Thompson weighs in on PALCO bankruptcy
The Eureka Reporter
February 22, 2008
U.S. Rep Mike Thompson added his name to the growing list of elected state and federal representatives weighing in on the Pacific Lumber Co. bankruptcy proceedings taking place in Texas.
Thompson stated in a document filed in the federal bankruptcy court Friday that the timberlands and other assets held by the company represent a unique public trust for California and the nation given the historic Headwaters Agreement of 1999, which involved the expenditure of over $380 million in federal and state dollars to permanently protect the Headwaters Forest.
“Given the significant investment of public funds and the agreement struck by all the parties to protect the significant resource and its watershed, I believe it is critical that any reorganization of Pacific Lumber Company adheres to the following principals:” Thompson stated.
Those include maintaining the timberlands in single ownership as working commercial forestlands, maintaining the mill operation to protect jobs and the livelihoods of the Scotia and Humboldt County communities, fulfilling all commitments of the Habitat Conservation Plan associated with the Headwaters Agreement, ensuring that lands and mill are owned and operated by a company with a proven track record utilizing sustainable management of redwoods and limits or restricts the reliance on the expenditure of additional public funds.Posted in PALCO | Tagged HRC, MRC |