The Delaware Supreme Court ruled that a bidder that declined to proceed with a $170 million could not recover recoup $1.2 million in due diligence and negotiation costs. In RAA Management, LLC v. Savage Sports Holdings, Inc., 2012 Del. LEXIS 271 (Del. 5/18/12) , investment fund RAA Management (RAA) was invited by an investor bank […]
Non-Reliance Clause Bars Walk-Away Bidder From Recouping Diligence Costs Read More »
The latest installment of our “Home on the Bombing Range” series takes us to Florida at the site of what is now known as the former World War 2 Pinecastle Bombing Range (PBR). Virgilio v. Ryland Group, Inc., 2012 U.S. App. LEXIS 10094 (11th Cir. 5/18/12) is a class action lawsuit brought by purchasers of
11th Circuit Affirms No Liability For Developer In Florida Bombing Range Case Read More »
Often times, a consultant may be asked to make revisions to the first version of a phase 1 report that is provided to a client. It is not uncommon for the consultant to make the change but retain the original date of the report even when the change may be made several months later. A
Appraiser Decision Provides Lesson For “Updated” Reports Read More »
A California state court dismissed a negligence claim brought against an environmental consultant by residents of the infamous Ujima Village low income housing complex for failing to identify health risks associated with a former oil storage facility. The 300-unit Ujima Village complex had been constructed on a portion of the former 122-acre Athens Tank Farm
Consultant Not Liable to Residents of Housing Complex For Not Identifying Vapor Risks Read More »
In Lusk v First Century Bank, 2012 W. Va. LEXIS 241 (Sup. Ct. 4/27/12), the plaintiff/petitioners purchased a commercial property at an auction foreclosure sale. The Notice of Trustee’s Sale and Regency’s advertising notice stated that the sale was subject to “environmental regulations” and that the property was being sold in an “as is” condition.
Bank Not Liable For Auction Sale of Contaminated Property Read More »
Earlier this year, Freddie Mac recently clarified its environmental requirements for phase 1 reports issued for multi-family loans. The two key changes involve radon and asbestos. Excerpts for these two issues are below. The full text of the revisions are available from the link at the bottom of this post. Radon- Freddie Mac now requires
Freddie Mac Changes Radon and ACM Requirements for Multi-Family Phase 1 Reports Read More »
One of the more daunting tasks of environmental consultants and lawyers is to explain the environmental investigation and remediation process to clients and the public. Part of the problem is that many business people do not have a strong science foundation and may not understand some of the issues associated with environmental contamination. In addition,
Demystifying Environmental Investigations To Clients Read More »
The landmark NYC brownfield program demonstrates the economic benefits of brownfield programs. The Office of Environmental Remediation (OER) which is responsible for administering the program has calculated the benefits of the first 47 projects that enrolled in the program. The OER analysis indicates that these projects generated city revenue of $369 MM on a 30-
NYC Brownfield Program Generates $200 in tax revenues for every $1 of Cleanup Grants Read More »
Since vapor intrusion started to come into focus a decade ago, environmental consultants have been debating if vapor intrusion was covered by the standard phase 1 or needed to be specifically added to the phase 1 scope of work. This is not an academic discussion but a real concern to property owners and lenders who are
1993 EPA Memo Clarified CERCLA Jurisdiction For Indoor Contamination Read More »
The New York City Brownfield Partnership recently announced its 2012 Big Apple Brownfield Awards (BABA). For the second year in a row, one of our affordable housing clients has won an award. We helped Exact Capital gain entry into the New York State Brownfield Cleanup Program so that it could build an affordable housing project-Crotona
For a Second Consecutive Year, An Affordable Housing Client Wins Brownfield Award Read More »