Accounting rules as they relate to environmental liabilities is not the most interesting or stimulating of topics, but one that is about to get significantly more relevant for those involved in the M&A world. Issued December 4, 2007 as part of the Financial Accounting Standards Board’s plan to align U.S. accounting practices with international financial reporting standards, FAS 141(R) requires publicly held U.S.-based companies to, among other things, measure certain contingent liab ...     Read entire post

As many of you know, Bob Wenzlau of Terradex was appointed Task Group Chair to build a practice standard for landowner Continuing Obligations in October 2005. The proposed standard is entitled, “Standard Guide for Identifying and Complying with Continuing Obligations on Real Property Impacted by Chemicals of Concern.”   With the passage of the Brownfields Amendment in 2002, which amended CERCLA, a person must take certain actions both before and after acquiring title to commer ...     Read entire post

On Tuesday, EDR conducted a Vapor Intrusion (VI) Webinar for over 76 environmental attorneys and several US and Canadian petroleum companies. The speakers for Tuesday's webinar were Anthony Buonicore, Chairman of the ASTM Vapor Intrusion Task Group and Larry Schnapf, Esq., of Schulte Roth & Zabel LLP and intergalactic expert on VI issues. If you missed the webinar, here is a link to the recording: https://edrevents.webex.com/edrevents/lsr.php?AT=pb&SP=EC&rID=962362&rK ...     Read entire post

Recently, I attended an the CFO Green Conference held in New York City. Yes, you read that right—an environmental conference targeting CFOs! The mere fact that CFOs took the initiative to attend an environmental conference is a feat in and of itself. CFOs care about environmental. Click here for CFO.com’s summary of the conference. All in all, I enjoyed the day and the opportunity to rub elbows with CFOs at an environmental conference.  The CFO panelists s ...     Read entire post

In November 2003, DuPont agreed to sell its Textile and Interiors business to Invista for $4B. Turning the clock forward 5 years, on Wednesday, March 27, Invista sued DuPont Co. in the Southern District of New York for $800 million, citing serious environmental hazards and public health risks, including vapor intrusion. The suit claims widespread noncompliance by Dupont occurring at the manufacturing facilities during DuPont's ownership of the various Invista sites acquired from Dupont ...     Read entire post

I am often out in the field visiting with clients and speaking at conferences about solutions to address various environmental risk management issues. Over the course of my dealings, I have found one common question resonating with many in the industry: “How are my peers dealing with these issues?” This question should not be that surprising, as it is rare when corporate, legal and government professionals come together to share best practices and issues surrounding environ ...     Read entire post