Friday, March 02, 2007

Large Turnout for PALCO Bankruptcy Talk

There was a large turnout of concerned community members tonight, to hear Peter Clapp talk about the Pacific Lumber Company's Capter 11 bankruptcy. Clapp, a bankruptcy attorney and teacher, spoke at the River Lodge Conference Center in Fortuna. Clapp said the two key issues were the valuation of the company, and the feasability of sustainable harvests. Many of the questions submitted by the audience, indicated that members of the timber industry community are worried about their pensions. The company's debts total about $750 million. The company,s main asset is it's 200,000 acres of timberlands.

No comments: