Word: lumbering
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...traders amid the turbulence surrounding Broadcaster Ted Turner's acquisition of MGM/UA, for which the Atlanta buccaneer paid $1.6 billion last March. In October 1985 the New York-based Maxxam Group, an investment and real estate- holdings firm, made an $800 million tender offer for San Francisco's Pacific Lumber, leading to the companies' merger early this year. Boesky is said to have bought 10,000 shares of Pacific Lumber stock three days before the tender was made public, and he may eventually have owned 5.1% of the company's shares. Another case reportedly receiving scrutiny is the $400 million...
...trade squall blew across the northern border last week. In a sudden reversal of position, the Commerce Department declared Canada was unfairly subsidizing exports of softwood lumber to the U.S., an activity that was worth more than $2.8 billion last year. In response, the Reagan Administration said it would impose a 15% countervailing duty, which is expected to cause the cost of new U.S. housing to rise by $1,000 a unit or more...
...decision will mainly benefit lumber companies in the American Northwest, which have chafed as the Canadian share of the U.S. softwood lumber market has risen from 19% in 1975 to 33%. But the tariff announcement stirred resentment in Ottawa, where it was pointed out that the U.S. Commerce Department three years ago found the same Canadian export practices to be acceptable. Canadian International Trade Minister Patricia Carney said the latest decision "cannot be justified" and added that her government would "pursue all avenues available to us to argue against this determination." There were worries that the softwood-tariff announcement would...
...Northwest is on fire. Since the beginning of August, 600,000 acres in six states have been ignited by lightning storms and kept ablaze by erratic summer winds. The raging flames have consumed prime lumber land in Oregon and Idaho, as well as parts of Washington, Montana, Utah and Nevada...
...attached to a helium-filled blimp, the Heli-Stat was the brainchild of Frank Piasecki, 66, a pioneer in helicopter development. Patented in 1961, the Heli-Stat could not find a sponsor until 1979, when Piasecki received backing from the U.S. Forest Service to build a vehicle for lifting lumber from remote forests. But development costs ballooned from an original estimate of $6.7 million to over $31 million, and the Heli-Stat managed to fly successfully for the first time only last April. The latest Lakehurst disaster may take the air out of Piasecki's blimp altogether...