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Maxxam 1985 A Texas based corporation owned and
operated by Charles Hurwitz, a United Jewish Appeal-Federation official,
succeeds in a $900 million
hostile
takeover of Pacific Lumber, a incorporation with local ties stretching back
to the 1850s.
Maxxam's hostile takeover could not have
taken place without the financing arranged through the sale of
junk bonds by
Michael Robert
Milken.
Maxxam kept the Pacific Lumber name, but tripled the rate of
its logging operations threatening the last redwood forests on earth.

Protests ensued (treesitters) and 10 years later the Headwaters
Forest exchange between the US government and Pacific Lumber was
enacted.
Maxxam owns some 210,000 acres in Humboldt County.
The accelerated logging of Maxxim and others has polluted
some 85% of the waters in California's North Coast region,
uprooted protected
redwoods and damaged private property.
Maxxam was given $480 million in
taxpayer money for some 7,500 acres of ancient redwoods - the Headwaters
Forest. The "deal" included a 50 year ban on logging within an additional
7,000 acres but allowed Pacific Lumber to bypass many logging restrictions
which including protections for endangered species and limits on the rate of
logging.
Officials continue to permit logging corporations to avoid
complying with environmental regulations.
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