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View Full Version : Any Bankruptcy Attorneys On Board?



Franco
06-09-2010, 05:56 PM
What would BP's liability be if the go bankrupt/liquidation?

Would that get them off the hook with clean up, loss of income for fisherman, businesses along the gulf coast, wrongful deaths ?

http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/06/stocks_fall_on_fears_the_gulf.html

charly_t
06-09-2010, 06:22 PM
This little plot might shed some light however another judge might see it differently. We made a deal to get a new roof on the house after a bad hail storm in our area. A good sized group of neighbors also hired this man. I might add that this man has the best rep in our area for his work and honesty !!!! We were asked to pay him for the materials up front which seems to be the acceptable way around here anymore. He took bankruptcy but since we had charges filed against him already when he got to his bankruptcy hearing he was told that he has to refund our money. We found out after the fact that he has a small problem...........he is seen very often at a local Casino. I hear he still visits the Casino but he has not refunded our money. If he gets jail time for this we were told he can be sent back to jail if he does not start paying us back. I'm sure with a company like BP it will be very different.

Thomas D
06-09-2010, 06:30 PM
Well, Rosie O Donnell wants the president to sieze their assets.

YardleyLabs
06-09-2010, 06:36 PM
What would BP's liability be if the go bankrupt/liquidation?

Would that get them off the hook with clean up, loss of income for fisherman, businesses along the gulf coast, wrongful deaths ?

http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/06/stocks_fall_on_fears_the_gulf.html
Not a bankruptcy attorney, but been through a few on both sides.:(

To date, BP has stated that it will pay all legitimate claims without regard to the statutory limit of liability for consequential damages. Its basis for doing this has been to avoid impairing its long term revenue potential by actions that might result in limits on its ability to operate in the United States. I doubt that liabilities incurred in excess of the $75 million statutory limit would even be deemed to be real liabilities for purposes of a bankruptcy filing and no claims in excess of that amount could be paid legally unless all other creditors had been satisfied, except as part of a reorganization rather than a liquidation. The basis for a bankruptcy filing would have to be clean up liabilities since these are not capped as I understand it. BP generates about $240 billion/year in revenues with an 11% net profit. It has net assets of over $100 billion. It declared a dividend before the accident and is scheduled to pay out about $800-900 million in 11 days. While its current ratio is only about 1.1 (i.e. current assets are 110% or current liabilities), I doubt that it is facing any real risk of bankruptcy unless liability estimates -- not including liabilities it has said it would assume voluntarily -- begin to exceed $20-30 billion. The economic impact of halting dividend payments would be serious since BP currently represents about 12% of all dividend payments in England.

Buzz
06-09-2010, 07:45 PM
Well, Rosie O Donnell wants the president to sieze their assets.

Rosie is an idiot.