|Canadian Canoe Routes
|Guess who's left holding the bag!
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|Author:||Erhard [ December 7th, 2012, 11:44 am ]|
|Post subject:||Guess who's left holding the bag!|
It's about environmental clean-up. By all rights, the cost of resource extraction should be borne by the user of the product, and that includes the cost of fixing any environmental damage that has been done. Here's a story of how a company (and its customers, of course) can walk away and let the public purse pick up the cost.
From http://www.thestar.com/news/canada/poli ... an-up-case
Supreme Court rules against Nfld. in AbitibiBowater clean-up case
The Canadian Press
OTTAWA—The Supreme Court of Canada has ruled against the government of Newfoundland and Labrador in its effort to force insolvent newsprint giant AbitibiBowater Inc., to pay for an environmental cleanup.
The province wanted the top court to decide if a debtor’s statutory duty to remove environmental contamination is extinguished under Companies’ Creditors Arrangement Act.
The Montreal-based company, which now operates as Resolute Forest Products Inc., had filed for bankruptcy protection under the act in 2009.
The province wanted to force the company to clean up five contaminated sites at a cost estimated at between $50 million and $100 million.
The Quebec Court of Appeal earlier refused to hear the province’s appeal against the company.
The Supreme Court ruled 7-2 against the province.
|Author:||pknoerr [ December 7th, 2012, 3:16 pm ]|
|Post subject:||Re: Guess who's left holding the bag!|
Welcome to my world. GM was allowed to go through bankruptcy and the lawyers allowed them to put pennies on the dollar into escrow to clean up the dozens of plants around the country that were shuttered by the process. Bankruptcy of private supposedly well run companies create Billions of dollars of environmental cleanups by unneeded Government Agencies like the EPA and State environmental agencies all over the US every year. These are costs created by the companies we should give every benefit to attacting their jobs, prostitute our environmental laws to coddle, and then figure out how they push off all their legacy costs on to the public taxpayer.
I see it every day where the comapanies that made America great, GM, Ford, Chrysler, GE, Pfizer, CSX, Norfolk Southern, Delphi, Consumers Energy, DTE, Federal Mogul, ExxonMobil, Amoco (now BP), and hundreds more skip out of their enviromental costs, while European (Mahle, Smiths, FKI) etc. and Japanese companies (Yamaha, Hitachi) spend millions to ensure good relations with the environmental agencies, neighbors, and future land owners. )
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