Real Estate ownership poses risks of environmental liability.  Under the federal "Superfund" law, an owner or operator of a location where there has been a realize of hazardous substances that threaten the environment can be ordered to take remedial response measures. Other legal sources of similar liability often exist. Thus the understanding of any potential for environmental remedial liability associated with real estate is very important and it should be obtained prior to actual acquisition.

Mergers & Acquisitions raise issues of possible liability, not only on account of real estate ownership and operation, but because of past or present liabilities and duties of the entities to be acquired or merged.  The liabilities may exist because of past contractual dealings, off-site shipment of hazardous materials, or may be present due to environmental regulatory requirements that are not adequately understood or appreciated by the existing entity or organization that is on the other side of a business merger or acquisition.

Restructuring a business for tax or other advantages is relatively common.  The proper legal and economic evaluation of what liabilities go with entities involved or created in a restructuring is important to individual owners of the resulting entities and for tax and legal reasons. Unless adequate reserves or other assets sufficient to defray environmental liability are left with an entity as a result of a reorganization, the other entities that survive and shareholders receiving cash or assets may be the target of efforts to recover remedial costs.