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re: BP told feds it could handle oil spill 60 times larger
Posted on 5/19/10 at 1:17 pm to beachdude
Posted on 5/19/10 at 1:17 pm to beachdude
quote:
This is a much, much bigger deal. The liability exposure potentially exceeds the assets of the company. Think of the property located on the Gulf of Mexico and South Florida. Think of the economic loss from loss of income from livelihoods, loss of property, enviornmental cleanup, etc. There is no comparison with the oil spill in Alaska.
Yes, this thing has totally eaten away entire buildings and condominiums. I'm not saying Florida won't see any impact to its beaches but until it does how has damage occurred? Using the data on BP even if this event ultimately costs BP $50 billion (which is highly unlikely at this point) they still could cover it. You aren't using any stats by stating that the liability of this exceeds the assets of the company.
3
Posted on 5/19/10 at 1:32 pm to TigerDog83
I wish they could cap the well tomorrow and clean up everything in a week. But, this has the potential to cost the company more than it can afford. I said potential, knowing the economic effect on the gulf and Florida in particular. Hopefully, not one glob of oil will befoul a beach. However, if you own beachfront property or property anywhere near a resort beach and your property devalues from $1,000,000 to $50,000 because the beach is ruined and you suffer that loss, who is going to have to pay you? BP. Now, multiply that loss by about 200,000 pieces of property at a minimum, not to mention loss of revenues by hotels etc and you'll get the picture.
Posted on 5/19/10 at 1:44 pm to TigerDog83
quote:
but until it does how has damage occurred?
Lost rental income.
Posted on 5/19/10 at 2:35 pm to TigerDog83
quote:
I'm not saying Florida won't see any impact to its beaches but until it does how has damage occurred?
In a week or so, you will see the damage.
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