Word: hurwitz
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...thought it was very inspiring," said Sarah K. Hurwitz '99. "I was most impressed that there were certain issues he'd be willing to give up his seat for. I think that's a kind of nobility you don't see in politics very often...
...things that way, is Charles Hurwitz, a Houston-based junk-bond wizard who plays the corporate-villain role well. Charlie's sin? He owns the trees, and he'll cut them if he wants to--and does he want to. In 1986 his company, MAXXAM (1995 sales: $2.57 billion), bought Pacific Lumber, the redwoods' owner. Hurwitz visited PL's Scotia, California, mill, and told workers he believed in the golden rule: "He who has the gold, rules." Then he drained $55 million from PL's $93 million pension fund, and cranked up the timber cut to pay off his debt...
...environmentalists took part in the meeting at Feinstein's office. Greens have tied up PL's logging in federal court, so Hurwitz would not sit with them. A marathon bargaining session produced a highly complicated agreement that promised to turn over $380 million in cash and land (value and location subject to haggling) to Pacific Lumber. If Hurwitz is satisfied, he passes title to Headwaters, the 425-acre Elk Head grove and a logged-over moonscape between, totaling 7,500 acres. If not, PL's fallers start their chainsaws...
Spend a few minutes analyzing Hurwitz and it's easy to see why he doesn't care. As it happens, he is neck deep in U.S. claims resulting from the $1.6 billion collapse of a Texas savings and loan he controlled. There was talk of a "debt-for-nature" swap involving Hurwitz' redwoods and the litigation, but banking regulators wouldn...
Feinstein called the agreement "win-win," which in matters environmental means nobody is happy. Either party can back out of the agreement on two weeks' notice. Like all good negotiators, Hurwitz knows when to ask for more, and the Greens are certain he will. They now refer sarcastically to the preserved tracts as a tree museum...