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BP asks a federal judge to temporarily halt its ~$8.5B settlement with plaintiffs over the 2010...

BP asks a federal judge to temporarily halt its ~$8.5B settlement with plaintiffs over the 2010 Gulf of Mexico spill, saying the claims administrator's decisions could give the claimants "windfalls" and that the company could be "irreparably harmed." A judge ruled March 5 that BP must keep paying some compensation in larger amounts and to more parties than the company had anticipated.
Comments (26)
  • Just pay up, BP. You destroy the Gulf, you pay for the cleanup, period. If it bankrupts the company, then so be it. It's called "accountability," something that's all too rare these days.
    15 Mar 2013, 07:27 PM Reply Like
  • What an irresponsible comment, if there was ever one edsanville.
    15 Mar 2013, 08:25 PM Reply Like
  • Accountability? What about the accountability of where all that money has gone so far? Or the accountability of how much damage actually happened to the gulf? Those warm gulf-waters and their oil-eating bacteria made this much less of a disaster than the liberal MSM is making it out to me.

     

    You do realize that oil is a naturally occuring substance, right?
    15 Mar 2013, 08:33 PM Reply Like
  • Still amazing some of the doltish comments put forth here on SA.
    15 Mar 2013, 08:49 PM Reply Like
  • No he's right, in fact as soon as the shit hit the fan they should have just shut down the company, layoff everyone and let the well blowout until it depleted itself, then take all cash on hand and dump it out of a cargo plane over the gulf states. That would have been much better.
    15 Mar 2013, 10:42 PM Reply Like
  • That is so stupid... It only rings a bell of getting into arguments with fools...
    15 Mar 2013, 11:07 PM Reply Like
  • I believe it's called sarcasm Ludo.
    16 Mar 2013, 01:04 PM Reply Like
  • Seems we did not have the same sense of humor, but I got your point!
    18 Mar 2013, 09:37 AM Reply Like
  • What about fair play for all the American shareholders of the former Amoco (now BP) whose pensions depend so much on BP dividends? The excessive crackdown on BP by the US Administration reflects Barack Obama's animosity toward fossil fuels and his obsessive - and even corrupt - campaign in favour of his green programme. Thank goodness America's private sector is able to realize the fracking programme that Obama so resents and wishes the Government could frustrate.
    16 Mar 2013, 06:43 AM Reply Like
  • BP needs to play this very carefully, or it could be another PR disaster.
    16 Mar 2013, 09:24 AM Reply Like
  • I agree. I live in Panama City, FL and worked on the oil spill. People don't seem to understand the impact of the spill. There is nothing down here other than tourism and seafood- nothing. BP shut it all down. A huge economy. People are still very angry about it.

     

    Some people above want to say "oh, oil on the beach wasn't THAT bad," yeah well it was enough to make people vacation elsewhere. It was enough that people were concerned about their seafood- and the Correxit made it worse (NOT a natural substance).
    16 Mar 2013, 01:54 PM Reply Like
  • The settlement is being interpreted by the administrator to allow recovery for every class member who can manipulate their books to show a loss. Standard damages analysis has been ignored. BP is simply requesting that ordinary accounting principles be used to prove damages rather than phony cooking of the books. One law firm has already recovered more than $2 Million by presenting a claim showing losses for months when expenses were incurred without showing revenues associated with those costs. Because there is no requirement to prove that damages were related to the spill, virtually everyone in the affected area is now eligible to present false damage claims and the lawyers are crowding the airwaves encouraging such claims " even if you don't think you suffered a loss." If you own BP, sell it. There is no cap on the settlement.
    16 Mar 2013, 10:03 AM Reply Like
  • Indeed. Such tragic events are often exploited by crooks.
    I do not see a bias by the present adminstration.
    However, the larger picture should not be forgotten there are substantially more stakeholders in the USA, not only the direct pension funds, but also the fact that a very large percentage of the shareholder are USA based pension funds. It is in the interest of society to deal with this issue in a fairly manner, whatever that is...
    16 Mar 2013, 11:32 AM Reply Like
  • We all know that the good, the bad and the ugly exist in this world. The Gulf Coast is no exception. I have heard stories of people filing false claims. Sleazy lawyers will tell you how to do it. But for every false claim or overpayment, I'd wager there are 1000 people who were affected in some way who will never file a claim and never receive a dime. Can you imagine a bartender or waitress suing BP because she didn't make as much in tips that year? It's hard to prove when you don't report it in the first place.

     

    I have a friend who quit his job and cashed in his 401K to buy a charter boat right before the spill happened. He bought the boat, got his Captain's license, and then fishing was suspended in the Gulf. People who reserved trips cancelled. Can you imagine putting your last dollar in a boat that you can't put in the water, and no job? He filed a claim that was denied because he couldn't prove revenue from the previous year, because of course he wasn't doing it the previous year. On appeal they offered him $5000 and he took it. That hardly feeds a family, and wasn't near what he should make in a good year.

