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Omega Protein Corporation Message Board

  • thermo_bea thermo_bea Apr 30, 2010 11:39 AM Flag

    Omega will get paid for its losses

    "Already, two Louisiana shrimpers have filed a lawsuit seeking class action status against BP, Transocean (NYSE: rig), Cameron International (NYSE: cam) and Transocean's insurer Lloyds of London."

    This spill is tragic, but from a shareholder perspective we should expect to recover losses. My hunch is that it will take about five years to get paid.

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    • Going through that effort is a fiasco. Additionally, and most significantly, OME ultimately will pay for any claims settlements of business interruption through higher annual premiums. Insurance companies always win and it will be no different now. It may not take that long as you say since OME's insurance will pay out and subrogate its losses to maybe BP Petroleum which will take 5 years like you say. So OME's insurance premiums will skyrocket very quickly.

      This is a terrible situation for shareholder's that were finally looking to see some daylight. The weather patterns blowing into the shoreline really sealed the fate.

      Hard to know right now where the right point is to re-enter but its going to take some time to stabilize. OME holding the 50 day moving average of $5.31 as I knew that was its first stopping point. Would hate to think that the situation deteriorates and that the 200 day moving average of $4.63 is sought out.

13.75+0.14(+1.03%)May 29 4:02 PMEDT