A GROUP of landowners who leased to failed agribusiness giant Timbercorp are expected to hold off seizing the bluegums on their land.
The landholders have a legal right to the trees due to Timbercorp failing to pay rent on the land - currently the trees are owned by Timbercorp's forestry project investors.
An agreement forged in the Federal Court on Monday means liquidator KordaMentha will have until October to decide the fate of the forestry assets.
Liquidator Mark Mentha warned investors could lose their trees if the matter was not resolved soon.
Timbercorp forestry investors will meet at Etihad Stadium in Melbourne this week to debate the future of the schemes.
KordaMentha has fielded strong offers from Australian and overseas companies for the Timbercorp forestry assets.
Mr Mentha said the strongest interest was to buy all forestry assets - trees included - outright. About 9000 people invested $800 million in Timbercorp's forestry schemes.
Meanwhile, an affidavit by liquidator Mark Korda raises questions about the motives of Japanese woodchip trader Marubeni.
Marubeni is major shareholder in WA Plantation Resources Pty Ltd and WA Chip & Pulp Co Pty Ltd.
WAPRES issued default notices on Timbercorp to seize land and trees for unpaid rent, after Marubeni sent emails that seemed to suggest it would not take a woodchip shipment, the affidavit said. Marubeni had historically bought 100 per cent of Timbercorp's chips.
"I believe that the position the Marubeni/WAPRES interests are adopting in relation to their role as landlords also advances their own commercial interests," Mr Korda said.




