Whistleblowers Slam Pacific Lumber's Plan

Law360, New York (October 4, 2007, 12:00 AM EDT) -- Two whistleblowers who are suing Pacific Lumber Co. said Wednesday that the bankrupt logging company's reorganization plan was unconfirmable because it assumed their claims would be worthless.

In court documents filed with the U.S. Bankruptcy Court for the Southern District of Texas, the whistleblowers said that Pacific Lumber's plan would face strong opposition and may even face a competing plan.

“Debtors have filed a highly speculative plan that exaggerates land values, assumes that the qui tam are worthless, and is predicated on a substantial bailout in...
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