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places a far greater emphasis on this factor and alleges that Mr.
Thomson trivialized the seriousness of the Carson Harbor Village
property’s environmental condition. Mr. Cronkite, as we have
previously discussed, offered generalized testimony portraying
the environmental issues as very important to Mr. Marsh but
conceded that he had not reviewed any environmental studies in
preparing his report. He also cited the fact that refinancing
for the property was not obtained until 1997 as an indication of
the seriousness of the problem.
Mr. Thomson reviewed an analysis by Park Environmental
Corporation and requested, but was not provided, portions of a
study by McLaren/Hart addressing remedial action. Mr. Thomson
testified that in reading the materials obtained he did not
perceive any groundwater contamination but did see mentioned a
surface tarlike substance which seemed to be confined to a
relatively small, 20- to 30-foot area of the property. Mr.
Thomson described his assessment of this information: “Well, as
an investor wanting to buy that note, I would be concerned about
the environmental, and that did--that’s what really generated our
discount. I would be concerned. I didn’t think it was a big
impact, but it was an impact that was--could delay the
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