Flint Hills plans to demolish building

THE STORY: Flint Hills Resources officials have said the company intends to demolish the 53-year-old facility in a letter sent to the city in response to a letter from the city asking Flint Hills to enter negotiations on the possible restart of its shuttered petrochemical plant.

THE LINK: www.oaoa.com /news/plant-43191-flint-hills.html

>> oldodessan: “Flint Hills is an established company. They bought a plant from Huntsman, which has some history of shady dealings. They have been unable to make money from the plant.

It’s their property, and they may do as they wish. They will demolish the plant and greenfield it, which means removal of all waste on site, restoration to an original condition. They will receive some tax credits for doing so.
The “buyers” say they have hundreds of millions of dollars, but in reality, they admit they actually only have $18 million in hand, which would satisfy one small obligation of the existing owners.

Think of it like this: you go to sell your house, and you let the future buyer pay taxes and insurance for a year with a promise to get a loan later. The loan never comes through, but now your title is clouded with some claim because the other party did spend some money. Now you can’t sell your house at all until you go to court and clear it up.

Now this plant is on the order of several thousand houses. You can hardly blame anyone for wanting to get into a potential legal mess on a money-losing proposition that they’re trying to close out, anyway.

If the California folks have all the cash in hand wanted by the sellers, I’m sure they’ll sell. But the fact that the California folks have been trying to drag in the city, make partial payments, drag out the whole process seems to me to be a sign that they don’t actually have the cash in hand. Just my opinion, as I have no knowledge whatsoever of their actual situation, but their behavior matches his conclusion.

In case nobody noticed, Odessa still exists even after some time of this plant shutdown. Just sayin.”

>> tincup56: “There is MORE to this story than what is being revealed,,,,could it be a Monopoly move to keep anyone from using the plant for its intended purpose, to eliminate competition? If flint hills dismantles the plant then they should go the next step further and clean up the environmental mess.The city of Odessa should be VERY stringent on this matter.”

>> williard: “!There does come a time to tear things down. It seems premature in this instance.!”