Opinion ID: 3008141
Heading Depth: 2
Heading Rank: 1

Heading: History of Watkins Contracting, Inc.

Text: In the early 1980s, Barone and Watkins worked in the asbestos removal business in Hawaii. Watkins later returned home to San Diego, where he went to work for his father’s asbestos removal company. The company soon expanded into other areas of environmental remediation. When Barone joined the company in the early 1990s, he and Watkins purchased it themselves, renaming it Watkins Contracting, Inc. (“WCI”). Barone was uncomfortable with the degree of personal liability involved in the environmental remediation business. In 1997, Barone and Watkins sold WCI’s stock to REXX Environmental Corp. (“REXX”), another environmental remediation company, thereby relieving themselves of any personal liability on future projects. REXX in turn hired Barone and Watkins to manage WCI. Barone became WCI’s CEO, and was responsible for “[t]he day-to-day business affairs, . . . anything from managing employees to handling financing to business development.” Watkins “oversaw a lot of the field.” REXX soon encountered financial difficulties, and approached Barone and Watkins to gauge their interest in repurchasing WCI. Barone and Watkins entered an agreement to buy WCI’s shares on June 10, 1999. The purchase closed on September 19, 2000. 8 DJB HOLDING CORP. V. CIR