 This in part led PALCO to file for bankruptcy in January 2007.By late in 2008 The Pacific Lumber Company ceased to exist.Pacific Lumber (or PL, as locals have known it for generations) began during the heat of the US Civil War in 1863 when A. W. McPherson and Henry Wetherbee purchased of timberland on California's Eel River at the rate of $1.25 per acre.