RE:Notable new developmentI just did a rough estimate based on what the company refused from FC and the appreciation of the current properties. Your calculations might be more accurate but we do know the stock is very under valued at curreent prices.
I am not a lawyer but it seems most contamination claims usually rest with the company leasing the land and the oil company not the actual owner of the property if it is leased. The lawsuit would have to prove negligance on Becker's part which I think would be difficult to prove. The amount of the lawsuits also seems on the high side versus the cleanup. We had a couple of station cleanups on the Island here costs were approximately $1M-$2M for cleanup each which involved removing leaking tanks and the contaiminated soil from the stations including the surrounding neighbours land then trucking in clean fill.
Just a side note the contamination lawsuits might be playing a big part in holding up a sale of the company. I would think most REITs would not be interested in taking over properties with pending lawsuits. I would imagine going forward management will be selling off more properties which considering everything is probably a wise move. They can definitely afford a special dividend but it is anybody's guess if they will do it. All the best, Charlie.