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(CNN)   Company connected to West Virginia chemical spill that contaminated water for more than 300,000 people, Freedom Industries, files for Chapter 11 bankruptcy. Well that didn't take long   (cnn.com) divider line 40
    More: Followup, chemical accident, West Virginia, clean coal, United States bankruptcy court, water pollutions, bankruptcy, safe  
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4591 clicks; posted to Main » on 17 Jan 2014 at 5:24 PM (34 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

2014-01-17 04:53:26 PM
9 votes:
Could I kill someone one day, declare moral bankruptcy the next day and walk away from the whole thing? If corporations are going to be people I want to be a corporation.
d23 [TotalFark]
2014-01-17 03:53:20 PM
9 votes:
You do realize this means there will now be absolutely no one at all that suffers any penalty... except the people of WV, of course.
2014-01-17 05:30:29 PM
6 votes:

d23: You do realize this means there will now be absolutely no one at all that suffers any penalty... except the people of WV, of course.


The Federal Prosecutors are talking about "piercing the corporate veil", in other words prosecuting the actual executives personally for this instead of the company.

The US Attorney for that area lives in Charleston, and was personally affected by this, I think he's personally irate with Freedom Industries and is going to see if he can land every one of those SOB's in Federal PMITA prison.
2014-01-17 05:38:37 PM
4 votes:
I guess Freedom really IS just a word for "nothing left to lose."
2014-01-17 05:32:07 PM
4 votes:
Back in the day the guy who owned that company would have gotten lynched, possibly tarred and feathered. Now he goes bankrupt and gets to go setup another company and pull this shiat some place else. This is like his third time doing that isn't it?
2014-01-17 05:30:28 PM
4 votes:
How exciting! This enables the Job Creators to make a clean break from the overbearing regulators who are crushing the free market. Now they can move their assets to another corporate structure, and continue adding Freedom Chemicals to water in other places. Yay Land of Opportunity!
2014-01-17 03:47:59 PM
4 votes:
See? There IS a death penalty for companies! (After the execs and decision-makers have taken home their 8-figure golden parachutes.)
2014-01-17 05:35:38 PM
3 votes:

Silverstaff: The US Attorney for that area lives in Charleston, and was personally affected by this, I think he's personally irate with Freedom Industries and is going to see if he can land every one of those SOB's in Federal PMITA prison.


Which is basically the same reason Bernie Maddoff went to jail and Jamie Dimon is still livin' large. Madoff stole from the people who mattered, so he got the full force of the law. Dimon simply farked over millions who can't turn proper regulation into a personal vendetta.
2014-01-17 03:59:35 PM
3 votes:

d23: You do realize this means there will now be absolutely no one at all that suffers any penalty... except the people of WV, of course.


It's a bit early to conclude that. Chapter 11 is reorganization, not liquidation.
2014-01-17 10:57:17 PM
2 votes:

Nina_Hartley's_Ass: The owner just formed a new company to buy the assets of his old bankrupt company.

But not the liabilities.


This guy needs to hang from the town square.
2014-01-17 06:05:36 PM
2 votes:

Nana's Vibrator: I would just love to see the maintenance, safety records, and bookkeeping practices they employed just prior to announcing the spill.
/no I wouldn't.  Someone just tell me they were corrupt.


They hadn't been inspected in twenty years. Draw your own conclusions.

/serious as a heart attack
2014-01-17 05:40:57 PM
2 votes:
Freedom Industries?

Holy Carp, did they get that from the Orwellian Company Name Generator?
2014-01-17 05:33:32 PM
2 votes:
In a previous thread, someone mentioned that they were a subsidiary ultimately of the Koch Brothers.  I wouldn't be surprised if they were, but is there proof?  Others in that thread were skeptical too.  Was any proof provided that they're at the far end of the line?
2014-01-17 05:31:21 PM
2 votes:

Diogenes: The chemical, 4-methylcyclohexane methanol, got into water supplies after it leaked out of a storage tank and poured into the Elk River near an intake for a West Virginia American Water Co. treatment plant.

Officials detected the 7,000-gallon leak eight days ago, on January 9. More than 7,000 gallons of the chemical, which is used to clean coal, leaked into the river, according to officials.

I don't see what the big problem is.  It's basically soap.


Then go ahead and drink a glass of it.
2014-01-17 05:30:00 PM
2 votes:
So they're going to spin off all of their business into their new business next week?
2014-01-17 04:56:08 PM
2 votes:

Nabb1: Chapter 11 is reorganization, not liquidation.


