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 »
We have previously reported on how disposal of fill material tends not to be well-regulated. During the real estate bubble demand for aggregate was at a premium. Due to the scarcity and cost of aggregate or fill material, contractors often use pulverized construction debris from other construction sites as fill material. Despite the fact that
Consultant Unable To Escape NJ Contaminated Fill Case Read More »
In a case that may have implications for fracking operations, a federal district court for the western district of Virginia allowed property damage claims to proceed against a coalbed methane operator. In C.J. Ritter Lumber Co., Inc. v Consolidated Coal Co., 2011 U.S. Dist. LEXIS 95131 (W.D. Va. 8/25/11), the plaintiff entered into coal leases
Claims Against Coalbed Methane Operator Allowed to Proceed Read More »
The title of this post sounds like a teaser to a bad joke but unfortunately it refers to the latest round of motions in two sprawling lawsuits involving a defunct planned community that was to be developed on what proved to be a part of a world war 2 bombing practice range. The defendants include
A Lawyer, an Underwriter and an Appraisor-An Update Read More »
When retaining environmental consultants, one of the key issues to review in the consultant’s standard terms and conditions is the limitation of liability (LOL) clause. This clause frequently seeks to cap the consultant’s liability at the amount of its fees. Because consultants are usually expected to carry at least $1MM in liability coverage, clients often want consultants to be liable
Ct Upholds Limitation of Liability in Consultant Negligence Case Read More »
In the wake of the Great Recession, many foreign investors are buying bulk quantities of condominium units at what they perceive to be distressed prices for projects located in certain gateway cities such as Miami and New York. Frequently, these condominium projects are developed on brownfield sites. In phased transactions where multiple buildings are constructed
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 »