Roux Associates’ evaluated a fraudulent conveyance claim brought on by the Department of Justice (DOJ) against a large chemical manufacturing company in which DOJ claimed that the company did not properly report its environmental reserves associated with various contaminated sites to the SEC. Many of these sites were impacted with vermiculite that had been mined at Libby Montana and then transported to various distribution centers throughout the U.S. The environmental portfolio also included Superfund sites contaminated with solvents, metals and other hazardous substances.
In addition to assessing future costs for assessment and remediation at approximately 35 sites across the United States, Roux Associates reviewed the methods and procedures by which the company established its environmental reserves. Roux Associates again relied upon its professional experience as well as applicable industry guidance including ASTM and GAAP.
Roux Associates also developed specific costing methods to estimate environmental assessment and remediation for vermiculite-impacted sites.