Bankruptcy for Firm Responsible for WV Toxic Spill

[ananda]

Whoever predicted this a few days ago, you were right. This morning's news reported 31 plus lawsuits against the company, and that Freedom Industries was filing for bankruptcy. Quote from Mad Magazine: Who'dathunkit?

http://america.aljazeera.com/articles/2014/1/17/company-responsibleforwestvirginiawatercrisisfilesforbankruptcy.html

Freedom Industries, the company blamed for a chemical spill that left 300,000 West Virginians without safe drinking water over last week, filed for bankruptcy on Friday.

Freedom Industries is facing multiple lawsuits and state and federal investigations after the Jan. 9 spill. It filed a bankruptcy petition with the U.S. Bankruptcy Court in the Southern District of West Virginia.

Company president Gary Southern signed the paperwork, which lists the company's assets and liabilities as a range between $1 million and $10 million. It says the company has at least 200 creditors and owes its top 20 creditors $3.66 million.
[...]
"Likewise, the defense of the numerous suits filed against the debtor will exhaust the debtor's liquidity," Freedom said in a court filing. The bankruptcy filing will put a stay on more than 20 lawsuits filed against the company over the spill.

[hobbit709]

1. That's the way these bastards always do it.

Until some of these CEOs take a short ride in a tumbril they will continue to get away with these crimes against the people.

[WinkyDink]

2. It is the Mafia way.

[hobbit709]

3. The Mafia is more honorable.

[WinkyDink]

5. But I was identifying, not making an analogy. Seriously; there is no demarcation.

[ananda]

4. French Revolution redux, eh...

These past couple of weeks I have also been thinking about the
French Revolution and trying to come to terms with a way of
revolting that does not involve violence, like Gandhi or MLK Jr.

Maybe a revival of Occupy on a much greater level ....

[Hotler]

6. +1 n/t

[Octafish]

7. If only they were BP, we'd have bailed them out...

...And, of course, the executive compensation would still include seven figure bonuses, no questions asked.

[spanone]

8. there you go. put an end to those pesky lawsuits. criminals.

[ryan_cats]

9. I don't remember Union Carbide going into bankruptcy after Bhopal disaster

I don't remember Union Carbide going into bankruptcy after Bhopal disaster and that killed over 2200 people.
Doesn't this company have insurance? I feel bad for the people who had their water polluted and I would not take them seriously when they say the water is safe. It seems to me that the water in the pipes to the houses would still be contaminated and flushing the house out wouldn't give me a good feeling unless they tested my water and I wouldn't want any amount of this chemical in my water even if experts say x ppm is safe.

[ananda]

11. I get the feeling that Freedom is using bankruptcy ..

.. to get out of paying lawsuits, and that it will then restructure
with business as usual.

[theHandpuppet]

10. CORPORATIONS.

Like people, but without any of the responsibilities.

[onethatcares]

12. oh, well, that relieves

them of having to pay for the back income taxes they haven't paid for 8 years, Right?

They should make the CEO and all the other execs of the company drink a few gallons of that Elk River water, straight up.