Bankruptcy Actions Involving Environmental Legacy Portfolios
This Article reviews the legal and environmental issues in bankruptcy matters involving: (1) a trustee responsible for dispersing funds to stakeholders, including those responsible for addressing environmental liabilities; or (2) alleged fraudulent transfer actions claiming inadequate environmental cost projections for environmental liabilities. In the first instance, the trustee must assign current costs for necessary and appropriate actions to achieve regulatory closure so that excess funds can be distributed to remaining stakeholders.