New Paltz considers pipeline divestment
May 14, 2016 12:06 am
William J. Kemble in The Daily Freeman reports that the New Paltz Village Board wants New York to divest pension money from a financial management fund that benefits Pilgrim Pipeline Holdings LLC. On May 11, Mayor Tim Rogers said at the town's board meeting, “The New York State Pension Fund has investment holdings across a variety of different investment managers and several different funds under the Ares [Management] umbrella.... One of their funds, in particular, has Pilgrim as a portfolio.” The company wants to build two 182-mile pipelines from Albany to Linden, N.J., moving natural gas to New Jersey and refined fuels north to Albany. “I believe we have significant leverage in that our pension fund ... has about $700 million of exposure across a variety of different funds that Ares — this behemoth of an investment management firm — is responsible for,” the mayor said. No vote was taken, but Rogers said many other towns along the pipeline's proposed route will consider similar divestment measures. Read the full story in The Daily Freeman.