BP OIL SPILL SPELLS BANKRUPTCY

It seems that a few days ago, the talks of BP having to fall bankruptcy were just "talks" behind the scenes and BP damage control team came to the rescue to tell that it was not truth.

Now faced with numerous law sues from government and civilian groups BP is looking at a very good possibility that their gulf oil profits are to disappear and probably deep into the many oil drill ventures they hold around the world

Today in wall street the word "bankruptcy" again hit the markets making BP stocks take a hit.

While BP is very profitable company they will have not other choice but to fall for bankruptcy in order to put caps on the amount of money that they will be forced to pay for the oil spill, from clean ups to liabilities/b].

US Steps Up Pressure on BP Over Spill; Shares Fall

www.cnbc.com...

More Than 6,000 Lawsuits Filed Against BP

www.cnbc.com...

reply to post by marg6043


I very much doubt the oil spill will bankrupt BP, but it will keep quite allot of lawyers very busy making as much money as they possibly can out of this tragedy as they get themselves stuffed with cash.

It is a shame that Obama seems to have fuelled the expectations. Cutting out the superfluous and made-up claims and identifying the real will take years as the lawyers wallow in the greed that keeps their particular profession afloat.

US society is geared for this type of thing. It is an industry.

Regards

reply to post by paraphi


No, they will not be bankrupted but is different type of bankruptcy and what BP wants is that been faced with numerous law sues they want to put caps on the amount of money they will be paying out.

Like that they can protect their profits from their other oil drilling ventures.

If there has ever been a reason to modify current bankruptcy laws, this incident warrants it, in my book!
They should not be granted an "easy" way out of this debacle!

Another barrier to justice is going to be the Judge recusals, something I hadn't even considered until running across an article. I started a thread if interested.

Lawsuits For Gulf Spill May Be Hindered By Judge Recusals
www.abovetopsecret.com...

Thanks for the post,
Peace


[edit on 9-6-2010 by speculativeoptimist]