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Prevent Your Tenant Mix from Turning Your Property into a 'REC'
Over the past 30 years, an increasing number of properties have been and continue to be classified as having some kind of recognized environmental condition (a “REC”). The REC classification arises from the U.S. Environmental Protection Agency (the “EPA”) crackdown over the past few decades to ensure that property owners and the parties who are responsible for causing the contamination actually share in the cost and burden of the remediation process (42 U.S.C. ”9601 to 9675 (“CERCLA”).
In an effort to provide a road map or plan to address the issues, the EPA continues to further develop its regulations to make sure that the responsible parties are being held responsible (“the polluter pays”). The EPA has developed a methodology enabling various “innocent” parties to limit their liability regarding a contaminated property. This approval is embodied in the so-called 2002 Brownfields Amendments to CERCLA. See Small Business Liability Relief and Brownfields Revitalization Act (2002) Pub. Law 107-118. In many cases, Brownfields protections have proved to be an incentive to development as a particular contaminated property might not be a candidate for redevelopment if these guidelines were not in place. The methodology created by the EPA, while a vast improvement toward targeting the responsible parties, still places a significant burden on a landowner and prospective purchaser wishing to limit their environmental liability.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.