"The employee-owned company filed for Chapter 11 bankruptcy in December 2009. The mill’s leading creditor, Wells Fargo Bank N.A., petitioned U.S. Bankruptcy Court last month to liquidate the firm. Blue Heron shut down a few days later. About 175 workers lost their jobs.
In court documents, Wells Fargo says Blue Heron lost an additional $5 million after filing for bankruptcy while racking up approximately $7.8 million in court costs. Blue Heron missed a Feb. 15, 2011 deadline to pay its $107,049.08 property tax bill.
Wells Fargo’s liquidation request is on hold pending a March 22 hearing in Portland.
In the interim, Judge Randall Dunn ordered Blue Heron and Wells Fargo to negotiate over disposition of the assets. Those talks are ongoing, said Robert Vanden Bos, special counsel to Blue Heron on the case."
Source of Judge Randall Dunn Post and full post.