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ORTNEY PETE STARK coMJtn^a: 



RTEejTM DSTOICT. CAUFOnNW \AiAYS AND MEANS 



CONGRESS OF THE UNrTED STATES °«™^ "= columka 

 HOUSE OF REPRESENTATIVES 



WASHINGTON, D.C. 20515 



CONGRESSMAN PETE STARK 



TESTIMONY BEFORE 



SUBCOMMFTTEE ON SPECIALTY CROPS 



AND NATURAL RESOURCES 



AGRICULTURE COMMITTEE 



OCTOBER 13, 1993 



MR. CHAIRMAN and Members of the Committee, thank you very much for 

 holding this important hearing today. I am pleased to join with my 

 colleague, Mr. Hamburg in strong support for our legislation H.R. 2866, the 

 Headwaters Forest Act. This legislation will provide protection for 

 magnificent, virgin, old growth redwoods. TTiese towering, living antiques 

 deserve our protection. This legislation does that. 



Congressman Hamburg has described the legislation and the areas that are 

 authorized to be acquired by the federal government. This Committee also 

 addressed similar legislation I introduced last Congress and many Members 

 are familiar with the issue. 



Pacific Lumber was a responsible timber company for over 100 years. That 

 history was altered forever by the junk-bond financed buyout of Pacific 

 Limiber by Maxxam controlled by Charles Hurwitz. Since Maxxam's takeover 

 the interests of the North Coast communities — sustainable timber harvests, 

 and the environment — have given away to the relentless need to make 

 interest payments on bonds and send profits to Maxxam's Houston 

 headquarters. 



Maxxam will likely provide you with testimony about the wonderful history 

 of Pacific Lumber. What they will not provide you with is the sordid history 

 of Charles Hurwitz and Maxxam. Charles Hurwitz's business associates in his 

 acquisition of Pacific Lumber are the convicted felons Michael Milken and 

 Ivan Boesky and Drexel Bumham Inc.. Lawsuits from former Pacific Lumber 

 shareholders are still pending on accusatioris of stock fraud by Hurwitz and 

 Maxxam. 



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