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Money deducted from settlement?
Posted on 7/20/10 at 6:37 am
Posted on 7/20/10 at 6:37 am
I saw on Anderson Cooper last night that if you are working for BP now and recieve a settlemnet later, the money you earned while working will be deducted from the settlement.
Don't this mean you will be working for free?
Things are fixing to get dirty!!!
Don't this mean you will be working for free?
Things are fixing to get dirty!!!
3
Posted on 7/20/10 at 7:27 am to kathleen2
It doesn't mean you are working for free, it means your don't get paid double
Posted on 7/20/10 at 8:01 am to kathleen2
Say you run a charter fishing boat out of Gulf Shores. You file a claim with BP for lost revenue of $500,000.
Instead of taking people out fishing you have contracted with BP to lay boom and are paid $25,000 to do so.
What BP will do is deduct that $25,000 from the $500,000 claim and write a claim check for $475,000. You still get your $500,000 from BP, but they figure you wouldn't have gotten that $25,000 anyway because you had your boat doing something else - and not available for fishing charter.
Instead of taking people out fishing you have contracted with BP to lay boom and are paid $25,000 to do so.
What BP will do is deduct that $25,000 from the $500,000 claim and write a claim check for $475,000. You still get your $500,000 from BP, but they figure you wouldn't have gotten that $25,000 anyway because you had your boat doing something else - and not available for fishing charter.
Posted on 7/20/10 at 8:20 am to PJinAtl
Looks to me that BP just decided to make 100 percent certain that they got ZERO assistance out of these fisherman.
Lets see, I go out and clean up your oil...I get 100k, and work my arse off and wear out my equipment. ORRRR I can eat Cheetos and get 100k and fix my boat.
I know us lil Louisiana folks are dense, but I am pretty certain I know the outcome.
Lets see, I go out and clean up your oil...I get 100k, and work my arse off and wear out my equipment. ORRRR I can eat Cheetos and get 100k and fix my boat.
I know us lil Louisiana folks are dense, but I am pretty certain I know the outcome.
Posted on 7/20/10 at 8:25 am to kathleen2
This is not at all uncommon. BP will also be able to take a credit against whatever is paid to people from the escrow account once they settle the claims.
This post was edited on 7/20/10 at 8:37 am
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