ChuckDeatonLife Member  Senior Member Posts:1110  
| 05/05/2010 8:12 PM |
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IMHO, BP and other major players, have no choice regarding the 75M USD. In and out so to speak, BP will pay it into a federal court and eventually the court will apportion what is left after expenses.
"Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt
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CatAdjusterX Veteran Member Posts:964 
| 05/09/2010 1:31 AM |
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Posted By ALANJ on 05 May 2010 04:58 PM
BP is going to walk into court and say "here is our 75 mil judge" and walk out the door.
BP already stated the 70 million cap is irellevant and will pay any legitimate claim no matter the cost.
In an unrelated financial matter,TRANSOCEAN just received a 400+ million payout for the rig "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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CatAdjusterXVeteran Member Posts:964
| 05/09/2010 1:39 AM |
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Posted By Ol' Ghost on 01 May 2010 08:28 PM
Yes, Hanover HAD the rig coverage. Now all they have is $40 Million hole in the checking account and are desparately searching for some subrogation.
Ol' Ghost Transocean got a 400+ million rig payout, Hanover better step up with the subrogation 10 fold "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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Ray HallSenior Member Posts:2443
| 05/09/2010 11:54 AM |
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I worked in Oil & Gas sales and service for 10 years and Oil & Gas claims for 4 years. This is a very complex business and most of the bad things that happen are spelled out in the operating agreements. It really boils down to who own,s the well and that is sometimes several large oil companies and then it goes to the operator (BP) When something like this comes up they do not start pointing the finger (subrogation).(Sometime the finger pointing comes back)
This will be the largest (in terms of $$ spent) in the history of off shore or onshore drilling in the history of oil and gas operations. It will affect the International Insurance Market for energy for decades.
Just cool it for awhile, when they are able to set the funnel over the well head on the ocean floor, they will save all the crude with very little spill and this thing will be yesterdays big head lines. In about 60 days they will be able to kill the first well with cement with the relief well and all the oil will be taken to shore in many large tankers . The clean up cost will be very very expensive, the liability claims will be large amounts to the residents and business.
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ChuckDeatonLife Member Senior Member Posts:1110
| 05/09/2010 1:44 PM |
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There is is very real possibility that this oil leak cannot be stopped. There is a possibility that the cost is just too great, the corporations involved do not have immense cash reserves, with the world wide financial problems, it is possible that money cannot be borrowed to cover the cost.
Perhaps the leaking well will drain the reserve in to the gulf water.
"Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt
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| 05/10/2010 12:11 PM |
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Sad news to report. I just got off the phone with one of my lawyer buddies on the coast. They have submitted several claims directlly to BP to see how they would respond. It appears that BP has hired defense firms and their lawyers to handle the claims and report directly to them. We further discussed how BP has stated they will pay all the cost regardless. BP is a stock company. They are on the hook for cleaning up the Gulf and are limited to 75 mil for the other damages. If they pay more than the 75 mil cap, they will open themselves up to a lawsuit from the shareholders. Looks like the Federal Fund will be where the work will be.
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CatAdjusterXVeteran Member Posts:964
| 05/11/2010 1:26 AM |
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Posted By ALANJ on 10 May 2010 12:11 PM
Sad news to report. I just got off the phone with one of my lawyer buddies on the coast. They have submitted several claims directlly to BP to see how they would respond. It appears that BP has hired defense firms and their lawyers to handle the claims and report directly to them. We further discussed how BP has stated they will pay all the cost regardless. BP is a stock company. They are on the hook for cleaning up the Gulf and are limited to 75 mil for the other damages. If they pay more than the 75 mil cap, they will open themselves up to a lawsuit from the shareholders. Looks like the Federal Fund will be where the work will be. They already declared they will pay every reasonable Business Interruption claim and a direct qoute from BP is the 75 million cap is irrelevant "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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CatAdjusterXVeteran Member Posts:964
| 05/11/2010 1:37 AM |
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Posted By ALANJ on 10 May 2010 12:11 PM
Sad news to report. I just got off the phone with one of my lawyer buddies on the coast. They have submitted several claims directlly to BP to see how they would respond. It appears that BP has hired defense firms and their lawyers to handle the claims and report directly to them. We further discussed how BP has stated they will pay all the cost regardless. BP is a stock company. They are on the hook for cleaning up the Gulf and are limited to 75 mil for the other damages. If they pay more than the 75 mil cap, they will open themselves up to a lawsuit from the shareholders. Looks like the Federal Fund will be where the work will be.
