Will BP Declare Bankruptcy and/or Fold Soon?
 

The basic fines this spill will cost them will likely come to WELL OVER $10 BILLION DOLLARS, and that does not even include cleanup costs, health-related lawsuits, loss of income lawsuits, and on and on!

You think they will pay up, or just fold?

if you think BP will actually pay a dime of any judgement awarded against them any time soon, you're dreaming.

exxon hasn't paid anything towards the judgements from the exxon valdez yet.

Let's hope they don't fold up. At least not until after they fork for their fuckup.

A lot of big companies out there are operating on a loss instead of a profit. It does not stop the companies from operating. The BP oil company will not shut down oil operations that are continuing (the ones with no spill).

I remember reading somewhere that BP, by law, is only accountable for up to $750 million unless it could be proven that the spill was due to negligence.

Get ready to buy more BP stock, boys! The book value of this bad boy is FUCKING SICK

$75 million.

You are correct. They make that in about a week right?

They are not going to close.

I doubt they are going anywhere anytime soon. At the worst if they end up actually paying for everything and paying all those who were damaged by their actions (which is doubtful) they might file for Chapter 11 and restructure. However, they made like 20 billion in profit last year so in the end all of this could end up just costing them 1-2 years of profit.

4 th largest corp in the world:

http://money.cnn.com/magazines/fortu...009/full_list/

Market Cap: 114.33B

so not likely

I think DOJ opened up the criminal investigation this week in order to try to pin this on them.

yeah by the time its all said and done the cost are going to be unreal if they dont have to pay it back then it will be a real shame....but if they go under who wil be the next big company to take their place? Texaco ??

$75 mil in a weeek? try more like a day... they made a few billion in a quarter.. BP is too rich. the DOJ investigation is just for show.. worst case they'l fine them like $50 million or some shit which BP spends more than on toilet paper a day...

BP aint going nowhere. too big to fail

They made four billion dollars last quarter alone. I'm guessing they can stay afloat for a little while.

But I also think this is just the very beginning of this problem.

I don't know. America is pretty pissed about the wall street thing and now this. I think politicians can get a lot of mileage from both sides if they go after BP hard. Not saying it will happen, but the environment is there.

BTW, BP makes 66 million a day. I happen to come across that because I kept hearing them talk about how hard it is to work underwater. So I looked at the cost to build the Mars rover which I assume is pretty difficult as well. The Mars Rover was a robotic vehicle that was sent to the surface of Mars. It cost 804 million to design, build, launch, and operate.

So in 12 days BP makes enough money to fund a rocketship to Mars..lol. But yet they can't seem to spend any money on a fail-safe device that doesn't fail.. But maybe space travel to Mars is much easier than drilling for oil.

They will chalk it up as the cost of doing business and carry on

Yes they have...paid in full...as per the last judgement...but they fought in the courts for years and paid a substantially reduced amount from what the original judgement was.

But wasn't that judgment pretty recently, like a year or two ago? 20 years after the spill actually happened?

FWIW BP has already gone on record to say that they will in fact pay out more than $75 million, probably because they understand how ridiculous only $75 million would be and surely they want to avoid some politicians doing some positioning and going after them hard. I wouldn't be surprised if Obama decides to do that given his approval rating going down down down.

I read somewhere BP made 6 billion profit for a 1/4 period. 10 billion in fines is nothing for them.

There were two judgements brought againts them...a compensatory judgement..which was ridiculouly low and which they paid with little argument but a second judgement was for punititve damages that was very high and they lost...but they appealed the amount of the judgement and won the appeal for a greatly reduced amount...and yes I beleive it was actually within the past 12 months or so. All if the people involved in the class action suit have now been paid all they will ever receive. I think the highest amount paid to an individual was around $500,000.00 but he said he did not actually see a penny of that amount go into his pocket as it all went to pay creditors from the loss of his business and debts accrued over the years because of the loss of his business...due to the spill. He is old now and lives of his SS.

In all probability BP will have to pay out billions...but most of the individuals that suffer losses because of the blowout...will probably not be made whole again. Some will fare better than others when they receive money from BP...just as in the Exxon payout.

They will be sold to another Oil company with a clause in the fine print indemnifying of any assistance in said event.

If they're unable to stop the oil leak, they will go bankrupt. However, at this point, it is more likely that they will succeed in stopping the leak eventually and over time will recover from both the financial and political damage which has been done to their company.

Interesting how oil extraction technology has greatly outevolved oil slick/oil cleanup technology/management procedures.

They were saying to raise the 75 million $ limit to $10billion, but as BP only had a 64% stake in the well, they'd be limited to ~$6.5 billion in damages. For a company that's worth hundreds of billions, it's a drop in the oily [ocean]

just to put things in perspective...

http://news.bbcimg.co.uk/media/image...s_comp_466.gif

when you said BP i thought you meant boneprone LOL

Bp4l

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more like in a day. their annual profits for 2008 was $25.8billion.

the deep sea has been less explored than the moon. so there both very challenging environments.

they've allready paid out 10x the $75million already and that's just a drop in the ocean. (excuse the pun)

They will stop the leak, clean it up and continue business as usual. True, it's going to cost them a lot, but they have an amazing balance sheet and proven earnings behind them to cover this is full. It will be a major dent in the company history, but they will survive.

Stop the communist bullshit propaganda and ty to check some facts next time. But I know, communists usually don't like the fact but prefer to live in their dreamworld since the real world don't function they way they want it to. See below, thanks to theking for his addition:
Please check things before you post, don't spread around numbers when you obviously have no clue. BP made around 6 billion US Dollars in profit during the first quarter of this year, as noted by Zorgman

BP will fix this, cover the costs and then continue doing business, because their business is a very stable one and also very profitable. It might take them 2-3 years to recover their costs and then they're back to being profitable again. In the offshore industry, this is of course huge sums of money, but after all, it's all a cost of doing business.

Oh, well, they are stand up top notch bros for finally standing up 20 years after the fact.:1orglaugh:1orglaugh


those are 20 years all those that suffered wont be getting back. Good luck gulf residents. this is mostly likely what you're in for.

http://vimeo.com/3213063

Look who's talking!

Someone who celbrates Lenin in his signature, one of history's largest mass murderers, must be a really trustworthy guy!

There's always a risk in doing business. Not saying that the victims of Exxon Valdez shouldn't have been paid earlier, but everyone knows that it's not risk free to live by the ocean, it's always a risk in doing business. That's why you are rewarded when successful with far more money than you put in, because you took that risk. Risk and reward. And sometimes the risk option comes into play, that's the backside of it. For those moments, you should have saved some profits and made sure to have proper insurance.

But I know, you cummunists are not much for risk/reward because usually the dumb losers end up with all the risk and very little reward. I'm a winner, both educational and economical as well as social, of course I wouldn't trade the current system for one where I would have to share or loose out just to help "level the play field". The ones of opposite minds, usually belong on the wrong side of the winners/loosers line.

Hope you enjoy your day, I will entertain myself with some golf! a sport for us who can.

there's no money in oil.

it is time to buy stocks of BP

I think the real question here is when should I buy BP stock? Someone ICQ me with friendly advice and I'll send cock pics in return.

I wouldn't buy BP stock right now - no way!

:1orglaugh

Can't see them folding myself unless all their current profits were just imaginary numbers.

for BP it is all about damage control at the moment.
from what i hear they are already making payments to local business not able to bring in business due this spill, and they said they will pay any valid claim.. its gonna be expensive, alot more than just the spill and clean up itself.
tourism and commercial fishing just to name a few are hit hard and will have valid claims.