$2,200,000 Direct Cost Savings by Successfully Resolving Extremely Complicated Environmental Contamination Issue on a Commercial Property that could have caused a Total Loss to our Client.
- During a refinance, the lender’s environmental consultant recommended a Phase 2, which identified a major contaminant. The original Phase 1 consultant missed it, but had since gone out of business so our Client had to accept responsibility for the clean-up, which was substantial.
- Fortunately, the contamination was traced back to multiple aerospace companies 50+ years prior that still exist and have deep pockets. A fixed cost settlement was reached and our client only had a small portion of the responsibility. We were not involved in putting this agreement together.
- Our Client brought us in when the Fixed Cost Vendor could not perform. We managed the process of finding a new vendor with better financials at a $2M reduced cost, and avoiding $200,000 in additional legal fees associated with putting the agreement back together. The process, while incredibly complicated, gave us unique insights on how to handle the most complicated issues.