Well, you wouldn't want these guys around anything liquid again,  now, would you?
2014-01-18 02:45:31 PM
1 votes:

Snarfangel: Four Horsemen of the Domestic Dispute: [blog.cleanenergy.org image 670x450]

How's that "Clean Coal" working out for ya??

Woops.

Looks like those solar panels and windmills aren't so scary after all

[www.newscientist.com image 600x460]


Not pictured:  A large portion of a state being farked, possibly permanently,
2014-01-18 02:29:54 AM
1 votes:
He should hang from the town square, in pieces.
2014-01-18 12:01:08 AM
1 votes:

MechaPyx: Nina_Hartley's_Ass: The owner just formed a new company to buy the assets of his old bankrupt company.

But not the liabilities.

That should be illegal. =/


I mean really....If you fark up like this there damn well ought to be consequences. I don't even live there and I'm sorely tempted to add some lead to this guy's diet.
2014-01-17 11:56:19 PM
1 votes:

Nina_Hartley's_Ass: The owner just formed a new company to buy the assets of his old bankrupt company.

But not the liabilities.


That should be illegal. =/
2014-01-17 07:01:38 PM
1 votes:

cretinbob: vygramul: See? There IS a death penalty for companies! (After the execs and decision-makers have taken home their 8-figure golden parachutes.)

Well, yeah. He'll make more money going bankrupt than staying open and getting the fark sued out of him. If the company doesn't exist, they can't pay out see. So if he puts all the money in his pocket and starts a new companny with the same assests doing the same thing, he's a reall 'Murican hero.3

I hope the judge sees through this assholes game and tells him to sit the fark down and take it up the ass like he needs to.


We should require that all corporations carry liability insurance that will pay for environmental cleanups and any civil or criminal penalties in the event of bankruptcy.  It might help reduce the instances of this sort of thing happening if corps had insurance companies looking over their shoulder and raising their premiums whenever they saw lax maintenance standards.  And the execs might find moving on to that new company more difficult when the new one becomes basically uninsurable for any reasonable amount of money.
2014-01-17 06:59:37 PM
1 votes:
So if you think you can get out from under your crushing student loan debt by declaring bankruptcy, forget about it.  But avoid responsibility for contaminating the drinking water for over 300,000 people for a week or more by declaring bankruptcy, absolutely.
2014-01-17 06:24:01 PM
1 votes:

mgshamster: kbronsito: I was trying to remember on Jared Diamond's Collapse... wasn't there a chapter entirely about how mining companies aren't actually all that profitable due to regulations and having to pay clean up costs so basically what they do is to squeeze out as much profit as they can while ignoring regulations until they pollute the fark out of  something or a bunch of workers die in an accident and then they file for bankruptcy. And the only reason why mining states aren't more farked up to the point of having their society's collapse due to pollution is because the federal government picks up the tab for clean up.

They're called superfund sites.

And yes, lots of companies do this.


I was just thinking that this really isn't an accident. It's a business model.
But a bunch of questions/assumptions that I'm trying to figure out.... this would then mean that our minerals are provided more cheaply to the businesses that buy them because we are subsidizing the clean up part of the business and they also cut corners on prevention? If we actually somehow close this loophole that created this model, would the impact of more expensive minerals to the national economy be more or less than what we spend having the Federal government clean up? In general could that difference enough to justify the environmental damage?And instead of having the Federal government come in after the damage is done... would there not be advantages to have the federal government pay for all the expenses related to preventing the damage? Although... wouldn't the purchase of any equipment for prevention be deductible business expenses already? So does it even make sense to suggest that the government should pay for those (maybe subsidize prevention further in some other way... providing capital for it perhaps)? What I guess I mean is that there's gotta be a way to provide a better incentive for the companies to actually comply with the regulations instead of having this bankruptcy mining business model sham... or maybe we need to pay more for our minerals. Is this still making sense. I'm trying to solve this whole mining problem here on fark... where complex political and sociological problems are constantly solved.
2014-01-17 06:23:52 PM
1 votes:

DoctorCal: AgentPothead: Back in the day the guy who owned that company would have gotten lynched, possibly tarred and feathered. Now he goes bankrupt and gets to go setup another company and pull this shiat some place else. This is like his third time doing that isn't it?

Please explain what "day" that happened on.


March, 1917 - October 1917.
2014-01-17 06:14:19 PM
1 votes:

AgentPothead: Back in the day the guy who owned that company would have gotten lynched, possibly tarred and feathered. Now he goes bankrupt and gets to go setup another company and pull this shiat some place else. This is like his third time doing that isn't it?


