Colleen,
Dare I be an optimist here, but the plan is to actually operate the site while cleaning it up. The previous owners simply refused to clean the site up, that is why they were fined, closed, and forced into bankruptcy.
Eagle, according to Wilmot, still has the backing by Uncle Sam for purchase and rehab of the site. The amount disclosed last year was for two separate loans for a total of US $10M. They can afford to buy the property, begin operations and clean-up. That is the plan that was "sold" to the Texas Dept of Natural Resources (The toxic waste operations permit holders/grantors) and the Texas Attorney General (the "Trustee").
However, according to Eagle, one of their stipulations in the purchase agreement is that the Trustee (The firm of Mr. Askinay) secure operational permits so that the site can become operational on day one of ownership. There seems to be a problem or unwillingness on the part of the trustee to do just that.
According to the EPA and Texas DNRR, the permits still exist for the property. IMO, what I gathered from the EPA is that the permits have to be updated and reissued to whoever becomes the new owner operator of the property. IMO there is probably a transaction fee involved.
On paper Swan Lake looks good, It is in the heart of an industrial complex that obviously could use a hazardous waste disposal site, projected revenues of $13M-$22M a year, IMO those would be more than enough to help offset the cost of an ongoing clean-up project.
In the end, rather than getting hyped up over the deal...I'll sit back and wait for some sort of a financial disclosure and a decent price pop. "Time, time, time is on my side."
Aloha |
