Northwestern Pacific Railroad Network

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Today's Wall Street Journal features an article about Scotia and Marathon Asset Management which now owns the town as a result of The Pacific Lumber Co's bankruptcy in 2008.

No mention of the NWP, but interesting tidbits about town life and history.  For example, I didn't know that the whole town was built and owned by the lumber company -- residents were merely renters.

Marathon is working to sell assets, and residents will get first crack to buy their homes.

One excerpt:  "Built by Pacific Lumber Co., or Palco, starting in the 1880s, Scotia suggests a Saturday Evening Post cover.  Neat rows of houses sided and floored in redwood are painted in one of five approved pastel colors.  Former horse barns shelter cars.  For generations, workers and their families rented company homes, gave birth at the company hospital and worked at the company's mills."

Some cool "then and now" photos of B street, 7th street, and the Scotia Inn.

The Firm That Owns Scotia

If the above link fails to reveal the whole article, search for "scotia wall street journal" in google news.  You will get a link that works one time only.  Search again to get a new link, if needed.

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The article states the following:

In 2010, Marathon filed an analysis with Humboldt County showing it expected to sell the homes for between $175,000 and $225,000.  At the high end of that range, the fund would collect more than $60 million from the sales.  Mr. Bacik said the homes should be among the most affordable in the county.

Whether current tenants will buy in Scotia is an open question. Longtime resident Richard Walsh, 65, one of several residents elected to help run the town as Marathon steps back, said recently that he was considering buying.  He wants to hold off until he has an idea of whether locals will end up owning most of the homes or if they will just be snapped up by another big investor.

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