PalCo Bankruptcy Plan; Maxxam Sells Redwoods to Developers (tags)
At Pacific Lumber's Chapter 11 bankruptcy hearings, parent corporation Maxxam (Houston, TX headquarters) submits plan in Corpus Christi court to sell land for development to pay off their debt to creditors and continue logging with even less restrictions on their remaining land. CA residents are excluded from any decision making process in the bankruptcy proceedings.