Trump Organization Will Likely Pay Millions to Clean Polluted Site
February 7, 2017 by Ken Silverstein
The Trump Organization will likely pay millions of dollars to clean up a polluted site once overseen by the president’s son, Donald Jr. The New York Times is reporting that South Carolina regulators made the decision on Tuesday — one in which the company had wanted to limit its liabilities at the industrial site in North Charleston.
Neither the president nor the company for which he has a majority stake would comment on the unit known as Titan Atlas Manufacturing, which began in 2010 and which ultimately failed in 2012.
The New York Times reported that in 2014 Trump Sr. had to bail out his son, who owed $3.65 million in outstanding bank loans. Trump Sr. then created a new entity, which took over the loan and the six-acre site. The revised entity, called D B Pace, had subsequently applied to a state program in the hopes that the public funds would limit the company’s pollution liability.
But to quality for the protection, the story continues, the buyer can’t be related to the seller. In other words, the seller can’t evade his or her duty to clean up the site by getting a parent to buy them out. The seller has to find a buyer with whom they they are not related or have no financial ties ...
https://www.environmentalleader.com/2017/02/trump-organization-will-likely-pay-millions-clean-polluted-site-south-carolina/
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