A shell company lasted only weeks before filing bankruptcy after polluting a West Virginia river and drinking water for 300,000 people. No assets, no insurance, as near as I can tell. Sabal Trail Transmission is a shell company owned by Spectra Energy and NextEra and managed by Spectra: what assets does it have, and what insurance has it offered in case its pipeline corrodes and leaks like Spectra has been fined for or one of its compressor stations leaks like in Pennsylvania or Maine or residents have to evacuate as Spectra’s Susan Waller said would happen in case of a “true emergency”? Who will pay for the local first responders, or property damage, or a polluted aquifer?
Nick Visser wrote for The Huffington Post 17 January 2014, Freedom Industries, Company Behind West Virginia Chemical Spill, Files For Bankruptcy,
According to bankruptcy filings, Freedom Industries, wholly owned by Chemstream Holdings Inc., filed for Chapter 11 bankruptcy on Friday. Freedom Industries owns the storage facility responsible for leaking up to 7,500 gallons of 4-methylcyclohexane methanol (a coal-cleaning chemical also known as crude MCHM) into West Virginia’s Elk River.
And Freedom Industries was only formed a few weeks ago. Steven Mufson wrote for the Washington Post (undated), One week after W. Va. toxic spill, new owner of Freedom Industries puts firm in bankruptcy,
It took just one week for Pennsylvania coal mining executive Cliff Forrest, the new owner of Freedom Industries, to discover that one of the six-decade-old storage tanks he had acquired Dec. 31 was leaking a toxic chemical into the Elk River that supplies water to about 300,000 West Virginians….
Forrest, through another firm he owns, paid Continue reading WV polluter files bankruptcy: why should we expect better from Sabal Trail?