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Not the US, but I gained some insights into the legal treatment of industrial polution in Germany after working at two chemical companies. Over simplified, the last one to turn the lights off in a certain industrial site is stuck with the bill of cleaning up the mess. Decades upon decades worth of mess. Those sites are, by now, multi user sights, it is the users who are responsible for clean-up and costs, not the site owning entity. The result is, some of the sites are kept at minimum operations just to avoid the tremendous shut-down costs. Avoiding those costs by spining the operations off doesn't really work. The new entity would have to take the risk of shut-down costs, if it is clear those cannot be covered from the get go, it is the original entity that is in the hook. So, worst case, e.g. 3M wpupd have to declare bancruptcy. One common work around is to push those outdated operations down to other cheap skate companies, e.g. from Asia, who can buy them, including clean-up liabilities, for a symbolic price. Then they extract whatever value is left, before reselling it again. As long the overall site, or rather park, is operational this works. Which is bad for the last operator left, he risks being stuck with the bill. By the way, those costs for clean up are accounted for as potential liabilies in the balance sheets of operating companies. Just putting everything in seperate legal entity, and letting that one go bankcrupt, doesn't really work. Which is a good thing, IMHO. |