What would I do if I was in George Nash’s position as Vice President of Real Estate at Desperate Air Corporation (a company in dire financial straits), and my pending sale of Florida property potentially had toxic waste buried beneath the surface. I found this to be the least challenging question posed thus far in terms of my own ethical beliefs. In this instance I would proceed with the sale without disclosing the information regarding what I had heard about the toxic waste. Clearly Florida law states that you do not have to disclose that there is a hazardous substance on commercial property as long as there is not a fraudulent statement about the property. Nash did his due diligence by hiring someone to do an environmental study. The company hired found nothing and a report was submitted to the buyers. Nash also consulted his attorney about what should be disclosed. Fledgling, the company purchasing the property, had the responsibility of performing their own due diligence. While a representative walked the property and found nothing, the article did not state whether or not Fledgling did a full environmental study as well. That should have been part of the purchaser’s process. If you purchase a home it is your responsibility to hire an impartial building inspector to look at your home and report on its condition. The Fledgling representative had the same responsibility to obtain an impartial environmental study. Had the representative done so, they probably would have discovered the toxic waste. It doesn’t matter that the DAC report did not include the disclosure. Unfortunately Fledglings representative was at fault here in my opinion. The fact that Nash prayed about the situation shows that he is not a cold hearted capitalist with only selfish motivations.
Similarities between “Desperate Air” and the Seglin article are that two executives had to make choices that they believed would prevent their companies from potential financial ruin. Although I...
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