BP Creating New Company To Handle Oil Cleanup And Claims

I heard this on Fox News this morning, they said it is still developing. I have not found another source for it.
But if they create another company for the cleanup of the oil and to handle all the claims and lawsuits. What is stopping this new company from just filing bankruptcy, leaving everyone hanging and BP just slithers out of this? Could it be that easy?

Originally posted by Just Wondering
I heard this on Fox News this morning, they said it is still developing. I have not found another source for it.
But if they create another company for the cleanup of the oil and to handle all the claims and lawsuits. What is stopping this new company from just filing bankruptcy, leaving everyone hanging and BP just slithers out of this? Could it be that easy?

I don't think the people who lost there jobs due to this would let it be that easy.

BP did it, BP should fix it, BP should clean it, BP shouldn't try to get their name out of anything that has to do with the BP spill.
If my children make a mess, they clean it, they don't go and get someone else to clean it for them. If I make a mistake I fix it, I don't go looking for someone else to fix it for me.
Shame on BP.

[edit on 6/4/2010 by concerned190]

reply to post by Just Wondering


More likely that they would create a new company to run operations. That way, anything that the old BP had done would have to go against the old BP and bankrupt the old BP. The new BP company would, therefore, not be liable for the old BP's actions and would be free to continue operations unfettered by liability claims.

This is exactly what a company I used to work for did (and it worked for them) and I bet this is what they're doing, makes more sense.

Setting up a new company costs a lot of money, money that should be spent on cleanup. This company, I'm sure will pay it's CEO's more than I'll ever see in a lifetime in a year.

reply to post by Iamonlyhuman

So you think they could slither out of this mess?
I haven't made an effort to hide the fact that I have money invested in BP
but this just isn't sitting right with me. I am a Louisianan first above anything else I may be.

We will all pay for it eventually.

But it needs to come out of BP's pockets right now.

There is another well leak , this time in PA.

www.abovetopsecret.com...

They would still be responsible for all costs and claims. The company would not have existed at the time of the catastrophe and would not be named in any lawsuits, I believe.

Same as someone slipping on iced over sidewalk in front of your business; you re-registering the company under a different name or splitting it in two has no influence over the lawsuit that would have been filed with the company that was responsible for cleaning up the ice at the time of the accident.

Any lawyers that could shed some light on this?

This is horrible !!

This means that the Gov is Not going to take over the cleanup. BP should pay and the Gov.. that is We The People should get it cleaned up right..

To let this company have this much control in the affairs of this disaster is tantamount to Big Brother.

How can that be admissible in court since that company technically didn't exist at the time of the spill, how can they be held reliable or whatever ....