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Remsoft Analytics valuation model wins in PALCO bankruptcy case

July 18th, 2008

COURT CITES WITH APPROVAL OPINIONS OF EXPERTS USING REMSOFT ANALYTICS MODEL OVER OTHERS IN PALCO CASE


Fredericton, New Brunswick – July 18, 2008 – The battle to decide the final outcome of Pacific Lumber Co.’s (PALCO) bankruptcy confirmation proceedings has finally been determined. Judge Richard Schmidt confirmed on July 6 the reorganization plan for PALCO by Mendocino Redwood Co. and PALCO creditor Marathon Structured Finance Fund (Marathon), which will allow the two companies to reorganize the PALCO companies and run the commercial timberland and mill operations. The opinion that won Schmidt’s approval was an advanced analytics approach made possible by Remsoft’s technology.

In a 119-page Bankruptcy Court Finding filed by Schmidt on June 6, Schmidt declared that the advanced analytics methodology used by Marathon’s consultant was credible and held significant weight with the Court. Richard LaMont of Resource Programming Inc. served as Marathon’s valuation consultant and testified during the court proceedings as an expert witness.

The court’s findings state that, “Using the computerized model and taking into account species mix of the trees, age distribution of the trees, types of harvest methods, growth rates, local market conditions, and regulatory constraints, Mr. LaMont developed three different harvest scenarios, each of which utilized a 50-year forecast. The three scenarios reflect what a likely owner…would harvest from the property and test the response of harvest levels to different management and harvesting philosophies.”

“From the software standpoint, the PALCO case land valuation was a sophisticated planning model to be used in large scale valuation of timberland,” says LaMont. “Large scale appraisal work requires multi-criterion modeling, with spatial and inventory components all incorporated together to create realistic harvest level forecasts.”

By applying advanced analytics using Remsoft, LaMont accounted for and weighed multiple criterion then used spatial diversity modeling to consider those criterion against varying objectives to arrive at an accurate land valuation.

LaMont says, “I needed to do a realistic harvest level model to determine accurate cash flow and value scenarios. I used Remsoft to take into account harvest restrictions, no-cut areas, environmental restrictions, and other factors. This yielded the stand-level availability and forecast analysis that the court approved.”

Remsoft’s Analytics software provides decision-support and decision-guidance solutions aimed at identifying the best and most profitable strategies and action plans for an enterprise. The software is comprised of a model builder and optimizer that allow users to represent business or planning challenges in a way that reflects unique situations. Users then find the optimal solution.

About Remsoft
For nearly two decades, Remsoft has built its success on a combination of developing innovative and creative solutions, plus an overriding commitment to quality and unsurpassed service to its clients. Established in 1992 with a handful of clients, Remsoft software is now considered the standard in the resource management industry with more than 120 clients on five continents.

Remsoft software applications are now used in diverse industry sectors. The strength of its software lies in its flexibility. It enables analysts to build their own models to meet the specific needs of their industries. The Remsoft system is used in carbon sequestration, animal habitat management, biodiversity, soil and water quality management, infrastructure management, allocation optimization, aesthetic & recreation valuation, forestland certification and more.
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