How does BP survive this?


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bigfincat is offline bigfincat Post #1  June 16,2010, 5:01pm
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I have a hard time believing that BP (& the smaller companies involved) can actually compensate for a full clean-up of oil as well as those economically effected now & in the future without ending up in bankruptcy.

I know that they have made billions in the past & were in a position to do the same in the future but the cost of the clean-up of that much oil alone is going to be fantastic.
 
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TheThinker is offline TheThinker Post #2  June 16,2010, 5:31pm
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I especially like the commercial where the CEO comes on and says, something to the effect, of.."and we promise it won't cost you anything...we'll pay for all the clean up"...or words to that effect...

I mean seriously, WTH was the rocket scientist in charge of PR for that spot?!
The costs of this damage as it results to the people that make a living from the ocean alone..fisherman, shrimpers, etc...is incalculable...
The guy was an idiot for doing that commercial.
 
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newbie40something is offline newbie40something Post #3  June 16,2010, 5:43pm
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Actually, I don't know if you guys saw the press conference today, but President Obama met with BP officials today and got a commitment from them to put 20 billion dollars in an independant escrow fund to pay claims for damages to those that have suffered. That is also not a cap and doesn't include any lawsuits that may be filed.

If they don't survive, it's their own fault. The president of BP has been a little callous before the aforementioned PR commercial.
 
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bigfincat is offline bigfincat Post #4  June 16,2010, 6:17pm
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That does help in the sense that partial claims could be paid more quickly.

It would take years to have a lawsuit go through the system.
 
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nightling is offline nightling Post #5  June 16,2010, 6:55pm
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I don't know how they are going to survive either, bigfin, but I sure hope they do, so they can pay for every last red cent they owe the people who have been hurt by this, and the cleanup and damage to the environment.

Otherwise the taxpayers going to get stuck with one d a m n big bill.
 
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nightling is offline nightling Post #6  June 16,2010, 6:56pm
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TheThinker wrote :
I especially like the commercial where the CEO comes on and says, something to the effect, of.."and we promise it won't cost you anything...we'll pay for all the clean up"...or words to that effect...

I mean seriously, WTH was the rocket scientist in charge of PR for that spot?!
The costs of this damage as it results to the people that make a living from the ocean alone..fisherman, shrimpers, etc...is incalculable...
The guy was an idiot for doing that commercial.
all those recent travel ads about how the beaches are just fine really! cracked me up. Those beaches are not fine. Those were paid for by BP too.

They shoulda been doing commercials that said the beaches are not fine, but please come anyway and volunteer to help clean up the birds and the beaches.
 
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bigfincat is offline bigfincat Post #7  June 16,2010, 7:35pm
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nightling wrote :
I don't know how they are going to survive either, bigfin, but I sure hope they do, so they can pay for every last red cent they owe the people who have been hurt by this, and the cleanup and damage to the environment.

Otherwise the taxpayers going to get stuck with one d a m n big bill.
Yes. We don't want to see the easy way out. Company goes bankrupt leaving limited liability. Executives disperse to other corporations or different company names many within the same industry.... while all personal assets having been put aside and protected for just such an occurrence.
 
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newbie40something is offline newbie40something Post #8  June 16,2010, 7:56pm
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Well, one good thing is that I do believe the money is to be put in an escrow fund immediately. So, regardless of how BP does, the money will be there.

And, BP doesn't get any control over how it is being spent. The third party administrator makes all decisions. They will rule without the consent of BP or the government.

Let's hope it is all it is supposed to be.

Those folks need some hope!
 
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newbie40something is offline newbie40something Post #9  June 16,2010, 8:28pm
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Also, just as an FYI....remember the Valdez oil spill? Well, to put things in perspective, I just recently heard that this spill is/was gushing as much as that........every 5 days.
 
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PY_2 is offline PY_2 Post #10  June 16,2010, 8:31pm

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I'm curious how much of that 20 Billion will be allocated to lawyer's fees? (I understand that the guy who was responsible for distributing the 7 billion 9/11 fund will be doing this).
 
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