Money-losing subsidiaries have to go

Although timber harvesting, Sealaska Corp.'s core business for 21 years, is doing well even in a down market, things have gone sour on some promising new ventures and the stock market hasn't cooperated.

For the first time in 17 years, the Southeast Native regional corporation will report a loss.

Before he left the top job, Loescher had put Sealaska on a correction course.

"These are rough waters for Sealaska right now, but we're taking the appropriate actions to deal with them," Loescher said in a December report to shareholders.

"We are implementing an immediate action plan to correct the financial situation, by selling off or writing down Unproductive assets," he said.

A new strategic plan will have Sealaska move away from operating companies and toward venture-capital type opportunities and partnerships with other businesses.