves to the public at a cost of $480 million. It also imposed strict regulations as part of a conservation plan. Water quality agencies also have clamped down on logging in Freshwater and Elk River, in an effort to improve water quality and begin reducing flooding risks.

The failure of the state to live up to the terms of the Headwaters agreement has prevented Pacific Lumber and (Scotia Pacific) from remaining economically viable without restructuring, the release said.

homepage: homepage: http://www.times-standard.com%2Flocal%2Fci_5043530

Ain't It A Shame (Not!) 19.Jan.2007 17:23


Poor PALCO! Couldn't happen to a crappier outfit.

Unfortunately, Charlie boy will again skate out unscathed with other peoples money like he did in the Texas Savings and Loan fiasco in the 80's. Don't get me wrong, I'm gonna be "Dancing on the Ruins of Multinaltional Corporation", just wishing for Charlie's karma to chomp on his ass for a while.