Confidential
Settlement – $2,225,000Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Jim Kurowski
(technical)
Charles I. Buckley Jr.
(technical)
John G. Wright
(technical)
Louis Zehfuss
(technical)
Robert D. Morrison
(technical)
Michael R. Tiffany
(technical)
Defendant
Charles A. Yelvertson
(technical)
Ronald P. Laurain
(technical)
Frank Dennison
(technical)
Facts
Between 1935 and 1949, the Defendant city leased the subject premises from Plaintiff's predecessor-in-title for utilization as a street maintenance yard and dumping ground. The property was contaminated with lead and methane-gas-producing substances. Plaintiff acquired title by reason of foreclosure on a hard money junior encumbrance on the property. Plaintiff then became aware of the contamination by reason of an investigation conducted by an adjacent property owner which had at one time contemplated acquisition of the property. Plaintiff initiated the appropriate government claim and thereafter instituted the current legal proceedings.
Settlement Discussions
Plaintiff contends it initially demanded $3,450,000 reduced to $2,950,000; and Defendant offered $2,500,000 increased to $2,725,000; ultimately Defendant city also agreed to pay for the final soils engineering report from Plaintiff's expert and further to take the property subject to an existing lease.
Damages
Plaintiff contended that the fair market of the value of the property was $3,450,000 and that the cost of remediation equaled or exceeded that value.
Other Information
Although the initial settlement agreement was reached July 28, 1994, the settlement was consummated on December 14, 1994.
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