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Tuesday, June 22, 2010

$20 Billion Escrow ~ Liability Limiting for BP

Score 1 for BP's attorneys .... 0 for Obama's 'ass-kicking' dog and pony show.

____________

"Uh Huh - So It IS A Liability-Limiting Thing

Source The Market Ticker

"If you're wondering why BP "agreed" to the $20 billion escrow fund, wonder no more....

In the end, one aim of the fund—and a prime reason BP agreed to it—will be to minimize lawsuits against the company. To do that, Mr. Feinberg will offer big lump-sum payments to workers and businesses as an enticement to stay out of court.

"At some point, I will have to make an offer—'You take this amount in full satisfaction of your claim, but only if you waive your right to future litigation,'" Mr. Feinberg said. "And if I package it right, people will see that it makes no sense to fight it out in court."

Ding ding ding ding. .........."

http://market-ticker.org/archives/2436-Uh-Huh-So-It-IS-A-Liability-Limiting-Thing.html

posted by konane # 2:43 PM

Comments:

wow, and lawsuits could take years, in the mean time lets all go golfing and yachting, wouldn't want to worry about how people will feed there children or pay their bills, and you know what the real slap in the face will be, is most of these people will have made to much money this year to qualify for food stamps. we've got illegals to feed first.

# posted by sully16 : 3:30 PM

Thanks Konane
I sorta made that assumption with my comment to Sully in my blog. File your claim and it could come with agreements when you sign. Get cash up front instead of years of litigation. No money if you are going to sue.

# posted by JAP69 : 3:31 PM

I was reading yesterday or so where big shot lawyers are setting up shop along the coast.

# posted by JAP69 : 3:33 PM

I wonder if theres a watchdog group checking out the plant life where the gulf rain has been falling?

# posted by sully16 : 3:45 PM

Thanks Sully! Although presented as a victory, BP limited its liabilities and the rest of the clean up is on our backs to pay for. Big surprise .... NOT!

# posted by konane : 4:51 PM

Thanks JAP! My understanding is that the 20B is the limit of their liabilities, period, sue or not sue. Take the money and run if someone has a claim. My assumption may or may not be correct.

Yep setting up shop, licking their chops .... sure beats chasing ambulances.

# posted by konane : 4:54 PM

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