Palco

Palco

The Pacific Lumber Company, officially abbreviated PALCO, and also commonly known as PL, was one of California's major logging and sawmill operations, located 28 miles (45 km) south of Eureka and 244 miles (393 km) north of San Francisco. Begun in 1863, PALCO was managed over most of the twentieth century by generations of the Simon J. Murphy, Sr. Family or managers chosen by the Murphys from 1905 through 1985. Primary operations existed in massive log storage and milling operations at the historic company town of Scotia, California, located adjacent to US 101 along the Eel River. Secondary mills were located in nearby Fortuna and Carlotta. PALCO had extensive timber holdings exceeding well over 200,000 acres (890 km²) in the Redwood and Douglas-Fir forests of Humboldt County. For generations, it was one of the largest private employers in the entire region, appropriately known as the Redwood Empire. The company was transformed into a wholly owned subsidiary of Maxxam, Inc for its two final decades. In January 2007 the company filed for bankruptcy protection. On July 29, 2008, the "Final Order" from US Bankruptcy attorney, Judge Richard Schmidt, led to the transfer of the assets of the bankrupt PALCO and all its subsidiaries to the Mendocino Redwood Company and the town of Scotia to Marathon Structured Finance. After 145 years as PALCO, the new company is known as the Humboldt Redwood Company. Some of the affected parties, including Bank of New York Trust Company, filed an appeal and on September 29, 2009 the Court of Appeals for the 5th Circuit modified this judgment. However, the asset transfer and resulting companies were little changed by the modification and no other adjustments of any significance have occurred since.

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