News & Noteworthy
In Spring 2012, Swiss North American Properties, Inc. sold the last of its significant assets acquired from Reichhold, Inc. as part of a real property and environmental liability transfer transaction spanning 2006 through the present.
SNAP acquired a portfolio of surplus assets from Reichhold, Inc. in 2006. The assets, all of which had become surplus to the seller's operations, included locations in:
- Elizabeth, New Jersey,
- Baltimore, Maryland,
- Lupfig, Switzerland,
- Mexico City, Mexico
- Tuxedo Park, New York,
- Tacoma, Washington
- Lima, Ohio
- Columbia, Mississippi
- Pineville, North Carolina
Rich Crooker (Partner, Madison) managed all legal aspects of the transactions for SNAP, including:
- negotiation and performance of contracts to acquire the assets with environmental remediation and demolition contractors, environmental consultants and real estate brokers;
- transferring the assets from SNAP to new owners; and
- environmental insurance policies.
Rich advised SNAP in connection with environmental remediations to achieve "no further action" (or equivalent) determinations in the various States, as well as in Mexico and Europe, and provided general counseling and representation to SNAP regarding entity governance and dispute resolution, including selection of counsel and advisors with specialized or local expertise.
The Windels Marx team included Andrew Craig (Partner, Madison) for interaction with state environmental regulators and negotiation and execution of agreements by which the properties were transferred to new owners for renewed industrial development, and Jeremy Weiss (Associate, Madison) who provided legal research and analysis.
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