|From:||Lenny Siegel <email@example.com>|
|Date:||Tue, 12 Apr 2011 18:19:46 -0700 (PDT)|
|Subject:||[CPEO-MEF] REUSE, HERBICIDES: Ft. Ritchie (MD) developer devalues|
Company devalues former Fort Ritchie U.S. Army baseDecision based on re-evaluation of property's development prospects following Army's disclosure that tactical herbicides had been tested at base
By HEATHER KEELS Hagerstown Herald-Mail (MD) April 7, 2011The company redeveloping the former Fort Ritchie U.S. Army base has notified its investors that it does not expect to recover its $28 million investment in the property and has written down the value to zero.
Corporate Office Properties Trust made that decision based on a re- evaluation of the property's development prospects following the Army's February disclosure that tactical herbicides, including Agent Orange, had been tested at Fort Ritchie, according to a U.S. Securities and Exchange Commission filing and a statement issued by the company.
COPT believes those disclosures are likely to cause further delays in pending litigation related to the property and that they also "increase the level of uncertainty as to (COPT)'s ultimate development rights at the property and future residential and commercial demand for the property," Stephen E. Riffe, COPT's executive vice president and chief financial officer, wrote in a March 31 report filed with the SEC.
... For the entire article, seehttp://www.herald-mail.com/news/hm-company-devalues-former-fort- ritchie-us-army-base-20110407,0,2954606.story
-- Lenny Siegel Executive Director, Center for Public Environmental Oversight a project of the Pacific Studies Center 278-A Hope St., Mountain View, CA 94041 Voice: 650/961-8918 or 650/969-1545 Fax: 650/961-8918 <firstname.lastname@example.org> http://www.cpeo.org _______________________________________________ Military mailing list Military@lists.cpeo.org http://lists.cpeo.org/listinfo.cgi/military-cpeo.org
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