Today's Bloomberg Businessweek has a good summary of what's important in Phase II of the trial against BP, which starts next week. Remember what I've been telling investors for months, the key issue will be how BP lied and fraudulently concealed the amount of the flow, which made most of the damage occur. The article hits that point:
"The spicier part of Phase 2 will address whether BP responded responsibly once the Deepwater Horizon rig blew up and the rogue oil began to flow. The company will offer evidence that it did the best it could, even though it took 86 days to stem the contamination with a specially constructed “capping stack.” In an unlikely alliance, the states, plaintiffs’ lawyers, Halliburton, and Transocean will collaborate on a conflicting portrait of a multinational corporation woefully unprepared for a crisis and then determined to conceal the extent of the damage. The significance of Barbier’s view of these matters is that the plaintiffs and states are hoping that damning findings about BP will increase the chances of the judge imposing stiff punitive damages on top of the company’s other liabilities."
Because BP already pled guilty to Obstruction of Congress on this issue, I think it puts the barrel of the justice gun at BP's head on this issue. I forecast billions of additional penalties the Street has yet to realize.
Act accordingly, and thank me later!!
Sentiment: Strong Sell
There always has to be some big conspiracy theory with you freaks, doesn't there? The US Government is complcit and partners with big oil, big tobacco who are amoung the two largest tax paying entities on the face of the planet. Is is in nobodies interest to litigate these companies out of business.
Go back and look when they tried to do it with the tobacco companies. There will always be collateral damage and accidents from the oil industry. It's the cost of doing business and everybody knows it. A parisite does not kill it's host. BP will pay out some money (it will not pay out fraudulent claims and nor should it) and then everybody will move along and call it a day.
Good luck with your short and have fun getting reamed.........
Sentiment: Strong Buy
longball, that is the oddest thing. we don't believe Ikki is shorting the stock nor do we think she held and then liquidated and now is acting out. no, it rather appears she is simply attempting to agitate and smear BP. mayhaps she is a former employee who got terminated? we simply don't know as she doesn't divulge that. she just rants away trying to demean stockholders and the company. it is very strange and she appears very troubled. still in all, i will not allow her attacks to go unanswered. not too much different than BP responding to LA and the US federal court system.
What? BP can simply produce oil by lying??? Why drill for oil when you can fill a tanker by telling lies? Fire the driller and hire a liar. I am going to start my own oil company "Big Liar Oil & Gas"
The leak was stopped by way of a second well, called a relief well, not some "capping stack" whatever that is. The author clearly didn't do much research on this piece, but rather spouted what he figured would be well received by a dumb public. Congratulations, Vik, you're one of them.
Stool-for-brains, you don't read carefully. The flow was stemmed with the capping stack 86 days after the geyser erupted, which is what the article said. It wasn't for another couple months the relief well stopped it permanently.
I don't normally waste my time reading and correcting second grade level students, but this issue is important to potential investors who need to know the facts.
hate to agree, but BP is so law abiding that it is stuck in a mess that it can't get out of. I was always curious which tactic would work better for a company the Exxon method( fight like hell ) or the BP tactic (the gentiless gamster is the surest winner). BP appears to be getting just what it asked for-- ran to Obama with apologies
and offering $20 billion, offering to clean-up without being required to, keeping relatively mum over Transocean poor training(gas should have been shunted) and batteries charged, multimillion BOP fails, cement samples distroyed. I guess worst of all trying to be fair with a no cap settlement (assuming honesty of people and law). Not one scrap of fight -- gulf is in serious trouble but not BP spill but from fertilizer runoff from midwest corn. I well traveled friend once told me he left his friends in a bar in New Orleans and was stalked -- he said of all the towns in the world if you want to get mugged just wander out of the french quarter and appear to be carrying money -- I guess the same applies on a company scale. I think BP will put a pencil to it and decide it is better to exit USA-- shareholders would probably benefit to (much like Union Carbide benefited from Dow Chemical buy-out.
Vikkitrader I don't like what is happening to BP, I think it is totally unjust--- but does not change the facts that they have gotten themselves in a mess by thinking they could buy their way out in Lousianna. So far you have accurately predicted the proceedings --
"Not one scrap of fight ...." In other words, I guess you're suggesting that BP has surrendered (on everything) when it should have fought (everything).
But that's not true. To name just a few battles that BP fought and/or continues to fight, there was the indemnity issue against RIG and HAL (a draw), and the claim against RIG's liability insurers that had named it as additional insured on their policies (a win), and how about decision to try rather the Phase I trial that pitted the US/DOJ against BP over the issue of negligence/gross negligence that remains unresolved and is pivotal to the magnitude of per-barrel fine that will be levied against BP for CWA/OPA violations, not to mention the upcoming Phase II trial where BP and the US/DOJ are fighting over the magnitude of released oil that will be part of the per-barrel fine calculation.
While I suppose reasonable people might disagree about the choices of battles BP has chosen to fight or settle, to say that BP hasn't put up a "scrap of fight" is not correct.
ikki drools and BP rules.
did your batteries run out? I would suggest an automotive type battery.
your posts are so ridiculously one sided. had I thought for a brief moment that you may still be younger than 70 and perhaps employable, I would think you may work for the state of LA or mayhaps a competing oil major. I know longer think you are playing BP short as you would have had to close your position months ago to avoid taking losses I doubt you could afford. either way Ikki, once the main trial concludes, a lot of the uncertainty is gone and PPS will rise. if the ruling goes BP's way on negligence vs. gross negligence, then it is beyond probable that the share price will rocket. either way, my dear. either way.
after the dust settles, what will you do with your pathetic existence? do you have another cause? how about going and chasing the tobacco companies like MO? I am quite sure you need to try to find some cause to justify your existence. pathetic.