Shareholders have no recourse from BP's losses as they knew the risk to their investment ahead of time, they are in the same situation as a shareholder in an airline investment who tried to sue the airline when a carrier's airplane crashed for them losing stock value from paying lawsuits from those who's loved ones were killed from a crash
Too bad for the stockholders losing money, that's the gamble they took .
If they could sue , you would have every person who ever made a bad decision on who to invest in filing a lawsuit for them losing money or any day trader who lost juniors college fund from bad decisions playing the market , BP shareholders do not have a safety net nor do they deserve one "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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| 05/11/2010 8:15 AM |
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Cat X:
You can forget what you hear on TV. It's all a PR dog and pony show now. Yes, the shareholders have recourse. Just call one of your lawyer buddies and ask what a shareholder derivative suit is. The stockholder get out of jail free card / safety net is the 75 mil cap. I'll be more than happy to take their case. I had this conversation with one of the largest plaintiff firms in the SE yesterday. They are chomping at the bit to rep the shareholders if BP spends one penny over the 75 mil cap.
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| 05/12/2010 7:56 AM |
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First shareholder lawsuit filed yesterday in Federal Court. That didn't take long.
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| 05/12/2010 8:40 AM |
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The trouble with living in this brave new, 'I want it now!', world of instant gratification fueled by too much instant cable TV news is this; we who should know better are now asking, 'Where's the oil soaked beaches?'. After all, it's been something like 14 years now since the rig sank and the oil spewed to the surface, shouldn't there be some tarred birds and turtles out there being cleaned by the local PETA and Sierra Club folks? And what about the newly tarred up docks, piers, and decorative sea front properties, where are they? Every day I look at the new diagram in the newspaper of where the oil slick is to see it's still puddled up well away from the coast.
Ya know, some folks are getting tired of waiting.
Ol' Ghost
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| 05/13/2010 6:54 PM |
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where's damn oil?
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| 05/13/2010 9:42 PM |
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where's damn oil?
Yes, that's showing restaint. Standby calls are already out, but will be a while yet.
I want to die peacefully in my sleep like my grandfather, not screaming in terror like his passengers.
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ChuckDeatonLife Member Senior Member Posts:1110
| 05/13/2010 11:00 PM |
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"Ian R. MacDonald, an oceanographer at Florida State University who is an expert in the analysis of oil slicks, said he had made his own rough calculations using satellite imagery. They suggested that the leak could “easily be four or five times” the government estimate, he said."
"BP later acknowledged to Congress that the worst case, if the leak accelerated, would be 60,000 barrels a day, a flow rate that would dump a plume the size of the Exxon Valdez spill into the gulf every four days. BP’s chief executive, Tony Hayward, has estimated that the reservoir tapped by the out-of-control well holds at least 50 million barrels of oil."
"Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt
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ChuckDeatonLife Member Senior Member Posts:1110
| 05/13/2010 11:01 PM |
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"Mr. Lewis cited a video of the gushing oil pipe that was released on Wednesday. He noted that the government’s estimate would equate to a flow rate of about 146 gallons a minute. (A garden hose flows at about 10 gallons per minute.)
“Just anybody looking at that video would probably come to the conclusion that there’s more,” Mr. Lewis said."
"Prattling on and on about being an ass with experience doesn't make someone experienced. It just makes you an ass." Rod Buvens, Pilot grunt
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| 05/13/2010 11:34 PM |
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gimme them oily birds to save ASAP
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| 05/19/2010 3:57 PM |
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I handled dozens of environmental claims when I was staff with Crawford and Company for all the major refiners in the Coastal Bend at Corpus Christi. I guess the old days of hitting the streets with a checkbook are over. If you go out and settle a claim, it is going to be undone by attorneys. But I do hear BP is paying out. I am sure it is open-ended with no releases taken. The claimant is going to have an account, et cet. Anyway, I was right, as soon as the crude starts lapping up on the shore you would get a variety of complaints re respiratory distress, headaches, et cet. Apparently this is happening in NOLA.
