BP declares bankruptcy, US pays the bill ?

Ha! that's funny... Obama says BP is going to pay for the oil spill in the gulf, yeah right.

I don't think BP will be able to afford to pay for all the damages this oil spill is likely to cause. I think BP will surely declare bankruptcy as soon, if not sooner than hurricane season starts as the SW is inundated with acid raid destroying crops and killing wildlife, causing massive car pileups with slick roads, destroying our waters supplies and threatening food supplies.

Keep an eye out for this one because it's coming.






[mod edit: added "?" for clarity in title]

[edit on 3-5-2010 by 12m8keall2c]

BP makes about 30+billion a year in profits. i don't think they'll be filing for bankruptcy anytime soon, its also a British based company, are they allowed to file for bankruptcy in a foreign country?

edited typos

[edit on 5/3/2010 by Alaskan Man]

BP has already stated that they would "absolutely" pay for the clean up

www.cnn.com...

UK will probably bails out BP with money from the IMF, to pay some of the bills.

More EU debt, or US debt anyhow if BP's profits aren't enough to cover costs.

BP Oil Spill: Company Loses $25 Billion
In Market Value

www.huffingtonpost.com...

NEW YORK
BP shares tumbled more than 8 percent Thursday, and the company
has lost roughly $25 billion in market value since an offshore rig it
hired in the Gulf of Mexico exploded last week and started spewing
huge amounts of oil.

Transocean Ltd., the oil services company that owned the Horizon,
has lost about $4.35 billion in market value since the explosion.

In Thursday trading, BP shares gave up $4.78 to close at $52.56.
Transocean lost $6.32, or 7.5 percent, to end at $78.51.

In defense of the OP, BP might not have the assets or
capital to fund this clean-up if their shares keep dropping
like this. Bankruptcy might be an option regardless of what
was promised in the news by BP. You cannot squeeze water
out of a rock.

To be quite honest I would not be surprised to find
out later that this was a terrorist act to put BP out
of business. If it was, it is working !!!

I was doing research on this same scenario
last night and have come up with some interesting
stuff maybe including corporate espionage and insider trading
and cornering the oil market. Haliburton, Carlyle Group
and Riverstone Holdings and former BP CEO John Browne's
name came up in my research. Even the Saudi Royal Family!!
So an act of terror in the gulf is not far fetched as it might seem.
When corporate interests are at stake.

But don't take my word for it. Do your own research



[edit on 3-5-2010 by boondock-saint]

Hey BP makes enough PROFIT in 6 months to pay the entire 7 billion cleanup bill. Bancrupt for having to clean up their mess? Hardly. Their profit in the 3rd quarter of 2009 was 4.67 billion.

Profit excluding non-operating items and inventory changes fell 47 percent to $4.67 billion, a smaller drop than some analysts expected.

BP Oil Profit for 3rd quarter 2009

Originally posted by damwel
Hey BP makes enough PROFIT in 6 months to pay the entire 7 billion cleanup bill. Bancrupt for having to clean up their mess? Hardly. Their profit in the 3rd quarter of 2009 was 4.67 billion.

I already read that info, however this event changes
how they will do business in the future.

Lost revenue
Lost contracts
Lost resources
Lost consumer trust
Possible future Gov Safety Regulations
Oil Spill clean-up
Oil well leak plugged
Broken business contracts (law suits from clients)
Law suits from employees families
Law Suits from consumer groups (class action)
Gov law suits for safety violations
Stock prices bottom out
and lots more!!

None of the above was encountered
in the 3rd quarter of 2009.

It does not look good for BP.
It is my prediction, that a large oil
company will buy them out some time
in the future just to secure their assets
and eliminate competition.

That's part of the conspiracy I was mentioning
above. Looks like BP is the target of a hostile take-over.
Sabotaging the rig to be an accident (Haliburton).
Carlyle Group comes in to broker the sale
with stock options and Saudi Aramco
takes over BP at bottom dollar stock prices.
And there's nothing BP can do about it.
Saudi Aramco then owns all BP assets
and has over 50% market share of oil production
in the world. They corner the oil market
with monopoly. BP was their biggest competition
until this gulf tragedy.

It's a perfect example of #1
swallowing up #2 by force.

So, then some caused the fire. Any ideas who or how. Where there aby boats, subs, plane, W Bush... in the area before the fire.

Any eye witness?

reply to post by Crakeur


paying clean up and paying restitution are two different things..

sure they will foot the bill for cleaning up their own mess, but they will only be liable for paying restitutions up to 75 million, which won't even begin to cover the costs.

We'll end up paying for it in the end anyway, so BP won't worry about their precious profits dissapearing.

It wouldn't surprise me if BP still made a profit this year, even after this mess.

CX.

What you have to remember though people, is that there is a chance that BP will just claim this on their Insurance. All of the major Shipping Companies world wide have MASSIVE Insurance policies for their vessels and cargo, for when things go completely up # creek.

For example, a few years back, one of the Managers of Hamburg Sud, which my dad's company has a contract with, was in Sydney. We went out to dinner with him, and he was telling us about one of their vessels, which had been here in Sydney only 2 weeks previous, and which I had taken the Bosun and an AB to replace their counterparts who's contract had finished.

Anyways, the Manager had told us that only a couple of days before he arrived, that the vessel (which was only 3 months old), had had an explosion on board when chemicals from 1 container had leaked into a container with 20 ton of fireworks in it, ripped a hole 30 metres across in the side of the vessel, blown a 10 ton hatch cover and 600 ton of containers overboard, and sunk.

Now most of you would be thinking "who the **** puts chemicals on top of a container with a #load of fireworks???" Well that's the thing. Vessels have strict policies on where containers are stored on board, and anything with Dangerous Cargo is stored to specific protocols. But the people that had leased the container with the chemicals in it had put on the paperwork that there were only machine parts in the container, so thats why it was stored on top of the container with fireworks.

And the worst part??? The Bosun and AB I had put on board 2 weeks earlier were killed in the explosion. It was the Bosuns birthday that day, and he had just found out his wife had given birth to his first child. So shocking.

Anyways, back to the point I was trying to make. The company put it through their Insurance, and the Insurance Company was looking at a payout of at least US$1.2 Billion, all because some idiot failed to put something on some paperwork.

The rundown was like this:- US$120 Million to replace the brand new vessel, about US$980 Million to replace lost cargo that was on board, and the rest to cover all other incurred costs and expenses related to Crew Wages, Court costs (the company was going to have the people who hired the container with chemicals taken to court and charged), and compensation paid to the 2 crew members families that died.

So my bet???? That BP will pay for the clean up, and just put it through their insurance. Things like that aren't out of the ordinary.

Edit:- spelling.

[edit on 4-5-2010 by TerribleTeam2]