NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

You can argue the semantics of "toxic waste liability" (ex) versus "specific ground contamination" (nwbo), but there certainly is evidence of the need for potential environmental remediation in every 10-Q.

We engaged a third-party specialist to conduct certain surveys of the condition of the property in the U.K. (“UK Facility”) which included, among other things, a preliminary analysis of potential environmental remediation exposures. We determined, based on information contained in the specialists’ report, that we would be required to estimate the fair value of an unconditional obligation to remediate specific ground contamination at an estimated fair value of approximately $6.2 million. We computed our preliminary estimate of the fair value of this obligation using a probability approach that measures likelihood of the following two potential outcomes: (i) a higher probability (>95%) requirement of erecting a protective barrier around the affected area at an estimated cost of approximately $4.6 million, or (ii) lower probability (<5%) requirement of having to excavate the affected area at an estimated cost of approximately $33.4 million. Our estimate is preliminary and therefore subject to change as further studies are conducted, and as additional facts come to our attention. Environmental remediation obligations are complex and technical. Accordingly, it is at least reasonably possible that any changes in our estimates could materially differ from management’s preliminary estimates.

There is also evidence that nwbo's due diligence prior to purchase could have been better since the liability estimate was increased shortly after buying. Original text late 2014:

The Company determined, based on information contained in the specialist’s report, that it would be required to estimate the fair value of an unconditional obligation to remediate specific ground contamination at an estimated fair of approximately $1.6 million.

The existence of known ground contamination could make it challenging to fully monetize Sawston. That much is obvious.