La Paloma Judge Won't Stay Order Scotching Enviro Liability
Law360, Wilmington (January 9, 2018, 9:49 PM EST) -- A Delaware bankruptcy judge declined Tuesday to stay his decision that La Paloma Generating Co. LLC’s buyer, senior creditor LNV Corp., is not on the hook for roughly $60 million in environmental costs under California’s “cap-and-trade” program while regulators appeal, ruling that the state’s chances for a successful challenge were slim.
During a hearing in Wilmington, U.S. Bankruptcy Judge Christopher S. Sontchi said the California Air Resources Board’s position that interpretation of the Golden State’s cap-and-trade statute requires LNV to owe the environmental liabilities related to the assets it bought isn’t strong enough for the challenge to pass muster at the...
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