Corporate and Real Estate Transactions

Bankruptcy Court Finds Kerr-McGee Engaged in Fraudulent Transfer in Tronox Spinoff

bankruptcy, Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence / By

[Updated to reflect April 3, 2014 settlement] In what may be one of the most significant cases involving the application of fraudulent conveyance laws and environmental liability, the bankruptcy court for the Southern District of New York held that Kerr-McGee had engaged in a fraudulent transfer when it spun off various assets in 2005 into […]

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2nd Circuit Affirms Dismissal of Negligence Claim Agst Consultant

consultant malpractice, Corporate and Real Estate Transactions, Environmental Due Diligence / By

We have previously discussed Ridge Seneca Plaza, LLC v. BP Prods. North America, No. 6:06-cv-06333 (W.D.N.Y. 3/28/11) where the federal district case from the western district of New York ruled that a purchaser could not bring a malpractice claim against a consultant who had been retained by a bank. . We picked this case because it

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CMBS Special Servicer May Not Recover VI Test Costs Under Environmental Indemnity

Corporate and Real Estate Transactions, Environmental Due Diligence, Lender Liability, vapor intrusion / By

Earlier this year, we discussed   the federal district ruling in Orix Capital Markets, LLC v Cadlerocks Centennial Drive, LLC, 2013 U.S. Dist. LEXIS 48424 (D. Mass. 4/2/13) where a special servicer was allowed to pursue a guarantor despite the presence of an environmental insurance policy and was awarded over $100K in environmental investigation costs. This

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NYC OER To Issue Environmental Review and Assessment (ERA) letters

Brownfields, Corporate and Real Estate Transactions, Environmental Due Diligence, NYC OER / By

One of the key challenges facing purchasers of contaminated property is that the Bona Fide Prospective Purchaser, Contiguous Property Owner and Innocent Purchaser liability protections that are available under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or Superfund) and similar state laws are self implementing. While EPA may occasionally enter into a

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New York’s Quirky Rules for Heating Oil Storage Tanks

Corporate and Real Estate Transactions, Environmental Due Diligence, Navigation Law, oil spills, Underground Storage Tanks / By

Storage tanks used for the storage of heating oil for on-site consumptive use are excluded from federal underground storage tank (UST) program.  However, a number states including New York regulate heating oil tanks. There are approximately 3 million residential heating oil tanks in New York State. While home heating oil tanks for single family homes

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NYSDEC Proposes Changes to Petroleum and Hazardous Substance Storage Tank Regs

Corporate and Real Estate Transactions, Navigation Law, oil spills, Underground Storage Tanks / By

During the summer, NYSDEC issued draft revised regulations to its Petroleum Bulk Storage (PBS), the Major Oil Storage Facility (MOSF) program and the Chemical Bulk Storage (CBS) program. The revisions are intended to make the PBS and CBS regulations consistent with the federal underground storage (UST) regulations codified at 40 CFR Part 280 so that

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Should Consultants Use ASTM E1527-13 Prior to EPA Recognition?

CERCLA, Corporate and Real Estate Transactions, Environmental Due Diligence / By

On November 6th, ASTM announced that it has published its E1527-13 Phase 1 Standard for Environmental Site Assessments. Upon publication of a new ASTM standard, the prior version becomes obsolete. In a normal transition, environmental consultants would transition to using the new E1527 version like they did with the E1527-94, E1527-97 and E1527-00. However, this is not

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NYSDEC Adds New Categories of Sites To Database To Chagrin of Some Property Owners

Corporate and Real Estate Transactions, Disclosure of Environmental Liabilities, Environmental Due Diligence, Hazardous Waste, New York Brownfield Cleanup Program, oil spills / By

The New York State Department of Environmental Conservation (NYSDEC) recently announced that it had added approximately 1,950 sites to its Environmental Site Remediation Database Search database of sites that are subject to one of the agency’s remedial programs. The  NYSDEC said it was adding these additional sites to facilitate real estate transactions and address the

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Ct Allows Claim Agst Consultant For Missing Contamination at Lowe’s Site To Proceed

Brownfields, consultant malpractice, Corporate and Real Estate Transactions, Environmental Due Diligence, environmental insurance, oil spills, Underground Storage Tanks / By

Some time ago, we discussed the $14MM lawsuit filed by Lowe’s Home Centers  against a consultant. Lowe’s alleged  that the consultant failed to identify all areas that had been contaminated with PCBs and the store opening was delayed because of complications associated with the previously unknown PCB-contaminated soil was improperly disposed. The matter eventually settled Another

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NJ Shopping Center Owner Waits Too Long to Bring Spill Act Claim

Corporate and Real Estate Transactions, Environmental Due Diligence, NJ Spill Act, oil spills, Underground Storage Tanks / By

Commercial property owners and asset multi-family buildings usually retain property managers firms to handle the daily operations of properties ranging from leasing, record-keeping, routine maintenance and emergency repairs. We previously discussed on how the importance of property managers understanding environmental issues, particularly the nuances of the requirements heating oil tanks for multi-family buildings. A recent New

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