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Cadiz Inc. Message Board

  • fudre71 fudre71 Nov 6, 2012 3:30 PM Flag

    Interesting MMD Newswire post from October 24

    Quotes from Bob Berkman's post:

    [Citing quarterly reports and SEC filings, Rancho Santa Margarita (CA), Home Owners Association president and business owner Craig Innis, expressed concern that potential defaults and foreclosures on multi-million dollar loans borrowed by Cadiz, Inc. could place project liability upon ratepayers should the private company file for bankruptcy.]

    and

    [The federal lawsuit filed by Ruth Musser-Lopez, on behalf of RiverAHA, targeted Cadiz, Inc., the Santa Margarita Water District, the County of San Bernardino, the U.S. Department of the Interior, its secretary Kenneth Salazar, and the Bureau of Land Management. The litigation attempted to seek a temporary restraining order, and an injunction, to halt the County of San Bernardino's approval of the project until the environmental study included a federal review under the National Historic Preservation Act and the Federal Land Policy and Management Act. The federal court denied the requests based upon a lack of jurisdiction and procedural issues; however, contrary to published reports by the project's principle promoter, Cadiz, Inc., the court did not dismiss the case. The court instructed that the cited federal protective laws do not allow individuals the right to file a redress action before the exhaustion of administrative remedies. Musser-Lopez then strategically withdrew the complaint without prejudice, leaving open the possibility of later refiling.]

    Also, there is second lawsuit by the Center for Biological Diversity, National Parks Conservation Association, Sierra Club San Gorgonio chapter and the San Bernardino Valley Audubon Society against San Bernardino County (the lawsuit states [... the San Bernardino County failed to provide an environmental review and did not comply with its own groundwater ordinance, designed to protect resources in the desert.] This lawsuit was filed on Nov. 1.

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    • very interesting color, particularly regarding the Federal case - that suggests the Federal process could extend for quite awhile -

      • 1 Reply to xds58
      • Totally agree. There is no way any banker will finance this project until three key milestones are met:

        1. Resolution of these legal matters, particularly the Federal items, where we know Sen. Feinstein has engaged Interior sec Salazar to stop the project till proper federal reviews are completed.
        2. A new reliable cost estimate needs to be completed to include treatment of chromium 6 to meet the public health guide, PHG, in CA and said estimate is matched by a solid lump sum contract offer from a major EPC contractor.
        3. MWD must give access to the CRA for this project to go forward.

        Any way one looks at these issues, and it will be a minimum a year to get these resolved, which might explain why Team Brackpool were originally looking for $ 15 million - but now have to settle for $ 5 million.

        Sentiment: Strong Sell

 
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