They are talking BP bankruptcy. Without any regard for the fact that BP is NOT a US company. BP is a multi-national vertically integrated oil company based in London with subsidiaries all around the globe. US laws apply in the US. They don't apply in Great Britain. They don't apply for BP Australia. That is why a copy of the Offshore Drilling Agreement is so important in making these statements. You have to understand what BP really agreed to in terms of their own liability. Is it limitless or not. What is their criminal liability to the US? Any guesses? BP could flee the country.
"They are talking BP bankruptcy. Without any regard for the fact that BP is NOT a US company. BP is a multi-national vertically integrated ......."
So was Delphi with plants, operations, employees in 35 plus countries.
Are you saying a company can only go bankrupt in their native country.
Didn't GM go bankrupt?
You need to begin to understand the differences between Chapter 7 and Chapter 11 for starters and also look into the differences between you and I filing for bankruptcy and a company like BP or GM asking for protection from Creditors.. That doesn't mean they are gone for good. The operative word is "protection"!
Hell half the US Airlines were operating under bankruptcy protection at one time or another.
Bankruptcy not only possible, but very likely!
$4,300 per barrel..
36 MILLION BARRELS
How much money does BP have..
DON'T FORGET LAWSUITS AND SO MUCH MORE
I have to say the reporting on this BP spill regarding their financial liability, speculation re bankrupcy, etc. has been pathetic...
BP's potential liability is huge but it will play out over years, not months.
People please keep in mind how much financial damage we are talking here lol
BP makes a ton of money..but if it's anything Americans are good at it's litigation.
We're talking thousands if not more of livelihoods ruined..(the leak is still going on, august??? 2 and a half more months??) It's this bad after 50 IMAGINE 2 1/2..Florida tourism goes down, gulf completely ruined.
Someone's going to want compensation for ruining their life.
Finally, someone who understands legal ramifications. They already confirmed that it was comming from another rig, not related to BP. This begs the questions, just how many oil leaks are in the Gulf? and How many companies are responsible? Can the U.S. laws touch any of these companies drilling in international waters.
I can't tell you how many times I've heard on CNBC about the seizing of BPs "Noth American" assets. HELLO!!! MCFRY!!! North America is also Canada and Mexico. You gonna get these countries on board to accomplish Noth American asset seizure? Just say U.S. assts, would you? You'll come across a whole lot more informed.
CNBC couldn't get an interview with the ceo of BP, so they are pissed. Everyday cnbc blasted the company with horrific pictures. BP could turn around and sue cnbc for falsifying infos. The second leak isn't BP, who else is involved in this mess? How many oil rigs are there and how many companies actually are reporting leaks? What if most of this is comming from a mexican oil leak that don't care about international environmental issues?