Pay attention to the shell game that is going on here.
Freedom Industries is the name of the org that is responsible for the spill. Now check out this slick move...
On Thursday, a source close to Freedom Industries, who asked to remain anonymous because of pending lawsuits, told The Charleston Gazette that Chemstream Holdings is owned by J. Clifford Forrest of Kittanning, Pa.
Forrest is listed as "manager" of Freedom affiliates Etowah River Terminal and Poca Blending in a merger filing from Dec. 31, 2013.
About an hour after its bankruptcy filing, Freedom filed an emergency motion for what's called "debtor-in-possession," or DIP, financing, which would allow it to secure up to a $5 million loan to continue to function in some capacity. The loan would, according to the filing, "provide additional liquidity to [Freedom] in order to allow it to continue as a going concern."
The lender in a debtor-in-possession case generally gets first priority when it comes time for the debtor, in this case Freedom, to pay money back.
"Under the bankruptcy code, when there is DIP financing from a DIP lender, 99 percent of the time, they get priority over all the other creditors," said Bob Simon, a prominent bankruptcy lawyer with the Pittsburgh firm Reed Smith. "You're putting your money in at risk, and the debtor is not going to have a lot of options, so the bankruptcy clerk permits the DIP lender to get priority over all the other lenders."
Freedom's proposed lender is a company called WV Funding LLC. That company does not exist in West Virginia, according to business records on file with the West Virginia secretary of state. Pennsylvania's secretary of state also has no records online for it.
The DIP agreement has places to sign for Freedom Industries and for WV Funding "by Mountaineer Funding LLC."
Mountaineer Funding was incorporated with the West Virginia secretary of state on Friday. Its one listed member is J. Clifford Forrest, Freedom Industries' owner.
link...
This looks like Freedom Industries was invented as a company to dump all of the debt of other companies into it and to deflect fault for the spill and sacrifice it with a bankruptcy as a front/cover for the companies really involved.