It's always great to see the invisible hand of the market at work. Just a little over a week after residents detected a strange odor and the water started making people sick, the company behind the spill, named "FREEDOM INDUSTRIES,"has filed for Chapter 11. Documents show $3.6 million owed to their top 20 creditors and at least $2.4 million owed to the IRS since 2000.
The paper trail of obfuscation is a masterpiece. Freedom was founded in 1992, then Poca Bending in 1999, both by Carl L Kennedy. The chemicals were moved to the Poca Bending site after the spill was discovered. Etowah River Terminal was founded by Dennis P. Farrell in 2001 and owns the facility where the spill occurred. (Formerly Pennzoil-Quaker State).
2005 was a banner year in the debacle - Kennedy pled guilty to Federal Income Tax Evasion for not paying withholding tax to the IRS, and a week later both Etowah River Terminal and Poca Bending lost their licencing.
A year later a new company called Crete Technologies was formed, with Freedom Industries being the sole owner. In 2011 Etowah River Terminal reorganized as an LLC, and in 2013 Poca Bending followed suit.
Meanwhile the company that owns Freedom Industries, Chemstream Holdings, doesn't appear to exist with the WV Sect. of State.
The bankruptcy, of course, puts a hold on any and all lawsuits against Freedom Industries. ""[The filing] stays the litigation until bankruptcy court addresses the matters involved," said Harry Bell, who's firm has filed the lawsuit against Freedom Industries.
Let Freedom Ring indeed.