Jeff Finley
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CatAdjusterXVeteran Member Posts:964
| 05/27/2010 3:20 AM |
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Posted By ALANJ on 11 May 2010 08:15 AM
Cat X:
You can forget what you hear on TV. It's all a PR dog and pony show now. Yes, the shareholders have recourse. Just call one of your lawyer buddies and ask what a shareholder derivative suit is. The stockholder get out of jail free card / safety net is the 75 mil cap. I'll be more than happy to take their case. I had this conversation with one of the largest plaintiff firms in the SE yesterday. They are chomping at the bit to rep the shareholders if BP spends one penny over the 75 mil cap.
I don't quote what I see on TV my friend and I guess BP is either really stupid to announce that the 75 million is irrelevant during a press conference or they know recourse from shareholders doesn't have any teeth to it at all. "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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CatAdjusterXVeteran Member Posts:964
| 05/27/2010 7:48 PM |
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Posted By ALANJ on 11 May 2010 08:15 AM
Cat X:
You can forget what you hear on TV. It's all a PR dog and pony show now. Yes, the shareholders have recourse. Just call one of your lawyer buddies and ask what a shareholder derivative suit is. The stockholder get out of jail free card / safety net is the 75 mil cap. I'll be more than happy to take their case. I had this conversation with one of the largest plaintiff firms in the SE yesterday. They are chomping at the bit to rep the shareholders if BP spends one penny over the 75 mil cap.
ALANJ
I did ask my Lawyer buddy about a shareholder derivative suit.
In most cases , a shareholder derivative suit is brought by a shareholder against a third party that is causing harm to the corporation and the corporation itself is not appropriately defending itself. In some cases , shareholder's can bring forth this action if they feel an official director or officer has breached it's fiduciary duty to the corporation, basically the action you speak off with spending a penny over the 75 million cap
I honestly do not think any shareholder or stockholder derivative action suit in which these individuals are trying to sue their own corporation for paying too much money to clean up and minimize and mitigate damages and compensate those who's livelihoods have been forever impacted by the worst environmental disaster in United States history would have a snow ball's chance in hell of being found merited !
You state you would be happy to take the shareholder's case and the largest firm in the Southeast is chomping at the bit, I would guess they are falling over themselves right about now as they are all recording all these press conferences just like the one that just occurred where the corporation has voted and approved to set aside 500 million dollars alone just to study the long term effects on the Eco systems affected.
All this "JUICY" damning evidence recorded for the discovery phase of this action right ?
Anyone whether a layman or an apparent legal "EXPERT" who thinks any jury would agree that paying more than the agreed 75 million dollar cap for a disaster is an acceptable cause of action and award these folks a dime is sadly mistaken.
The 75 million cap was already stated to be irrelevant by BP themselves, do you honestly think they would be so open about that fact and stating it hundreds of times if they really thought it would damn them in court by their own stockholder's ?The cap itself is already being discussed in Congress to be upgraded to 10 Billion for future accidents as it is sadly been proven to be woefully inadequate , so shareholder's will not even have a say in the cap being increased to 10 billion and therefore , no cause of action to begin with.
The only way a Shareholder's derivative suit will EVER see the light of day is on something like negligence or failure to act caused damages, like violating safety measures and the like, but not a dime will EVER be recovered over this 75 million dollar cap being exceeded !
I have great respect for your past posts and find them well thought out and insightful, however in this case, I believe you are misinformed.
Robby Robinson "A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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CatAdjusterXVeteran Member Posts:964
| 05/27/2010 7:52 PM |
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Posted By ALANJ on 12 May 2010 07:56 AM
First shareholder lawsuit filed yesterday in Federal Court. That didn't take long.
"A good leader leads.....
..... but a great leader is followed !!"
CatAdjusterX@gmail.com
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