Tower Looks To Dump Asbestos Liability

Law360, New York (August 9, 2006, 12:00 AM EDT) -- Bankrupt Tower Automotive Inc. has revealed it is seeking court approval to sell an 86-acre plot of land partially contaminated with asbestos.

If the land—located at 3500 West Capital Drive in Milwaukee, Wis.—and its defunct manufacturing facilities didn’t need substantial environmental remediation, its fair market value would be $7.5 million, court documents say.

But because of the need for remediation, including asbestos removal, Tower argues, $2 million is a fair price. In addition to $2 million in cash—a figure that is $200,000 higher than the proposed...
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