Can someone explain why BP's lawyers crafted such an agreement? | Page 2 | TigerDroppings.com

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OTIS2
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re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

It seems BP severely underestimated the number of claims that would be made, or the criteria used to process them.
This.






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Ford Frenzy
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re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

The dip may or may not be caused by the reduced economic conditions created by the spill, but its not a complete fabrication as a loss truly occurred
a loss doesn't even have to occur, just a dip in revenues






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vodkacop
LSU Fan
GOM
Member since Nov 2008
2000 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


as in anyone who was working offshore in the oil and gas industry who didnt get paid for sitting on their asses "cleaning up"





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Bear Is Dead
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Monroe
Member since Nov 2007
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re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

a loss doesn't even have to occur, just a dip in revenues

Not exactly. There has to be a dip in profit/loss statements, and then an eventual recovery. It could be just revenues, but for some businesses it could be an explosion of expenses.






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OTIS2
LSU Fan
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Member since Jul 2008
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re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

It could be just revenues, but for some businesses it could be an explosion of expenses.
Not for the causation analysis...expenses are irrelevant for those formulae. Expenses will impact the damage analysis, if the claim passes causation, however.



This post was edited on 5/21 at 9:38 am


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GetBackToWork
LSU Fan
Member since Dec 2007
1067 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


Here's a question. What about someone who had a business and decided to exit following the downturn. They would show a loss, but no uptick.





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OTIS2
LSU Fan
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Member since Jul 2008
27426 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


There is a "failed business" category for this type of claim. The owner should have the merits explored.


This post was edited on 5/21 at 12:26 pm


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OTIS2
LSU Fan
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Member since Jul 2008
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re: Can someone explain why BP's lawyers crafted such an agreement?


Bumping this thread because claim payments appear to be accelerating. If a potential claimant has not checked elegability,he needs to do so.





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Bear Is Dead
LSU Fan
Monroe
Member since Nov 2007
3641 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

Bumping this thread because claim payments appear to be accelerating. If a potential claimant has not checked elegability,he needs to do so.







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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
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re: Can someone explain why BP's lawyers crafted such an agreement?


Ihad a friend whose family had a house on the beach and occassionally rented it out but no more the 2-3 weeks a year or so. They claimed just about every week not rented as a claim even though they rarely rented it. Made a good bit of koney





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cahoots
LSU Fan
Red Stick
Member since Jan 2009
1998 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

But if I used the formula to show that I had a $250k loss by manipulating the monthly breakdown, when I really didnt lose that money, that is not fraud.


quote:

“Contemporaneous” or “Contemporaneously prepared” records or documentation
shall mean documents or other evidence generated or received in the ordinary
course of business at or around the time period to which they relate; in the case of
financial statements, this shall include all periodic financial statements regularly
prepared in the ordinary course of business. In addition, “contemporaneous” or
“contemporaneously” prepared evidence or documentation, even if not proximate
in time to the event or occurrence to which it relates, shall include (1)
documentation that is based on or derived from other data, information, or
business records created at or about the time of the event, occurrence or item in
question, (2) a statement that is consistent with documentation created at or about
the time of the event, occurrence or item in question, or (3) would support a
reasonable inference that such event, occurrence, or other item in question
actually occurred.






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HailToTheChiz
Auburn Fan
Behold, SKYWHALE!
Member since Aug 2010
8275 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


In alabama, all you have to show is a drop and a rebound....pure numbers, dont have to prove a correlation to the actual spill

they are paying everyone






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OTIS2
LSU Fan
NoLA
Member since Jul 2008
27426 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


Yep. The same formulas apply to all states or parts thereof included in the program.





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cwill
New Orleans Saints Fan
Member since Jan 2005
25175 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

Its much better for BP to have broad standards for submitting a claim because they aren't excluding anyone and don't look like the big bad wolf. Now they can go after people who are trying to take advantage and spin it as they are trying to take money from people who truly need it.

Don't be foolish that you are smarter than a multi billion dollar law team


And that's why they are appealing to fix their frick-up?

BP tried to play nice but in the process left the backdoor open and now the company is actually imperiled.

LINK



This post was edited on 6/19 at 9:12 am


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OTIS2
LSU Fan
NoLA
Member since Jul 2008
27426 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

now the company is actually imperiled.
Truely hope that isn't the case, but it's going to take a serious haircut, even for a company with its financial strength...but you can't fix stupid. It signed an open-ended, flawed(from its present perspective) settlement agreement and it has compounded its troubles by failing to settle the ongoing trial in New Orleans, a decision that will cost the company billions more.

Stupidity comes at a high cost in this instance, but this isn't a mom and pop grocery getting reamed for a slip and fall accident. The largest economic player in Great Britain's economy should be back to normal in just a few years...and hopefully wiser.



This post was edited on 6/19 at 9:19 am


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Bear Is Dead
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Monroe
Member since Nov 2007
3641 posts

re: Can someone explain why BP's lawyers crafted such an agreement?


quote:

“Contemporaneous” or “Contemporaneously prepared” records or documentation shall mean documents or other evidence generated or received in the ordinary course of business at or around the time period to which they relate; in the case of financial statements, this shall include all periodic financial statements regularly prepared in the ordinary course of business. In addition, “contemporaneous” or “contemporaneously” prepared evidence or documentation, even if not proximate in time to the event or occurrence to which it relates, shall include (1) documentation that is based on or derived from other data, information, or business records created at or about the time of the event, occurrence or item in question, (2) a statement that is consistent with documentation created at or about the time of the event, occurrence or item in question, or (3) would support a reasonable inference that such event, occurrence, or other item in question actually occurred.


Not sure what your point is. If my financial statements show a loss under BP's agreed upon formula, (and I can back that up with tax returns)I am not committing fraud.



This post was edited on 6/19 at 9:23 am


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