Pacific Lumber Files for Bankruptcy
Pacific Lumber and other subsidiaries of Maxxam Corporation filed bankruptcy papers in court in Corpus Christi, Texas late Thursday. The company’s press release claims a “liquidity crisis from regulatory limitations” on logging, but it is actually due to a long-standing crisis of LIQUIDATION LOGGING, with most of the assets from that liquidation logging going to Houston rather than staying in Humboldt county. More than 2 decades after Maxxam’s corporate-raider style take-over of Pacific Lumber, we have arrived where we have been headed. While this is not unexpected, the repercussions are many, and we expect a complicated unfolding of events. When …