A Texas financier, takeover artist, etc..
Pacific Lumber was owned by a family who was cutting their redwoods at a
sustainable rate. They could have cut forever. Hurwitz bought them out
and cut everything in sight. Redwood was cheap for a few years, now
it's almost non-existent. There's a book on the subject but I don't
remember the title.
He also did a leveraged buyout on Kaiser Aluminum and stripped the
company bare. They're now essentially out of the primary aluminum
business and only make finished goods. I did some contract computing
work for them over the years and personally witnessed the decline.
He's probably stripped other companies as well, but those are the two I
More the spotted owl. One of our companies located in Eureka started seeing
the decline as soon as the first ruling in the late 80s'. We sold it and
moved on. Since then, virtually all business have suffered significantly in
the area. PALCO is just one of a long list of closures.
A federal appeals court shot down a series of timber cuts planned for
national forests in the Pacific Northwest yesterday, ruling that regulations
ostensibly protecting the spotted owl and other threatened species are
"blatantly contradictory to Congress' express demand." -Seattle
So the EPA forces a shutdown and the OP wants to punish Palco?
"Cabbage: A familiar kitchen-garden vegetable about as large and wise as a
man's head." Ambrose Bierce, The Devil's Dictionary
On 09 Dec 2004 00:52:58 GMT, email@example.com (Charlie Self)
Well of course, after all corporations only cut trees because they like
pillaging the forests -- they could produce wood without cutting down trees
if they really wanted to.
Note to the humor-impaired: That was sarcasm.
Well, not to step on your sarcasm, but "pillaging" is the appropriate
term for what Hurwitz did when he took over Pacific Lumber.
Do a Google for more info. Here's a quote from one site:
"Local community members fear that Maxxam CEO Charles Hurwitz will take
the cash provided by the deal and
run, leaving Pacific Lumber--and hundreds of local workers--twisting in
the wind. "It seems highly unlikely that
any of that money will even stay with Pacific Lumber, much less end up
in the pockets of timber or restoration
workers, where it truly belongs," observed Bundy. According to some
estimates, Maxxam has siphoned $2
billion from the Humboldt County economy since acquiring Pacific Lumber
in 1985. PL's debt load is now even
greater than it was immediately following the
takeover, and many locals fear that Hurwitz will allow PL to slowly go
I have no doubt that unbridled and rapacious greed exists in some folks
like Hurwitz. It is a sad thing when people in such positions fail to
account for the effects of their actions upon those in their employment.
Don't know what the answer is, but some things are just plain wrong, no
matter how they get packaged.
I tend to see red when Hurwitz is mentioned, because he also pillaged
Kaiser Aluminum who used to be the biggest employer in our town. I
realize he's not the only one. Texas does seem to have more than its
fair share, though. Must be all that oil money floating around.
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