Holtec’s corporate shell game, and why it is unfit to handle nuclear waste at Indian Point

Today, Public Watchdogs joined scores of other prominent advocacy groups, nuclear safety experts, and concerned citizens, to urge the New York Public Service Commission to deny a bid by Holtec to gain ownership of roughly three million pounds of deadly nuclear waste at Indian Point.  Many of the speakers mentioned Holtec’s history of bribery.    Others mentioned the criminal charges related to false statements made by Holtec to the State of New Jersey.

If  the Commission approves this plan, Holtec will handle the entire decommissioning process.  Holtec will remove 3,348  sizzling hot “spent” nuclear fuel assemblies, which are deadly for 250,000 years, from the spent fuel pools.  Holtec will load the assemblies into 125 of Holtec’s patented thin-walled (half-inch thick) stainless steel containers with a 25-year warranty.

Public Watchdogs’ written comments to the Commission could have focused on the absurdity of  Holtec’s vast network of  “shell” companies.

What is a shell company? Why does it matter?

This video explains how shell companies work (just imagine that the pea is your money).   The idea behind a shell company is to protect and preserve corporate profits.   The “shells” are essentially empty companies with no furniture, staff or inventory.  The sole purpose of the “shell” is to accept payments for services, which are then funneled away to the owners, who are often anonymous.  In some instances, the “shell” may actually hire employees, but such activities are always done on a temporary basis, because shell companies are designed to be bankrupted or easily dissolved.

Shell companies are useful for minimizing risks, debts, lawsuits, and legal responsibilities.

Public Watchdogs researched Holtec shell companies in New Jersey, Delaware, and Florida.  We located more than 30 corporations operated by Holtec.

Holtec Shell Company NameID NumberCityTypeState
1HOLTEC DECOMMISSIONING INTERNATIONAL, LLC43634CamdenFLCNJ
2HOLTEC GOVERNMENT SERVICES, LLC40977CamdenFLCNJ
3HOLTEC INTERNATIONAL CORPORATION38782CAMDENFRNJ
4HOLTEC INTERNATIONAL POWER DIVISION, INC.38653CamdenFRNJ
5HOLTEC INTERNATIONAL TECHNICAL SERVICES INC.38779MARLTONFRNJ
6HOLTEC INTERNATIONAL, A NEW JERSEY CORPORATION31742MARLTONDPNJ
7HOLTEC LOGISTICS LLC43800JUPITERFLCNJ
8HOLTEC POWER PLANT COMPONENTS DIVISION, INC.39458CamdenFRNJ
9HOLTEC TECHNOLOGY CENTER LLC42010JUPITERFLCNJ
10HOLTEC DECOMMISSIONING INTERNATIONAL, LLC6874264WilmingtonLLCDE
11HOLTEC DISC, INC.4427214WilmingtonCorpDE
12HOLTEC ENGINEERED ALUMINUM SYSTEMS DIVISION, LLC4625788WilmingtonLLCDE
13HOL-TEC ENTERPRISES, INC.3566711WilmingtonCorpDE
14HOLTEC ESERVICES, INC.3420236WilmingtonCorpDE
15HOLTEC GOVERNMENT SERVICES, LLC5102302WilmingtonLLCDE
16HOLTECH LTD.925787WilmingtonLTDDE
17HOLTEC INTERNATIONAL4114084WilmingtonCorpDE
18HOLTEC INTERNATIONAL DISC, INC.7201627WilmingtonCorpDE
19HOLTEC INTERNATIONAL POWER DIVISION, INC.4051448WilmingtonCorpDE
20HOLTEC INTERNATIONAL TECHNICAL SERVICES INC.4114080WilmingtonCorpDE
21HOLTEC, LLC2011030GeorgetownLLCDE
22HOLTEC LOGISTICS, LLC7715178WilmingtonCorpDE
23HOLTEC POWER, INC.4977756WilmingtonCorpDE
24HOLTEC POWER PLANT COMPONENTS DIVISION, INC.4488157WilmingtonCorpDE
25HOLTEC TECHNOLOGY CENTER, LLC5408778WilmingtonLLCDE
26HOLTEC GOVERNMENT SERVICES, LLCM12000001360CamdenFLLCFL
27HOLTECH/R&D, INC.L78440LantanaFla Profit CorpFL
28HOLTEC INTERNATIONAL, A NEW JERSEY CorpF93000001212MarltonForeign Profit CoNJ-FL
29HOLTEC (U.S.A.) CORPORATIONH63394Plant CityFL Profit CorpFL
30HOLTEC USA SALES LLCL01000000888Plant CityLLCFL
31HOLTEC GOVERNMENT SERVICES, LLCM12000001360CamdenFLLCFL

 

Entergy’s complex web of shell companies at Indian Point

The following description is from page two of a filing before the State of New York Public Service Commission by Entergy.  It describes how eight shell companies, two of which are not named, will work together to sell Indian Point’s nuclear waste (and liability) to Holtec.  Note that there are eight Entergy shell companies ( in green)  and the complex array of Holtec shell companies isn’t even mentioned.

Entergy will undertake a series of transfers under an internal reorganization designed to facilitate the Holtec Transaction that will be initiated with ENIP2’s and ENIP3’s transfer of the IPEC Facility together with their other assets and liabilities to two limited liability companies whose membership interests will ultimately be owned by another limited liability holding company, Merchant Properties, LLC. All entities involved in this internal reorganization are indirect, wholly-owned subsidiaries of ENIP2 and ENIP3’s ultimate parent, Entergy Corporation (collectively, the “Internal Transfers”). Second, shortly following the internal reorganization, NAMCo will acquire the membership interests of Merchant Properties, LLC, the limited liability holding company ultimately owned by Entergy Corporation, resulting in the indirect upstream transfer of the membership interests in the entities that own the IPEC Facility to NAMCo pursuant to the terms of the MIPA (individually, the “Holtec Transaction” and together with the Internal Transfers, the “Transfers”). The parties are targeting to complete the Internal Transfers and close the Holtec Transaction in May, 2021.” – Source Document here, page 2 of 261

Feeling confused?  Don’t feel bad.  Confusion is what the corporate shell game is designed to instill.

Related:  New York Attorney General, Letitia James’s  Petition to the Nuclear Regulatory Commission.

Leave a Reply

Your email address will not be published. Required fields are marked *