Plum Creek Timber Co Inc – ‘8-K’ for 4/9/99 – EX-99

As of:  Monday, 4/12/99   ·   For:  4/9/99   ·   Accession #:  950172-99-405   ·   File #:  1-10239

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         2±     9K 
 2: EX-99       Exhibit 99.1 - Press Release                           1      8K 
 3: EX-99       Exhibit 99.2 - Stipulation of Settlement              13±    54K 
 4: EX-99       Exhibit 99.3 - Notice of Pendency of Class Action     15±    62K 

EX-99   —   Exhibit 99.1 – Press Release

                                                          EXHIBIT 99.1

Contact:   Michelle D. Monfor                                                   
Director, Investor Relations                              
(206) 467-3613 or 1-800-858-5347                          
WWW.PLUMCREEK.COM                                         
------------------                                        

PLUM CREEK REACHES SETTLEMENT IN LITIGATION RELATING TO REIT CONVERSION     
-----------------------------------------------------------------------     

 SEATTLE, WASHINGTON - April 9, 1999 - Plum Creek Timber Company, L.P.
(NYSE:PCL) announced today that the Company and its general partner have        
entered into an agreement settling all litigation relating to the proposed      
conversion of the Company into a real estate investment trust (REIT).           

Under the terms of the settlement, which remains subject to court   
approval, Plum Creek's general partner would be obligated to pay up to an       
aggregate of $30 million, which shall be paid into a fund to be                 
administered by plaintiff's counsel and overseen by the court for               
distribution to eligible Unitholders if certain five-year financial targets     
of the Company are not met. Payments, if any, would be scheduled to be made     
following the end of the five-year period, on or about April 15, 2004. Such     
payments, less court approved attorney fees, would be made to Unitholders       
who are beneficial owners as of the REIT conversion date.                       

The Company said that the settlement provides a benefit to          
Unitholders, halts the substantial expense, uncertainty and distraction of      
continued litigation, and enables the Company to move forward with the          
process of converting to a REIT. Rick Holley, Plum Creek's President and        
Chief Executive Officer, said "The Board and management continue to believe     
that the proposed conversion will help us achieve important strategic           
business objectives that will benefit all of our Unitholders."                  

As previously announced, the Company intends to hold the Unitholder 
vote on the proposed conversion on April 19, 1999. If Unitholder approval       
is obtained, the Company expects to convert to a REIT as soon as                
practicable following final court approval of the settlement. Court             
approval will be sought at a hearing scheduled for June 21, 1999.               

Plum Creek is one of the largest private timberland owners in the   
nation with timberlands and mills located in the Pacific Northwest,             
Southern and Northeastern United States.                                        

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing		Date		Other Filings
		4/15/04
		6/21/99		8-K
		4/19/99		8-K
Filed on:		4/12/99
For Period End:		4/9/99
				List all Filings