Originally Posted by Caligari (Post 17234899)

The writing is on the wall, BP is doomed

http://www.energyboom.com/policy/oil...culation-flies

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that,

"they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

Originally Posted by GregE (Post 17234885)

Let's say that when all is said and done roughly half of the gulf (just a guess) is deemed unsafe for fishing. In that case, the number might be more like $400 million (allowing for inflation and such). Thing is, you then need to factor in how many years it'll take the fishing industry to rebound. Depending on who you listen to, we could be talking about multiplying that number by 10 or maybe even 30.

And then (as you suggested) there's more. A lot more. There will be claims for diminished tourism, diminished property values, a substantially reduced local tax base, illnesses and on and on and on.

BP will probably survive, but they'll do so by fighting the vast majority of these claims tooth and nail for the next twenty years or more.

Originally Posted by Caligari (Post 17234899)

The writing is on the wall, BP is doomed

http://www.energyboom.com/policy/oil...culation-flies

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that,

"they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

Originally Posted by JP-pornshooter (Post 17234920)

nice find.
i actually hope they can stay afloat longer, if not they will be able to run away from their obligation to clean up the gulf of mexico...