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COMMISSION AGENDA MEMORANDUM Item No. 4d ACTION ITEM Date of Meeting July 25, 2017 DATE: July 11, 2017 TO: Dave Soike, Interim Executive Director FROM: Elizabeth Black, Senior Port Counsel SUBJECT: Reichhold Bankruptcy Settlement ACTION REQUESTED Request Commission authorization for the Executive Director to enter into a settlement agreement substantially similar to the draft attached in Exhibit 1 with Reichhold Holdings US, Inc. (Reichhold), to settle claims in bankruptcy related to the cleanup of the Lower Duwamish Waterway. EXECUTIVE SUMMARY Reichhold is a potentially responsible party liable for contamination on the Lower Duwamish Waterway (LDW). Reich hold declared bankruptcy in 2014. As part of the bankruptcy proceeding, there is an opportunity for the Port to recover a small portion of its past costs (approximately $25,000) related to cleanup of contamination for which Reichhold was responsible. Commission approval is required because the estimated amount of the Port's claim is greater than $300,000. JUSTIFICATION The bankruptcy proceeding is the Port's only opportunity to recover past costs directly from Reichhold. Because the bankruptcy estate is paying claims at only 5 cents on the dollar, the benefits of settlement at this time outweigh the costs of pursuing the Port's claim further. DETAILS Further details were presented by counsel in executive session on July 11, 2017. A draft settlement agreement is attached. FINANCIAL IMPLICATIONS Revenue: Approximately $25,000. ATTACHMENTS TO THIS REQUEST (1) Draft Settlement Agreement Template revised September 22, 2016. COMMISSION AGENDA Action Item No. __4d__ Page 2 of 2 Meeting Date: July 25, 2017 PREVIOUS COMMISSION ACTIONS OR BRIEFINGS Briefing with counsel in executive session on July 11, 2017. Template revised September 22, 2016; format updates October 19, 2016.
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