According to Frank frankdotlogullo@comcastperiodnet:

If you look at wood chemistry:
http://en.wikipedia.org/wiki/Lignin
and compare to phenolic resin:
http://en.wikipedia.org/wiki/Phenol_formaldehyde_resin
You see a lot of similarity. Both when completely burned give carbon
dioxide and water. That's why I say the composite should be as safe to
burn as wood.

"Completely burned" is the key here. In an open fire, will
phenol formaldehyde resin _completely_ burn, or will significant
quantities of outgas "escape" without burning. Certainly, in a
contained/controlled high temperature furnace, it'll only emit
CO2 and water. But an open fire is _very_ different.

Most locally available softwoods (especially pine) are essentially
entirely non-toxic. You can eat it - you can't digest it, but
it won't poison you. Phenols and formaldehyde are toxic. Phenols
are also known to have relatively high decomposition temperatures.
Takes quite a bit to get bakelite to "properly" burn, and in open
air the burn isn't even remotely "clean".

You don't want to be near burning bakelite (particle board
is essentially wood fibers in a bakelite matrix by implication
of that link). I've encountered overheated/scorched/burned
bakelite in electrical equipment. It ain't just CO2 and water
by a long shot.
--
Chris Lewis,

Age and Treachery will Triumph over Youth and Skill
It's not just anyone who gets a Starship Cruiser class named after them.