Sunday, July 18, 2010

Redefining "Toxic Assets"

SULLIVAN COUNTY — Wayne County, Pa. resident Michael Uretsky, a member of the Northern Wayne Property Owners Alliance [said]... “There is still a land-paper game going on. Capture whatever you can.... Notice that I am not saying anything about extraction. The exploration companies make money by selling leases and by using them to commoditize public and private financing deals – not unlike the process that the banks followed with home mortgages.” 
Letter Rescinds Offers; Locals Say It's a 'Ploy', Dan Hust, Sullivan County Democrat, 9/19/09

SULLIVAN COUNTY — Natural gas drilling leases continue to be filed in the Sullivan County Clerk’s Office. Whether or not drilling will actually occur remains uncertain, as the leases simply permit, not mandate, gas companies to drill. Required permits still must be obtained from the state Department of Environmental Conservation, which has yet to receive a single application in Sullivan County. Plus, the companies may sell the leases to other companies that would do the actual drilling (known as “flipping” the lease).
Who's Leasing Now?, Dan Hust, Sullivan County Democrat, 9/19/09

BROOM COUNTY — Things are just getting started here in the Marcellus play. As we all know, over the last couple years, landmen exploited uninformed landowners that had never heard of Marcellus Shale. Many owners signed leases for $50 or $100 an acre. Now, with more New Yorkers informed, landmen are taking advantage of The Great Recession and targeting the desperate. But just as soon as the ink dries, these shameless sharks are flipping the mineral rights to bigger corporations for massive profits...."
Broome County Gas Lease Deal is a Disaster: Threatens Parks, Individual
Freedoms, and Our Common Wealth
, SUNY-Binghamton, 7/16/10

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