Tree farms and bankruptcy court

Alot has been made of the recent $603 million dollar bid dropped out of the blue by Texas billionaire Andy Beal, whose proposal is being taken seriously in the bankruptcy court.

You do have to laugh, though, when you realize the guy making the bid and claiming he had timberland holdings in Estonia, only has 48 acres...

"...Under questioning, (Jacob) Cherner (representing the business interest of Texas billionaire Andy Beal,) admitted Beal hadn’t performed much analysis on actually running the “tree farm” he intended to purchase, including researching timber harvest levels, timber marketing and securing a timber workforce.

Cherner told the court that Beal did have timberland holdings in the northern European country of Estonia.

According to federal financial 10-K405 forms, that property is 48 acres of timber lands Beal purchased in 1995 for $25,178."
PALCO bankruptcy on hold - Eureka Reporter 4/12/08

Google: andy beal estonia

Related:
TS Palco case rests without resolution 4/12/08
TS Attorneys, experts brawl over timber value 4/11/08
ER PALCO confirmation hearings enters third day 4/10/08
TS Mendocino Redwood on the stand in Palco case 4/10/08
TS Palco parties launch opening salvo 4/9/08
ER Attorneys for Mendocino Redwood Company start testimony to resolve PALCO bankruptcy 4/8/08
ER Schwarzenegger backs MRC plan for PALCO reorganization 4/5/08
TS Judge orders Palco, creditors to mediation 10/24/07
TS Mendocino Redwood floats Palco plan in Eureka 3/19/08
Those are just some of the articles on this subject, locally.

Just wondering if that point was noted in one of Lovelace's team member's live-blog accounts.