Back in October 2011, we discussed a failed $35MM development project where a bank sought damages from three environmental consultants for failing to anticipate methane gas problems at the development site. The plaintiff, BancorpSouth Bank, was a successor by merger to The Signature Bank that had financed the project. The project consisted of 150-acre site that […]
Ct Allows CERCLA Claim Agst Bank To Proceed In Methane Case Read More »
The twin rulings in Westwood Dev. Partners, LLC v. Draper, 2012 Del. Super. LEXIS 161, 2012 Del. Super. LEXIS 162 (Del. Super. Ct., Mar. 29, 2012) eluded our radar screen last year due to the end of the year crush of deals. While these rulings are admittedly a bit stale, we are sharing them since they provide
Parties Must Proceed To Trial on Meaning of “Satisfactory Phase 1” Contingency Read More »
Last year, we criticized the ruling in Stratford Holdings LLC v Fog Cap Retail Investors LLC where the district court for the southern district court of Georgia appeared to conflate reporting obligation of section 103 of CERCLA with the cost recovery and contribution provisions of CERCLA when the court granted a motion to dismiss by the defendant
4th Circuit Allows Landlord Cost Recovery To Proceed Read More »
ORIX Capital Markets, LLC v. Cadlerocks Centennial Drive LLC, 2013 U.S. Dist. LEXIS 6081 (D. Mass. 1/15/13) involved a relatively small commercial loan but offers lots of lessons for borrowers, their counsel and environmental consultants. In this case, Salomon Brothers Realty Corp. (Solomon) extended a ten-year loan in the amount of $1.925MM to Cadlerocks Centennial
CMBS Special Servicer May Pursue Guarantor Despite Environmental Policy Read More »
The United States Court of Appeals finally issued its much anticipated ruling in PCS Nitrogen v Ashley II of Charleston, 2013 U.S. App. LEXIS 6815 (4th Cir. 4/4/13) last week. However, the wait turned out to be much ado about nothing. The court affirmed the district court rulings but did not clarify perhaps the most
Fourth Circuit Affirms Ashley Rulings Read More »
The ASTM task group that is responsible for finalizing the E1527 phase 1 standard has completed its final proof-reading and editorial changes. The revised standard will now go to EPA for approval. If EPA blesses the changes( which we believe it will), the E1527-13 will become the equivalent for complying with the All Appropriate Inquiries
Revised ASTM Phase 1 Standard To Be Reviewed by EPA Read More »
We have frequently written on the heightened risks that lenders face when foreclosing or taking control of the property of defaulted borrowers. See Ohio Bank to Reimburse EPA. Despite several high-profile enforcement cases such as the HSBC case in New York that illustrate the potential exposure that lenders face when they take control over a borrower’s
Bank Agrees To Reimburse EPA for Post-Foreclosure Removal Action Costs Read More »
The United States Court of Appeals for the Fourth Circuit heard oral argument in early December on the appeal of the Ashley II of Charleston v PCS Nitrogen decision, 2010 U.S. Dist. LEXIS 104772 (D.S.C. 9/20/10). The case involves a 43-acre Columbia Nitrogen Superfund Site in the Upper Peninsula area of Charleston, South Carolina. The
4th Circuit Hears Oral Argument on Ashley II Case Read More »
EPA entered into a prospective purchaser agreement (PPA) with Philadelphia Energy Solutions LLC (PES) and Philadelphia Energy Solutions Refining and Marketing LLC (PE R&M) to facilitate the continued operation of two Sunoco Philadelphia refineries. PES is a joint venture of The Carlyle Group LLC and Sunoco Inc (Sunoco). PES is the indirect owner of PE
EPA Enters Into CERCLA and RCRA PPAs Read More »
EPA has revised its three model letters that may be used by regional offices when drafting site-specific comfort/status letters for lessees involved in renewable energy projects on contaminated property. The letters are intended to provide lessees who are contemplating leasing property for a proposed renewable energy development and request a comfort/status letter from the EPA. The letters describe the information