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Tue May 6, 2014
Freedom Industries Wants to Sell to Related Business
The now-bankrupt company at the center of West Virginia's chemical spill wants to sell what's left at its other site to a company tied to former executives.
Freedom Industries filed court motions Monday seeking permission to sell chemicals and property in Nitro at Poca Blending, which Freedom leases. Lexycon LLC would be the buyer.
Lexycon President Kevin Skiles and independent consultant Dennis Farrell are former Freedom executives. The company was formed in Florida in March.
Freedom's motion says the sale would save $387,000 in net costs, like potentially demolishing the Poca site. Instead, Freedom would sell to Lexycon for $575,000.
Dozens of businesses suing Freedom are among the creditors seeking its dwindling assets.
The Jan. 9 spill contaminated 300,000 people's water for days. Freedom filed for bankruptcy Jan. 17.