Kaiser Gypsum Bankruptcy Memo
COMMISSION AGENDA MEMORANDUM Item No. 6i ACTION ITEM Date of Meeting February 26, 2019 DATE: February 19, 2019 TO: Stephen P. Metruck, Executive Director FROM: Elizabeth Black, Senior Port Counsel SUBJECT: Kaiser Gypsum Bankruptcy Settlement ACTION REQUESTED Request Commission authorization for the Executive Director to enter into a settlement agreement with Kaiser Gypsum Co., Inc. (Kaiser) to resolve claims in bankruptcy related to the cleanup of the Lower Duwamish Waterway (LDW). SUMMARY Kaiser is a potentially responsible party potentially liable for contamination in the LDW as a result of its historic operations. Kaiser 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 $162,763) related to the investigation and cleanup of contamination for which Kaiser may have been responsible. Commission approval is required because the total amount of the Port's claim is greater than $300,000. Counsel recommends approval of the settlement agreement because the benefits of settlement at this time outweigh the costs of pursuing the Port's claim further. Further details will be presented by counsel in executive session on February 26, 2019. A draft settlement agreement is attached. ATTACHMENTS TO THIS REQUEST (1) Draft Settlement Agreement Template revised September 22, 2016.
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