On March 1, 1999, at 11:56 p.m. Pacific Coast time, the people of the United States took title to the Headwaters Forest, the largest remaining stand of privately owned, old growth redwoods in the world. Uncertain until the end, the transaction was recorded only minutes before the $250 million appropriation of federal funds for the purchase expired.

The clock on the wall did not lie. The Headwaters transaction came within a whisker of failing. Indeed, on Saturday, February 27, newspapers across the country accurately reported that the deal was dead. The story of how the transaction was put back together and pushed across the finish line before the stroke of midnight on Monday, March 1, is an interesting tale of personalities and perseverance. But it is more than that. The difficult history of the Headwaters acquisition is a powerful reminder of the legal and policy challenges that so frequently bedevil our nation's efforts to conserve our natural resources and protect our biodiversity.