Charles Hurwitz is the CEO of the Maxxam Corporation, a holding company that breaks up and liquidates the assets of companies it purchases. With the help of junk bond broker and convicted felon Michael Milken, he looted and crashed United Savings Association of Texas (USAT). The failed Savings and Loan cost U.S. taxpayers $1.6 billion! With money looted from the S & L, Hurwitz aquired Pacific Lumber by way of hostile take over. Pacific Lumber, before the take over was somewhat concerned  with the future of the local economy and cut at a rate while not ecologically sustainable was atleast ecconomically sustainable. Hurwitz, however, began clearcutting at three times the rate of Pacific Lumber. Despite liquidating most of Pacific Lumbers assets and raiding worker benefits and pensions, Pacific Lumber/ Maxxam is still 700 million in debt. Hurwitz himself owes the government 1.2 billion for his part in the failed Savings and Loan scandal. It is often hoped by activists that the Office of Thrift Supervision (OTS) will hold Hurwitz responsible for the failed S&L and that they will engineer a debt-for-nature swap.
Pacific Lumber/Maxxam has been cited for over 250 violations of the Forest Practices Act in the last 3 years alone and has had its Timber Operator License temporarily suspended by CDFN. It has also been found guilty of misdemeanor violations, and has lost seven lawsuits regarding violations of the Endangered Species Act, the Forest Practices Act, and other statutes. Many civil actions are pending, including several brought by watershed groups over sedimentation caused by mudslides. According to the Code of Federal Regulations, the citations and convictions which PL/Maxxam has received should make the company ineligible for an Incidental Take Permit (ITP). The permit allows PL/Maxxam to kill endangered and threatened species that are "incidentally" in the way of profit. Hurwitz, Maxxam and Pacific Lumber's track record have proven their disdain for the environment, forestry laws, and the local community. If they are allowed to continue, jobs will be lost, a local economy will be ruined, the environment will be destroyed, species will die, and the remaining old growth will disappear. |
