ABSTRACT
"A guy named Charles E. Hurwitz wants to buy the company," Warren told him. Neither had ever heard of Hurwitz. But they soon learned. Often referred to as "the billionaire from Houston," Hurwitz had a reputation for purchasing undervalued companies then selling off their assets to liquidate his debt. Wall Street was ecstatic. "A brilliant investment coup,'' 13 D Opportunities Report called the merger. Hurwitz would tell Congress that the deal "was good for the company, good for its shareholders, good for employees, and good for the somewhat depressed North Coast California logging community." On December 16 Hurwitz came to Scotia and talked to the workers, who had assembled in the company's magnificent Winema Theater, built entirely of redwood. His visit was intended to mollify fears, but it didn't. "There's a little story about the Golden Rule," Hurwitz told his audience, "He who has the gold, rules." Suddenly the magnitude of the change hit Scotia.
