[CPEO-BIF] GM Cleanup Trust

[Lenny Siegel <lennysiegel@gmail.com>]

U.S. Enters Cleanup Settlement With Old GM


By JOHN KELL
Wall Street Journal
October 20, 2010

The company that holds the scrapped assets of the former General Motors 
Corp. reached a $773 million deal Wednesday with the Justice Department 
that should lead to the cleanup of hazardous waste on properties in 
several states.

Under the agreement, old GM, formally known as Motors Liquidation Co., 
will pay more than $641.4 million in cash and contribute additional 
non-cash assets valued at $120 million for the cleanup of 89 properties 
and sites, 59 of which are known to have been contaminated with 
hazardous substances or waste.

The settlement is designed to speed the sale of the company's 
properties. It aims to ensure prospective deals don't get tied up in 
disputes between current owners and state and federal environmental 
agencies over who is responsible for cleanup costs, a senior Obama 
administration official said Wednesday.

...

For the entire article, see
http://online.wsj.com/article/SB10001424052702304741404575564300963000826.html?mod=googlenews_wsj

There are numerous other articles focusing on local allocations, such as
http://www.crainsdetroit.com/article/20101024/FREE/310249962/cleanup-of-contaminated-gm-sites-nears-26-million-slated-for-metro

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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