     

    I recently had some fiberglass on my boat repaired. I asked the guy if things got slow during the spill. He just shook his head and said he thought he would have to move. But he won't file a claim. A lot of people just won't do it. Most couldn't prove it. The economic ripples of this transferred through all segments of the economy. I am skeptical that BP will pay the entire cost of that.

     

    I'm not a BP basher per se, I could also tell you many positive things that they did after the spill. There were positive economic impacts of the money that they spent with contractors, yours truly being one of them. Bottom line, reneging on a deal is not cool.
    16 Mar 2013, 08:06 PM Reply Like
  • give them a chance to make some money, its not just there,s they are stock holders that need taking care of, and check out the claims carefully, there got to to be some sand baggers in that group.....
    16 Mar 2013, 12:08 PM Reply Like
  • edsanville, that is a rediculous post. BP has set aside 30 billion already. Morons like Bobby Jindal of Louisiana are going to be left holding an empty bag trying to milk all they can from BP. BP has learned a lesson the hard way. If you try to do the right thing (ie, take a 20 billion dollar charge immediately, set aside another 10-15 billion for future payments) you will be punished further because they appear to be an easy grave train for bankrupt governments to siphon from. BP will now FIGHT this BS tooth and nail and these states and the FED will end up with FAR less than they could have settled for.
    16 Mar 2013, 01:41 PM Reply Like
  • I hope you are right.
    16 Mar 2013, 01:50 PM Reply Like
  • BP is correct. The costal states are booming . If anybody caught Obama speech in Chicago yesterday, he just hates oil and coal, no matter who gets hurt.
    16 Mar 2013, 01:48 PM Reply Like
  • The Gulf discharges a similar amount of oil each year. Although, not as concentrated in a small area as this. It was terrible what happened to the families, husbands/fathers not coming home. Destroying hundreds of thousands of more lives, due to killing a company this size is not justice.

     

    @edsanville, don't screw up dude, lest the same judgement fall on thee.
    16 Mar 2013, 01:56 PM Reply Like
  • I own a condo on the gulf, and have owned various properties in that area since the early 1990's. No fewer than 7 lawyers have contacted me wanting me to put in a claim. I tell them I never leased any of my property. They say it doesn't matter.
    I own BP via options, but not in a way that most would classify as 'ownership'. I have various spread strategies that will make money either way-although it would seem that this recent news was discounted early in the week.
    I see sloppy and greedy behavior from all corners. There are too many lawyers and not enough jobs in general. But, the area has made an extraordinary recovery. I was there a few weeks ago, and tourists were packing in the beaches and condos. The beaches there are not quite as pristine as they once were, but still amazing. I personally think that Panama City in particular is on the verge of enormous growth.
    If BP could partner with JOE and target some specific and noticeable improvements, it might serve them better than the current malaise. But then again, our judicial and political system just can't optimize what's best for all the people and future generations.
    If folks truly have legitimate claims-fine. But trying to create a de facto lottery situation out of this disaster shows human nature at its most pathetic point.
    16 Mar 2013, 06:03 PM Reply Like
  • Too many lawyers out there.
    16 Mar 2013, 10:36 PM Reply Like
  • So BP is worried about people taking windfalls? Hasn't preferential tax treatment already done that for BP? They help give the word Greed the bad reputation.
    17 Mar 2013, 05:06 AM Reply Like
  • Just like the banks, BP doesn't want to accept the responsibility for it's reckless behavior.
    17 Mar 2013, 06:19 PM Reply Like
  • and to top it off, many people working on the coast didn't file taxes or underreported income. so now they cant "prove" losses
    17 Mar 2013, 10:38 PM Reply Like
  • We have a legal system.
    Obama bypassed "the law" and turned BP into an endless shakedown via "administrators" and "regulators."
    No courts, no law, just lots of studies and reviews and payoffs.
    A new level of American fascism, rivaled only by the bank crisis.
    (anyone on trial there?)
    17 Mar 2013, 10:58 PM Reply Like
  • The accounting rules at issue, which are being painstakingly, consistently and fairly applied by the court appointed Claims Administrator, Patrick Juneau, are the same used by almost all businesses – large and small – throughout the developed world.

     

    By BP’s argument, it seems as if the company advocates the use of some as-of-yet undiscovered new math, devoid of all reason and common sense. Indeed, if BP wished for such novel concepts to be applied in the calculation of settlement claims, the company was certainly well within its rights to negotiate for same before the parties arrived at a settlement. They did not. Now nearly one year later BP is asking the court for a “do over.”

     

    We hear about "personal responsibility" for actions all the time and that individuals must live with the consequences of their actions. BP made a bad deal. It really is as simple as that. Now they want judicial welfare to bail them out.
    22 Mar 2013, 12:57 PM Reply Like
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