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re: What happens if BP North American files for bankruptcy??
Posted on 6/5/10 at 1:32 pm to Sid in Lakeshore
Posted on 6/5/10 at 1:32 pm to Sid in Lakeshore
Sid, you are correct. And yes, 10% is Mitsui.
0
Posted on 6/5/10 at 1:43 pm to Chad504boy
quote:
BP said they'll take care of it.
And they have the ability to do so without filing for bankruptcy. The only question is will they what with our prez calling them out and threatening them everyday. The law requires BP to clean up the spill and pay for it. There is no time requirement. The law also caps their liability at 75 million, if memory serves. How many more times will BP listen to crap like a boot on their neck or they can't pay the dividend before they tell the obamawan to F off. You get what the laws says and that's it.
Posted on 6/5/10 at 2:00 pm to ljhog
the 75 M cap is if BP is found of no wrong doing.
Posted on 6/5/10 at 2:02 pm to Mudminnow
quote:
the 75 M cap is if BP is found of no wrong doing.
I didn't know that, and I'm very glad to hear it.
Posted on 6/5/10 at 2:09 pm to baytiger
The company would have to pay for direct cleanup and containment costs, but the cap on other economic damages, such as lost business and tax revenue, is $75 million. If the company is found to be negligent or to have willfully violated federal regulations, however, there is no limit to what it could pay under the Oil Pollution Act of 1990.
Posted on 6/5/10 at 2:13 pm to Mudminnow
With the Oil Pollution Act, the amount of money required by BP to pay is directly linked to how much oil has spilled. What a crock for BP's low ball estimates.
Posted on 6/5/10 at 2:16 pm to ljhog
The way things are going, BP better hope the only bad things that happen to them are fines, lawsuits and cleaning up oil and damage.
People are getting really mad. How long before some good ole cajun boy decides to take matters into his own hands?
People are getting really mad. How long before some good ole cajun boy decides to take matters into his own hands?
Posted on 6/5/10 at 2:18 pm to Ray Ray Rodman
quote:
People are getting really mad
As oil is affecting other states the pressure is just beginning to ramp up on BP.
Blaming the govt for BPs mess and responsibility is simply not the answer. With oil soaked pelicans on the front page of newspapers around the country word is getting out and people will be furious with BP for their carelessness.
Posted on 6/5/10 at 2:19 pm to Mudminnow
quote:
negligent or to have willfully violated federal regulations
Be a long hard road to get that conclusion for two reasons. First the rig has capsized making physical evidence problematic. Secondly, BP wasn't running the rig operations. Sure in the end BP might be found negligent. How long will that take? The Exxon Valdez spill was litigated for 21 years. How many shrimpers can wait that long? The point I make is this can be done the easy way (BP on board and doing right) or the hard way (the prez pisses them off and we go to court). Tell me, which is better?
Posted on 6/5/10 at 2:22 pm to ljhog
frick BP!! I would rather do it tha hard way and have their asses tar and feathered!
frick a threat from BP!!!
frick a threat from BP!!!
Posted on 6/5/10 at 2:25 pm to ljhog
BP caused this mess. I applaud the president for telling BP to show some urgency in the matter.
BP's hiring of prison release workers with very little supervision simply shows they do not care and only worried about PR.
Lives are at stake and the nations most productive ecosystem is turning into a wasteland. Yet we should all wait on BPs timetable to do things?
BP's hiring of prison release workers with very little supervision simply shows they do not care and only worried about PR.
Lives are at stake and the nations most productive ecosystem is turning into a wasteland. Yet we should all wait on BPs timetable to do things?
Posted on 6/5/10 at 4:11 pm to Sid in Lakeshore
BP will take the most favorable Legal Financial path possible. It does not matter what they are saying right now.
Posted on 6/5/10 at 4:38 pm to TenTex
BP has a lot riding on this.........like their continued operation in the GOM.
They will not give us the finger because they have too much riding on it. They have the most leases with the most reserves and are currently producing the most in the GOM.
Trust me, they want this well to be capped and this to go away. They will do what it takes.
They will not give us the finger because they have too much riding on it. They have the most leases with the most reserves and are currently producing the most in the GOM.
Trust me, they want this well to be capped and this to go away. They will do what it takes.
Posted on 6/5/10 at 8:56 pm to ljhog
quote:Really?!?!
the prez pisses them off and we go to court
You think they will choose a course of action based on their reaction to what the President says?
Posted on 6/6/10 at 7:50 pm to Mudminnow
quote:
BP's hiring of prison release workers with very little supervision simply shows they do not care and only worried about PR.
Well they do work cheaper than Messicans.
just sayin...
Posted on 6/7/10 at 6:58 am to Martini
BP's PR team was hired on who they liked best, not who was the best at PR. At that level of decision making its all about bringing in who you like the best and everyone makes a boat load of money off the Gravy Train. Now that BP has to use the stiffs they hired they are getting horrible PR. 
Posted on 6/7/10 at 8:23 am to tgrbaitn08
How long after the Valdez did Exxon merge (FYI, it was a Hostil Takeover) with Mobil? Remember these oil companies go in partnership all the time. Think of all the gas thats sold in one day in the US. If all raise the price 5 cent a gal., how much money is that a day?
If BP files for bankruptcy, obama would like to take them over, just like GM.....
If BP files for bankruptcy, obama would like to take them over, just like GM.....
Posted on 6/7/10 at 11:20 am to Sid in Lakeshore
BP will file for bankruptcy protection. Currently they have $5 billion in cash, $5 billion in a credit line, and $5 billion set aside in reserves for a total of $15 billion dollars.
Given that they know they are going to blow through $15 billion in the next 10 to 18 months this company is assured of going under.
Once BP does under then Anadarko will be the second to fall. The early estimates of the impact of this oil spill (before it even hits the Florida Keys & Atlantic seaboard) are $25 to $35 billion.
Bottom line is to take the early settlement if they offer it and wash your hands now before you stuck with .05 on the dollar.
Given that they know they are going to blow through $15 billion in the next 10 to 18 months this company is assured of going under.
Once BP does under then Anadarko will be the second to fall. The early estimates of the impact of this oil spill (before it even hits the Florida Keys & Atlantic seaboard) are $25 to $35 billion.
Bottom line is to take the early settlement if they offer it and wash your hands now before you stuck with .05 on the dollar.
Posted on 6/7/10 at 11:27 am to MrLSU
quote:
BP will file for bankruptcy protection. Currently they have $5 billion in cash, $5 billion in a credit line, and $5 billion set aside in reserves for a total of $15 billion dollars.
Given that they know they are going to blow through $15 billion in the next 10 to 18 months this company is assured of going under.
Once BP does under then Anadarko will be the second to fall. The early estimates of the impact of this oil spill (before it even hits the Florida Keys & Atlantic seaboard) are $25 to $35 billion.
Bottom line is to take the early settlement if they offer it and wash your hands now before you stuck with .05 on the dollar.
This is what I have been hearing too.
Posted on 6/7/10 at 11:34 am to tgrbaitn08
quote:
Given that they know they are going to blow through $15 billion in the next 10 to 18 months this company is assured of going under.
Didn't they just pay a $15B dividend? I would expect that their profit had to be very substantial to warrant a $15B dividend.
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