Bona Fide Prospective Purchaser Rules

Source: www.brownfieldassociation.org, Horinko
01/22/13

Purchasers and developers of Brownfields property are anxiously awaiting the U.S. Court of Appeals for the Fourth Circuit's decision in the Superfund case, Ashley II of Charleston, LLC v. PCS Nitrogen, Inc., No. 11-1662(L). The two key questions in this matter concern whether the property purchaser should have done or known more about the pre-existing contamination on the property at issue and also whether the purchaser had a prohibited relationship with the seller as evidenced by an agreement concerning cost recovery by the parties as well as efforts to prevent EPA from taking a cost recovery action at the property.... MORE