BP going Bankrupt...

[vaberella]

Okay guys I wanted to start this conversation...for a while.

You might be wondering where this is coming from. I was watching the Coast Guard briefings. Yes, I think I am the only one who does. There were only 2 reporters on Thursday's breifing and a really angry reporter---or I don't know if it was a reporter. He was rude.

Anyway the Coast Guard is very informative if you want to know what's going on behind the scenes and what might be lied about in the news or the media news outlets we get here. So if you want to keep up to date on what's going on please watch the Coast Guard briefings. You'll really see that Obama has not been sitting around doing nothing and far from not showing any leadership. No one is reporting it...unfortunately.

Now I'm done with that. One of the reporters asked something very interesting, he asked, "What would happen if BP went bankrupt?!" That really never crossed my mind and the Coast Guard said, we don't have and answer for that.

It's very interesting. If BP is paying out all these reparations, is there a chance BP will go bankrupt?! Then you have to wonder of the magnitude of that. If BP was a person I would say that's a great thing. But I have to say BP employs a lot of people abroad and in the US, a lot of people. This would cause---probably an economic upset. Further more, if BP can't pay off all of the reparations due to debt who takes up the rest of the tab?! Would it be England paying off the debt of it's enterprise?

I just thought it was an interesting question.


My friend just asked me an interesting question...How does bankruptcy law work in Britain and especially for a major company like BP that is embroiled in an international disaster?! Further more many other companies are involved in this who may have to pay as well---since the rig was made by another company!

On a final note. I wish Admiral Thad Allen was the Press Secretary. He's so clear, concise and to the point---he doesn't mince words or leave you wondering. Very informative and the Coast Guard is so transparent---of course under the direction of Obama and DOI. So it's great informative stuff. If he doesn't know, he'll tell what you he doesn't know and what he knows and who he can contact to know if he doesn't know but knows where to get it. :D

[hedgehog]

1. You want us to consider the possibility of unintended consequences?

But it's so much more satisfying to engage in ignorant ranting and raving!

[vaberella]

4. Heh...and I notice that this is fairly ignored for the ranting and raving.

It was an interesting question that shocked me a bit. What's your thoughts on it?! I was like what does happen if BP went bankrupt...besides the unemployment increasing. Because this is what could happen. It has a lot of reparations to pay and there's also the bills to pay to the American government and other nations who are sending out their equipment. It's a scary thought.

[napi21]

2. We all better HOPE BP doesn't go bankrupt1 THAT would mean

the taxpayers, yea you & me, would have to clean up their mess, and most likely ther wouldn't be ANY $$ to compensate the people harmed by their failures.

I know, I was feeling very vindictive too, and I wated BP to go belly up as payback, but then I was speakingto a stock broker last week, and what he saidmade sense. "BP was terribly negligent & must pay for all the damage they caused, but the last thing in the world youwant is for them not to be able to PAY! They are swimming in ash and available credit right now, and $$ won't be a problem, but if the US forces them into bankruptcy, all that money is gone. The available credit will dry up, the stock holderswill sell all their shares, and WE the US taxpayer willbe left with nothing!" H didn't even mention all the jobs lost and the damage that would do.

I honestly think it's time for us to stop the vengence attitude & think what's really in our best interests.

[vaberella]

5. Exactly. I was like no one is asking this question?!

But there's also more doesn't Britain have a liability to pay in this because of BP's accident or are they scott free?

[quiller4]

10. Great Britain has no liability for BP just as the United States

has no liability for Pfizer, Dell or any other company on the Fortune 500/

[vaberella]

12. So basically they go bankrupt and we are left footing the bill?!

Huh.

[napi21]

15. You got it. BP is a BUSINESS & it is NOT owned by any

Country.

I heard a discussion yesterday where someone said we should be GLAD, if this had to happen, that it wasn't some small co. worth $1 or 2 billion. Then we would not even have any HOPE of getting any $$ for recovery.

[napi21]

14. I doubt very much that Britain has any liability. Think of this another way.

if a US nucler power plant was built in Britain, and it had a disasterous explosion that destroyed a major part of Britain, would the US be responsible for covering the costs of the fix? I used a nuclear power plant as an example becausethat's the one business I could think of that would do as much or more devastation as was done in our Gulf, & because there really aren't any US, British or any other country's oil conpanies. They are worldwide behemoths.

Would they have a moral obligation to at least HELP the US if BP were t disappear is a different questin.

[ellenfl]

3. i have wondered (here) if the admin is trying to keep that from

happening. my thought is they don't want to push too hard until they have all our ducks in a row. wishful thinking on my part, maybe, but i know we don't know the whole story of what is happening . . . you apparently see that, too.

when does the cg briefing take place?

ellen fl

[vaberella]

6. Every day, I think...I'm not sure what time but you can watch it on C-Span.

If you go to C-span and click on Energy you'll see Wednesday to Friday's briefings.

1. Wednesday: http://c-span.org/Watch/Media/2010/06/09/Energy/A/33993/Coast+Guard+Admiral+Thad+Allen+Briefing+on+Gulf+Oil+Spill.aspx
2. Thursday: http://c-span.org/Watch/Media/2010/06/10/Energy/A/34051/Coast+Guard+Admiral+Thad+Allen+Briefing+on+Gulf+Oil+Spill.aspx
3. Friday: http://c-span.org/Watch/Media/2010/06/11/Energy/A/34098/Coast+Guard+Admiral+Thad+Allen+Briefing+on+Gulf+Oil+Spill.aspx

I'll do a search for more.

