A federal court found there were triable issues if a purchaser qualified as a bona fide prospective purchaser (BFPP) because of alleged flaws in a phase 1 environmental site assessment. In Stratus Redtail Ranch LLC v. IBM, 2022 U.S. Dist. LEXIS 8723 (D. Col. 1/18/22), the plaintiff had acquired a 290-acre parcel of agricultural land […]
A federal district court ruled that methane migrating from a closed landfill to a residential development project constitutes an imminent and substantial endangerment under section 7002 of the Resource Conservation and Recovery Act in Marcas, L.L.C. v. Bd. of County Comm’rs,2013 U.S. Dist. LEXIS 104380 (D.Md. 7/25/13). The court also followed an emerging trend and
A federal bankruptcy court authorized the owner of the upscale Marble Cliffs Crossing Apartments complex in Columbus, Ohio to install a methane gas remediation plan over the objections of the purchaser of the mortgage note, holding that the plan was necessary to protect the safety of tenants and was critical for preserving the value of
Methane Gas, an Apartment Complex and a Bankruptcy Filing Read More »
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 »
A federal district court ruled that a Maryland county government was liable to a developer for damages resulting from the migration of landfill gas from a closed landfill to a planned development community. The court held that developer was entitled to recover response costs under CERCLA and that the subsurface migration of methane gas and VOCs
County Liable to Developer for Migration of Landfill Gas Read More »
Earlier this year, I discussed the BNY Mellon v Morgan Stanley Mortgage Corp where the defendant/mortgage originator has been sued by the CMBS trust for a $80MM shopping center loan where methane gas issues led to a default. See detailed post at: http://lschnapf.blogspot.com/2011/07/cmbs-lender-kept-in-case-over-questions.html Now we have another case involving a $35MM development loan where a
$35MM Landfill Brownfield Project Derailed By Methane Gas Read More »