Resnick’s bought H2O $28 sold $196 to CA during drought $30 million profit.

According to an investigation by the Contra Costa Times, between 2000 and 2007 the Resnicks bought water for potentially as little as $28 per acre-foot (the amount needed to cover one acre in one foot of water) and then sold it for as much as $196 per acre-foot to the state, which used it to supply other farmers whose Delta supply had been previously curtailed. The couple pocketed more than $30 million in the process. If winter storms replenish the Kern Water Bank this year, they could again find themselves with a bumper crop of H2O.  Meanwhile, the fight between farmers and smelt has plodded on, with the Resnicks becoming prominent advocates for pumping even more water south to farms. In 2007, a group called the Coalition for a Sustainable Delta began using lawsuits of its own to assign blame for the estuary’s decline to just about everything except farming: housing development in Delta floodplains, pesticide use by Delta farms, dredging, power plants, sport fishing, and pollution from mothballed ships. The coalition’s website doesn’t mention the Resnicks, but it originally listed a Paramount Farms fax number, and three of the four officers on its early tax documents were Resnick employees.

http://www.motherjones.com/environment/2016/04/lynda-stewart-resnick-california-water

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