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Maxxam's buy-out of Pacific Lumber was delayed.

November 06, 1985

A superior court judge in Eureka, Calif., threw a wrench into plans by Maxxam Group to take over Pacific Lumber when he signed a temporary restraining order blocking the sale pending hearings on a stockholder lawsuit. The order prevents Maxxam from proceeding with its takeover until Nov. 25, when the judge will hear arguments in the class-action suit by stockholders who claim they are not receiving enough in the merger agreement. On Oct. 23, Pacific's board of directors approved a plan calling for Maxxam to pay $40 a share, or $872 million, for the company.

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