89 



Mr. Campbell. That is not true. 



Mr. DOOLITTLE. Now, did you increase all of this because you 

 had 



Mr. POMEROY. Mr. Doolittle, I believe that is a question for the 

 next round. The Chair has some questions. 



Mr. Doolittle. All right. 



Mr. POMEROY. The first question I would have, Mr. Campbell, re- 

 lates to the statement I just made about your long tenure with the 

 company. How long have you been there? 



Mr. Campbell. Twenty-four years. 



Mr. PoMEROY. In what capacity have you served? 



Mr. Campbell. In a number of capacities throughout the years. 



Mr. PoMEROY. I am all ears. 



Mr. Campbell. You want to go back through the whole 24 years? 



Mr. PoMEROY. Let's go back 10 years. 



Mr. Campbell. Ten years. I was vice president of manufacturing 

 10 years ago. Then I became executive vice president of operations. 

 I was made president of the company in 1989, and chief executive 

 officer in February of this year. 



Mr. Pomeroy. During this period of time, you have had occasion 

 to monitor closely the asset-liability mix maintained by the cor- 

 poration? 



Mr. Campbell. Yes. 



Mr. Pomeroy. Is there any influence in the asset-liability mix 

 relative to the business plan of the company? 



Mr. Campbell. Yes. What happened was immediately following 

 the merger in 1986, we reinventoried the property 



Mr. Pomeroy. What happened to the asset-liability mix with the 

 merger? 



Mr. Campbell. It is a little tighter than it used to be. 



Mr. Pomeroy. In fact, the liability side of the ledger increased 

 how much at the time of the takeover? 



Mr. Campbell. I don't know what the ratio is, but we certainly 

 have met all of our obligations since then. 



Mr. Pomeroy. You don't recall. You were vice president of oper- 

 ations at the time and 



Mr. Campbell. I never made that calculation of debt ratio. No, 

 I did not. 



Mr. Pomeroy. How much in new additional debt did the com- 

 pany take on at the time its possession changed? 



Mr. Campbell. I think it was a little over $600 million. 



Mr. Pomeroy. And this would influence somewhat your business 

 plan? 



Mr. Campbell. Yes. There is no question that we had to increase 

 the harvest to meet our obligation, but there was — with the inven- 

 tories on the property, and I go back to my testimony of 1991, I 

 think it was, yes, June 25, 1991, I think I read into the record that 

 "the annual timber harvest-to-timber inventory ratio remains one 

 of the lowest in the industry." 



Mr. Pomeroy. What has recently taken place relative to the cor- 

 porate structure of the company? 



Mr. Campbell. Earlier this year, I believe it was in March of this 

 year, we refinanced the company. We broke the company into three 



