BP will file for bankruptsy?

[Sir Jeffrey]

http://money.cnn.com/2010/06/09/news/companies/simmons_gulf_oil_spill.fortune/index.htm?postversion=2010060913

The word bankruptsy is starting to spread that BP will have no choice than to file considering the stock has plummeted and they will soon run out of cash.

[hammondjam]

That's OK. We can just bail them out.  :o

[Whoo]

I'm not so sure they can successfully get a discharge because lawsuits are pending with open - ended damages.  Sure, they could use it as a tactic to try and dissuade additional filings, but they likely would have to liquidate every single asset first.  I am hoping the dividend will be reversed, and all the money go into a trust toward damages. >:(

[Mr T]

Maybe they will "reorganize" and put the money-losing part into a shell company which will have very little money to pay claims.  The value of the rest of the company will go up but there will be no access to that money.  Remember the Dalkon Shield?

This reminds me of OU defaulting on the 29 million for the TIF because they have no money in their left pocket.  Somebody check the right pocket!

[Whoo]

And now BP is wanting to give money to buy positive press and favorable comments from the White House.  I say take the damned money they are offering and still stick it to them!!!!

An interesting development is a civil racketeering charge being placed at Bush and Cheney's feet.  Hmmm.

Insofar as Great Britain getting cranky toward us because this is affecting their economy via pension payments, well, the investors knew what kind of stock they were buying into, and they have an assumption of risk by doing so.  That's called not putting all of your eggs into one leaky basket.

[Whoo]

http://www.msnbc.msn.com/id/37654270/ns/disaster_in_the_gulf/
::)
Ah, how fondly I recall BP's previous comments that ALL of the revenue from the recovered oil would go toward restoration and cleanup. ::)

Obviously, it will not directly do so.  No, BP will retain 65% and then some, and then while their lawyers are busy slowing down the bleeding as long as possible, they will rake in huge amounts of interest until they have to write the check.  Again, what the government needs to do is keep sticking it to them, let the price tag grow, and every single Joe Blow out there ought to do the same.  Go ahead and get in line. :mad:

Now, the lost income - what's happening (through no fault of their own) to our fellow citizens is heartbreaking, maddening.  But why aren't the leaders of the Gulf states at least opening the door for alternative energy money, screaming for it to the preseident and Congress?  Get the topic on the table and be the first states to say, "Hey, this is an agenda you have, Mr. President.  We want in on the ground floor, and we can provide the most perfect reason to move it through." :confused:

[Whoo]

Well, let's not let the Gulf spill hog all the headlines.  Now, a pipeline running from Colorado to Utah sprang a 40 - 50 million gallon leak into a prominent Utah pond, and it took them from around 10pm to almost 8am to respond.  Good job, Chevron. ::)

[hammondjam]

Hopefully, that pond is owned by someone very wealthy. Until these spills affect the really rich, dragging of the feet will continue.

[taxidr]

I saw a commercial today with the CEO of BP saying sorry and what all they were doing to fix the problem.. 

[Sir Jeffrey]

Maybe the commercial the first week or so might have helped but a little to late now!!!

[Whoo]

So now reports are coming out about what they are doing with the de-oiled seawater; why, put it in areas of deep rock and sand, surely it won't ever enter into a freshwater source, of course not.  What happened to the desalination technology?  >:(

A businessman in Louisiana told the press his dumpster was filled with contamination suits from the cleanup crews, all nice and oily.  Yeah, this is being handled by BP so well. ::)

[Mr T]

Thank goodness they "care about the small people."  I was worried.

Teeny tiny people of the Gulf Coast can relax now - the Powerful People have deigned to notice them.

[Whoo]

Here's a really interesting article I found this morning, for comparison:

http://feeds.nytimes.com/click.phdo?i=4d479b9a7148e3fe65123d8b0efcb0b3

It only reinforces a) oil companies WILL destroy whatever habitats they enter into without strict regulation (sorry, I'm not buying into the whole "local thieves" bs) and b)without regulation, without accountability, we too could join Nigeria into becoming a country with startlingly-short life spans and devastating economic conditions.  So much for being a super power. ::)

OTOH, I will say kudos to Obama for wrangling 20 billion out of BP in startup monies; I don't think anyone could sneer at that amount.  Who cares if he made an announcement prior to the ink?  I say he made an announcement and then let actions speak louder than words.  Some political hacks are saying he put the cart before the horse - I say the action backed up his words.

[RatSass]

The problems in Nigeria, including the oil industry, is caused by the corrupt military regimes. 

[Mr T]

Yep - that's the whole "without regulation and accountability" thing.  Poor Africa. ::(:

Corporations won't regulate themselves.  There has to be someone in charge who isn't getting paid by the corporation.