[ellenfl]

22. thanks. if you can, let me know so i can tape it. can't watch at work. eom

[Lint Head]

7. When you invest in a stock it can totally lose it's value.

That's a risk anyone takes when they invest in stock. You take a chance that your employer could go out of business everyday you work. Life is not fair. It's not negativity it is the truth.

BP should go into receivership and be turned over to the people that populate the Gulf States that have been impacted by this avoidable disaster. BP has plenty of interests world wide that would sufficiently cover the property lost and pain and suffering of people and damage to the environment and animals.

[vaberella]

8. I don't think that's possible.

Remember BP is an international company as well not a US company. So I don't think there's anyway that BP can be turned over to the Gulf States.

[Lint Head]

9. Your right, you don't know and niether do I.

This avoidable disaster is a threat to the national interest of the United States. Actions can be taken by the commander and chief.
Either that or he is nothing more than a figure head that talks.

This is an opportunity for someone or some nefarious individuals to use this avoidable disaster to bankrupt this country. This will have an impact for decades. If we don't get off of the internal combustion engine our planet and the majority of life on it is doomed. If this is not handle with impunity our nation is virtually impotent.

[vaberella]

11. You realize that before this situation we were already a debtor nation.

It's only avoidable in hindsight. Although I disagreed with off shore drilling and we knew what "could" happen---it also has o be said that off shore drilling has a high record for safety. In our case most of our disaster with oil dealt with oil being shipped over the US in ships---not through an oil leak from a rig a mile deep in the earths surface and several hundred to thousand feet under water. This is a first for us.

As for the rest of your post it's a bit whatever for me because what your suggesting is still a bit unlikely due to the status of BP as an international company. Not that is even really the point of my OP which deals with the possible bankruptcy.

[gulfbreeze]

19. Depending on the type of lawsuit, jurisdiction

would be where the tort(wrong) occurred. I don't know about maritime law but it seems to be the law that would govern this.

[customerserviceguy]

13. BP is not going to go bankrupt

Nor will it cease to exist. There's enough assets there to pay off whatever its attorneys negotiate this thing down to.

I noticed that BP stock was up today, the sharpies have all penciled out that BP is going to come out of this. That's a good thing, since along the way, they will have to pay out many billions of dollars. If this had been a small oil company that drew the short straw on cutting corners, the people of the Gulf wouldn't be so well off as they're going to be with BP getting the shitty luck.

[ShadowLiberal]

16. I don't think they will, I heard on NBC that BP has over $100 billion dollars in assets on hand

BP may not have the cash on hand to pay up for the spill immediately, or in their yearly profits, but in other assets they could sell off for cash or use as collateral in a loan, they still have plenty.

Put it another way, NBC news said that surprisingly it's 'difficult' to see a scenario where BP could go out of business because of this oil spill. But not going out of business doesn't mean that BP would be the same after it's all over, it's likely to be only a shadow of it's former self in size after this.

[Cha]

17. First of all ..I think it's grand that you're interested

in those Coast Guard meetings..and thanks for bringing back info to share with us.

I guess it would matter how many other holdings BP has..if they're able to pay for all those affected by the gusher and lose all that oil that's gone and still have an indefatigable supply of money rolling in then it's so much better for those who need to be paid and pronto.

[Sebastian Doyle]

18. This is why their assets should be seized NOW before the crooked bastards make them disappear.

If BP goes "bankrupt" it will be specifically to weasel their way out of paying for their own shit. It won't be because they're actually broke, and what they would do is form a new company, claim it's completely unrelated to British Petroleum, and the "new company" :eyes: would buy up all of BP's assets, assume none of its liabilities and be making obscene profits again in no time. And probably fucking up the planet in a new location within weeks.

If we have to declare them terrorists and execute Tony Hayward on live TV to prevent them from getting away with this, so be it. I'll pull the switch on the chair.

[applegrove]

20. I heard today that if BP has to pay out about 20 Billion in compensation they are okay. If it is 60

Billion they go bankrupt.

[gulfbreeze]

21. Here on Pensacola Beach

my earlier post

Here on Pensacola Beach, they have done nothing in the gulf to help stop the oil from coming in! The booms are nothing more than bones being thrown by BP to keep everyone preoccupied. Pres Obama just spoke about a huge number of vessels off our shores working to help keep it out of our bays and off our beaches. It's just not true. They have NOT been here. There are people picking up tar balls. There have been some local boats hired to stay on the look-out. We grew up in the charter fishing industry here and know all of the Captains personally. One, who's been off shore for about 2 weeks, says his job is to site oil in the gulf, call it in, and stay with it until clean-up crews arrive. They never arrive. ever. My husband was driving home for lunch yesterday and while crossing the bay bridge, he saw the oil in the bay. No one is talking about it. I'm really upset with Obama's speech this morning. It was patronizing, placating, and not true. I drove people to the polls to vote for him. Last night I saw where BP is finally purchasing some of Costner's oil spill clean-up machines and a glimmer of hope returned. But upon hearing Obama not telling the truth, and almost avoiding addressing any of the dire issues, that glimmer is doused. My husband's been saying we need General Honore' here and last night saw him with a plan on cnn.