Pacific Lumber Props Up MRC/Marathon Plan

Law360, New York (May 1, 2008, 12:00 AM EDT) -- Bankrupt Pacific Lumber and its parent company, Maxxam Inc., said Thursday that they would back a proposed reorganization plan by MRC/Marathon that is widely supported by federal officials and environmentalists.

“Consistent with a 20-year history of support for Pacific Lumber, Maxxam believes that this plan represents the best outcome for the company and its workers,” Maxxam said in a statement.

The same day, however, Harvard University's endowment reportedly said it was ready to file its own reorganization plan for Pacific Lumber that would include the purchase...
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