281 



**The law of the land is not to steamroll 

 owners of private property." 



Even to many who know him, Mr. 

 Hurwitz seems a perplexing mix. He is a 

 quiet man, an acknowledged master at 

 sniffing- out deals, a generous contributor 

 to Houston charities, and almost austere in 

 his personal hahits: no limos, no corporate 

 jets, no gaudy displays of wealth. 



He seems consumed by his woric. When 

 something strikes his fancy and the first 

 stirrings of a possible deal begin to 

 suggest themselves, he often exclaims: 

 'There's a pony in there." Friends say he 

 is so driven to succeed that he can develop 

 n sort of tunnel vision. "He is capable of 

 intense focus, and sometimes he may not 

 foresee how some of his actions will look to 

 the rest of the worid," says Waiter Fitzger- 

 ald, an admirer and former adviser. 



Redwoods are proving to be both Mr. 

 Hurwitz's salvation and his biggest head- 

 ache; He acquired the countrv's isro-ocr 



after taking control of United Savings. 



The raid became an exemplar of 1980s- 

 style finance: He blitzed a sleepy, under- 

 valued old company, famous for its envi- 

 ronmentally conscious logging practices. 

 Suspicions of insider trading abounded, 

 'including allegations involving junk-bond 

 king Michael Milken and trader Ivan 

 Boesky. Maxxam bought control for about 

 S900 million, mostly in junk bonds Mr. 

 Milken floated. In his first meeting with 

 Pacific Lumber employees, he told them: 

 'There's a story about the golden rule. He 

 who has the gold, rules." 



Under Mr. Hurwitz, Pacific Lumber 

 began cutting down redwoods at twice the 

 company's historic pace, to pay down debt 

 Pacific Lumber has been warring with 

 environmentalists ever since. 'Tacific 