Please explain what "day" that happened on.
2014-01-17 06:03:27 PM
1 votes:
Assholes.
2014-01-17 06:02:04 PM
1 votes:

kbronsito: I was trying to remember on Jared Diamond's Collapse... wasn't there a chapter entirely about how mining companies aren't actually all that profitable due to regulations and having to pay clean up costs so basically what they do is to squeeze out as much profit as they can while ignoring regulations until they pollute the fark out of  something or a bunch of workers die in an accident and then they file for bankruptcy. And the only reason why mining states aren't more farked up to the point of having their society's collapse due to pollution is because the federal government picks up the tab for clean up.


They're called superfund sites.

And yes, lots of companies do this.
2014-01-17 05:56:21 PM
1 votes:
@nycsouthpaw has a pretty good rundown of this in his recent timeline.
2014-01-17 05:53:47 PM
1 votes:
The Libertarian dream.  If a company wrongs you, then file a lawsuit!  Oh, the money to make amends doesn't exist?  Uh, FREEDOM!
2014-01-17 05:51:47 PM
1 votes:
I was trying to remember on Jared Diamond's Collapse... wasn't there a chapter entirely about how mining companies aren't actually all that profitable due to regulations and having to pay clean up costs so basically what they do is to squeeze out as much profit as they can while ignoring regulations until they pollute the fark out of  something or a bunch of workers die in an accident and then they file for bankruptcy. And the only reason why mining states aren't more farked up to the point of having their society's collapse due to pollution is because the federal government picks up the tab for clean up.
2014-01-17 05:45:39 PM
1 votes:
LOL, the company can't POSSIBLY be called that, Subby, you son of a bi....

*Click*

Holy shiat.

/wonder who made this decision
//and who is being protected by making it
2014-01-17 05:39:04 PM
1 votes:

cryinoutloud: I heard this while I was out walking the dog, and I started yelling at clouds. "Of course you did! You motherfarkers!!"



I saw that. Several teenagers immediately got off your lawn.  Good job!
2014-01-17 05:37:14 PM
1 votes:

MadCat221: Diogenes: The chemical, 4-methylcyclohexane methanol, got into water supplies after it leaked out of a storage tank and poured into the Elk River near an intake for a West Virginia American Water Co. treatment plant.

Officials detected the 7,000-gallon leak eight days ago, on January 9. More than 7,000 gallons of the chemical, which is used to clean coal, leaked into the river, according to officials.

I don't see what the big problem is.  It's basically soap.

Then go ahead and drink a glass of it.


And add some delicious pepper spray!
2014-01-17 05:35:05 PM
1 votes:

Silverstaff: d23: You do realize this means there will now be absolutely no one at all that suffers any penalty... except the people of WV, of course.

The Federal Prosecutors are talking about "piercing the corporate veil", in other words prosecuting the actual executives personally for this instead of the company.

The US Attorney for that area lives in Charleston, and was personally affected by this, I think he's personally irate with Freedom Industries and is going to see if he can land every one of those SOB's in Federal PMITA prison.


Right up until the moment someone hands him a big, fat check, I'm sure he has every intention of prosecuting to the fullest extent of the law.
2014-01-17 05:33:56 PM
1 votes:
I heard this while I was out walking the dog, and I started yelling at clouds. "Of course you did! You motherfarkers!!"
2014-01-17 05:32:02 PM
1 votes:

MFK: Can they really get off the hook this easy?


They aren't really off the hook.  They are incurring expenses at a rate that prevents them from servicing loans, paying vendors, etc. and Chapter 11 is a court-sanctioned way to prioritize how they spend what they have until they restructure loans and/or start bringing money in again.
2014-01-17 05:30:02 PM
1 votes:
I would just love to see the maintenance, safety records, and bookkeeping practices they employed just prior to announcing the spill.
/no I wouldn't.  Someone just tell me they were corrupt.
2014-01-17 05:27:37 PM
1 votes:
"Freedom Industries"? Oh come on
2014-01-17 04:58:17 PM
1 votes:

vudukungfu: Nabb1: Chapter 11 is reorganization, not liquidation.

Well, you wouldn't want these guys around anything liquid again,  now, would you?


{rimshot}
2014-01-17 04:38:04 PM
1 votes:

Nabb1: d23: You do realize this means there will now be absolutely no one at all that suffers any penalty... except the people of WV, of course.

It's a bit early to conclude that. Chapter 11 is reorganization, not liquidation.


Still, unless I'm mistake, I think tort claims, settlements and court decisions are unsecured creditors, and lenders come first in order of payment priorities, no?
 
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