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Talks between BP and the U.S. government over a settlement for the 2010 oil spill reportedly...

Talks between BP and the U.S. government over a settlement for the 2010 oil spill reportedly have stalled because the U.S. is insisting BP pay at least $18B. BP's board is said to be split over whether to pay $18B or continue to push for a settlement at $15B; a big worry is that giving in to the government will spark a wave of shareholder lawsuits.
Comments (8)
  • Holder & http://bit.ly/W7GMWa the same.
    1 Oct 2012, 08:55 AM Reply Like
  • They must be mad to even consider giving way. This is political blackmail and a well-known ploy. BP could litigate this for a decade if they wanted, and apply pressure by scaling back their Gulf of Mexico work while maintaining their interests. The price of oil is only going one way.
    1 Oct 2012, 09:08 AM Reply Like
  • agree 1000%...it would be great to litigate this for a decade...by that time future dollars would be worth about 50 cents on the dollar...so BP would pay half as much if any and the blackmail attempt would have nothing to show for it...
    1 Oct 2012, 12:00 PM Reply Like
  • pre election ploy by the US administration - wanting to demonstrate a tough stance. This is likely to ease post election and US administration will want to settle not drag litigation.
    1 Oct 2012, 10:10 AM Reply Like
  • If current administration is reelected look for more of this. Think Argentina.
    1 Oct 2012, 11:21 AM Reply Like
  • BP should signal that litigation would be the next step if US government is not reasonable, meaning states which are to benefit from the payout should wait for years. That would surely not be loved by voters in those states.
    1 Oct 2012, 11:42 AM Reply Like
  • no greater greed than GOVERNMENT GREED
    best offense...extended litigation
    1 Oct 2012, 04:48 PM Reply Like
  • If other blogs here are accurate BP is in a bit of bind. They are currently selling off good assets at or near "fire sale" prices to build up their legal reserve funds for the Gulf fiasco. The delayed litigation hurts both parties because BP loses the free of using its funds and the US gets paid in diluted dollars. What isn't clear here is what litigation, if any, is left AFTER this litigation is settled. I thought there were some parties that opted out of past settlements and are not involved in this one. If so, how much money is involved?
    1 Oct 2012, 01:21 PM Reply Like
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