Rekindling an old dispute, the New Jersey Attorney General’s (AG) office is contemplating a plan to insist on the filing of extensive A-901 disclosure statements by institutional investors, mutual funds and private equity funds that hold stakes in solid waste companies. This issue arose in the McGreevey administration, when the AG’s office disclaimed its longstanding policy of simply requiring disclosure of the existence of these investors. At that time, the AG planned to require massive filings by these investors, as well as the individuals that managed and owned them.
After the industry joined together and pointed out that legitimate capital would be hard to attract for businesses that participated in the New Jersey solid waste market, AG Peter C. Harvey agreed to pull the plug on the plan to work with the industry to draft legislative reform. The reform movement lost momentum, and now a new administration is retracing old steps and threatening to mandate the same filings. No formal actions have yet been taken by the AG to implement this new policy, but the matter is under active discussion.