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Reason for token cleanup effort by BP
Posted on 6/4/10 at 4:33 pm
Posted on 6/4/10 at 4:33 pm
If this thing runs unchecked into August or later I think BP will more than likely be forced into filing for bankruptcy I believe the reason we're not seeing any significant outlay for cleanup efforts is because they are waiting to until they can get accurate loss estimates. We all know that'll happen if and when the well gets capped. From BP's perspective, why start writing checks now if chapter 11 is inevitible? I wouldn't be a bit suprised if the government is supporting this approach. They don't want all of BP's assets going to one state now when it's possible the claims will be just as large from several other states.
3
Posted on 6/4/10 at 4:44 pm to ThatsAllSheWrote
There are cleanup crews out there and lodging is scarce from Leeville, Port Fourchon, and Galliano and LaRose. BP has some of the places booked but Oil Mop and various other companies including Texas WorkForce and Texas Commission.
BP has refused to open up the various management area camps around the state that have been closed because of budget cuts and various university marine labs that were closed because of budget cuts.
Texas Commission was in Port Fourchon and met with BP about the various boats they have and the accomodations but BP refused. Some boats sleep 200-500 people and smaller ones that sleep 60.
BP has refused to open up the various management area camps around the state that have been closed because of budget cuts and various university marine labs that were closed because of budget cuts.
Texas Commission was in Port Fourchon and met with BP about the various boats they have and the accomodations but BP refused. Some boats sleep 200-500 people and smaller ones that sleep 60.
This post was edited on 6/4/10 at 4:49 pm
Posted on 6/4/10 at 4:46 pm to ThatsAllSheWrote
quote:What do you base that on?
If this thing runs unchecked into August or later I think BP will more than likely be forced into filing for bankruptcy
Posted on 6/4/10 at 4:56 pm to Taxing Authority
It would be my guess if this leak continues as is for another 2 months the claims against BP will far exceed BP's assets. This is not inconceivable given the location of this disaster....and yes I'm aware of the strength of BP's balance sheet.
Posted on 6/4/10 at 5:00 pm to ThatsAllSheWrote
quote:Put into actual numbers, not just feeling...
It would be my guess if this leak continues as is for another 2 months the claims against BP will far exceed BP's assets.
Posted on 6/4/10 at 5:30 pm to Taxing Authority
You'll may want to look at BPs numbers before you jump to conclusions. BP is an increadibly successful company with an increible amount of assets.
Posted on 6/4/10 at 5:33 pm to Mudminnow
quote:
Oil Mop
worst in the business
Posted on 6/4/10 at 5:40 pm to Placebeaux
I cant vouch for their work but at least the people I have seen representing them look coherent and professional. Most of the crews I have seen representing BP look like thugs.
Posted on 6/4/10 at 5:43 pm to Oyster
BP was an increadibly successful company with an increible amount of assets.
FIFY
FIFY
Posted on 6/4/10 at 5:51 pm to Placebeaux
BP - the parent corp in Britain is not legally on the hook for the clean-up (I don't think).
BP E&P (or whatever subsidiary was formed for operating in US waters?) is the Lease holder and therefore (I believe) legally responsible for this clean-up. Anadarko and Mitsui are responsible for 25% and 10% respectively BP.
THis is what I gather from discussions with people who should know.
BP Parent may choose to cover the obligations of the subsidiary.
BP E&P (or whatever subsidiary was formed for operating in US waters?) is the Lease holder and therefore (I believe) legally responsible for this clean-up. Anadarko and Mitsui are responsible for 25% and 10% respectively BP.
THis is what I gather from discussions with people who should know.
BP Parent may choose to cover the obligations of the subsidiary.
Posted on 6/4/10 at 6:41 pm to Sid in Lakeshore
BP's assets are in the hundreds of billions. This will not break them.
Posted on 6/4/10 at 7:16 pm to Cosmo
B
+1
quote:
P's assets are in the hundreds of billions. This will not break them.
+1
Posted on 6/4/10 at 7:32 pm to Cosmo
BP net worth is around 120B from what I recall. However I think people are underestimating the cost of this thing if it runs until august. Claims could easily reach into 100B. The Florida tourist industry alone is worth 60B. Then the seafood industry. I saw the other day that 1/3 of the GOM is off limits for any kind of fishing. This would only get worse as time goes on. God help BP if the oil gets into the loop current and hits the Keys, Cuba, and East coast.
Posted on 6/4/10 at 7:39 pm to ThatsAllSheWrote
I'm right on board with you on this one brother. I've been thinking this one through and researching pretty hard, because I am about to buy a massive (for me) short position in BP. I've been keying in on the timing of capping and its effect on Florida, especially Tampa and south, the Keys and then the East Coast. Their sitting on a little south of $120B...closer to $100.
Posted on 6/4/10 at 7:44 pm to Droplinebacker
One more thing - they have been RUMORS (nothing more) that BP's legal is already gearing up for bankruptcy like its a foregoing conclusion. Again, I heard this as hearsay (a friend of a friend deal), and I certainly put no stock in its accuracy, but I have heard it as a rumor already.
Posted on 6/4/10 at 7:46 pm to Droplinebacker
There one hang up with all this BK talk. You can't simply choose to go bankrupt. You have to actually spend all of your money to do it. Otherwise the BK with throw your arse out. Or spend what ever money you do have as it wishes.
Posted on 6/4/10 at 8:16 pm to Taxing Authority
I didn't say they would choose to, rather, they're just planning for it. For instance, I'm not sure of their debt obligations (if any), but if I were a creditor, I'm paying attention.
However, one more piece to the puzzle is the amount of ins coverage they have. If not self insured, perhaps Lloyd's or someone else is on the hook for a chunk of it.
Again, I'm not suggesting they will go under, just agreeing with the other guy and at least acknowledge that there is a possibility.
However, one more piece to the puzzle is the amount of ins coverage they have. If not self insured, perhaps Lloyd's or someone else is on the hook for a chunk of it.
Again, I'm not suggesting they will go under, just agreeing with the other guy and at least acknowledge that there is a possibility.
Posted on 6/4/10 at 8:23 pm to Droplinebacker
This well is NOT BP's only HUGE cleanup/removal liabilty in the GOM.......
Posted on 6/4/10 at 8:45 pm to Sid in Lakeshore
Wutchu talking bout Willis? (RIP, little Arnold Drummond.)
Posted on 6/7/10 at 8:41 am to Droplinebacker
Just read this morning that the cost of the spill has already reached 1.25B. Don't know if that is realiable or not so take it for what it's worth.
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