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GILCHRIST TIMBER CO. PAYS $3.69 MILLION SETTLEMENT

 PORTLAND, Ore., Oct. 19 /PRNewswire/ -- Gilchrist Timber Co. and individual shareholders, officers and directors have paid a $3,690,000 settlement on a case brought in U.S. District court in Portland by a former shareholder, the company announced today.
 The Mariette Gilchrist Howell Trust alleged in court papers that it had been wrongfully forced to sell 12.5 percent of the stock in the company for the unfairly low price of $650 a share in 1986, arguing that the actual value of its stock was 10 times higher.
 When the assets of Gilchrist Timber Co. were sold in 1991 for $136,500,000 to Crown Pacific Ltd., all the other stockholders received about $6,500 a share.
 The Mariette Gilchrist Howell Trust still is suing the Portland law firm Miller, Nash, Wiener, Hager & Carlsen in federal court for its involvement in the 1986 transaction. A trial date is set for Feb. 22, 1994.
 Gilchrist Timber Co., a family company, owned about 100,000 acres of prime timberland in central Oregon near the town of Gilchrist, the last company town in Oregon.
 -0- 10/19/93
 /CONTACT: Jerome LaBarre, Esq., of attorneys for plaintiff, 503-228-3511/


CO: Gilchrist Timber Co.; The Mariette Gilchrist Howell Trust; Miller,
 Nash, Wiener, Hager & Carlsen; Crown Pacific Ltd. ST: Oregon IN: PAP SU:


IC-RB -- SE019 -- 1905 10/19/93 19:48 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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