Finch Pruyn sale to be decided on 4/24

[Peakbagr]

It appears that Blue Wolf Capital Company my purchase all of Finch Pruyn's assets, including its 161,000 acres of woods and wilderness. It will be voted on by the shareholders of F-P at the 4/24 shareholders meeting.
Stay tuned, the implications for anyone who loves the Adirondacks are momentous.


http://www.bizjournals.com/albany/stories/2007/04/02/daily4.html

 

[Tom Rankin]

It appears that Blue Wolf Capital Company my purchase all of Finch Pruyn's assets, including its 161,000 acres of woods and wilderness. It will be voted on by the shareholders of F-P at the 4/24 shareholders meeting.
Stay tuned, the implications for anyone who loves the Adirondacks are momentous.


http://www.bizjournals.com/albany/stories/2007/04/02/daily4.html

The article states the current management structure will stay in place. I wouldn't get too excited by this, but you never know...

 

[Peakbagr]

I'm aware. Keeping the management( or saying they will ) is standard corporate operating procedure. Makes the shareholders happy, makes the purchaser happy, and provides continuity for a while.

The key issue is what, if anything, the buyer plans to do....And that, as they say, is where the story begins.

 

[Neil]

Stay tuned, the implications for anyone who loves the Adirondacks are momentous.

The key issue is what, if anything, the buyer plans to do....And that, as they say, is where the story begins.

You've definitely piqued my interest but I need more elaboration in order to understand what the potential goings-on are.

 

[WalksWithBlackflies]

Are we taking bets that the news won't be good? Being a "capital" company, they want to see a return on their investment, ASAP.

 

[imarchant]

Related

This is a related article of similar land sales that gives some insight as to wait is going on in the industry.

 

[Doc McPeak]

The Adirondack Council (or APA?) is working to get the Finch Pruyn Boreas Pond Tract and their Hudson Gorge Tract transfered into the State Forest Holdings.

The new company has been cited as being a good steward of forest lands with their various other holdings. So, that's a good sign.

And the new Spitzer era budget is a bonanza for the Adirondacks, including restoring many positions eliminated by Pataki -- who was very pro-conservation and pro-Adirondacks in his own right. There probably would be the funds for both those tracts now.

Of course, all conditions in life, business, and government subject to change ...

 

[MattC]

Thanks for posting, Alan.

And the new Spitzer era budget is a bonanza for the Adirondacks, including restoring many positions eliminated by Pataki -- who was very pro-conservation and pro-Adirondacks in his own right. There probably would be the funds for both those tracts now.

Just one thing about this, Doc. I believe funds for both acquisition and DEC positions are contingent on the passage of the new bottle bill. So this is not quite a done deal yet.

Matt

 

[rdl]

And I thought I read the new better bottle bill was removed from this year's state budget...

Update here: http://www.nytimes.com/2007/03/30/nyregion/30albany.html?_r=2&ref=nyregion&oref=slogin&oref=slogin

 

[Jake]

Keep watching

Sorry for the cliche, but this could be one of those win-win situations. Blue Wolf - Atlas Holdings continue to operate the mill, 800+ people keep their jobs. Some key parcels of land are sold to NYS and put into the Forest Preserve. Development rights and conservation easements are purchased on the remaining 100,000+ acres and are mixe use recreation and sustainable forestry.