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As ATP Oil Files For Bankruptcy, CEO Blames Obama For Company's Collapse
Forbes ^ | 8/18/2012 | Christopher Helman

Posted on 08/18/2012 12:35:31 PM PDT by mojito

When I get Paul Bulmahn on the phone rumors are swirling that he’s just days from putting his company, ATP Oil & Gas, into Chapter 11. He can’t confirm it yet, but he wants to make one thing perfectly clear: If it does come to bankruptcy (which it did on August 17) it isn’t his fault. The founder and chairman of publicly traded ATP (Nasdaq:ATPG), Bulmahn wants the world to know that the Obama Administration—and its illegal ban on deepwater drilling in the wake of the BP disaster—is to blame for the implosion of his company. Not him.

“It is all directly attributable to what the government did to us,” he rails. “This Administration has gone out of its way to create problems for my company, the company that I formed from scratch.” He’s more than angry. Bulmahn, 68, has already brought suit against the U.S. government seeking damages ($68 million to start with) for the 2010 moratorium that shut down deepwater operations in the Gulf of Mexico for the better part of a year. In an earlier case brought by ATP and rig company Ensco, Federal District Judge Martin Feldman ruled in May 2011 that the feds “acted unlawfully by unreasonably delaying action” on drilling permit applications. Still, ATP has a long, winding road to any hope of recovering damages from the government (which says it’s protected from claims by sovereign immunity).

That’s proving disastrous for Bulmahn. While hundreds of companies with operations in the gulf were affected by the government’s decision, perhaps no other was as hard hit as ATP—or as vulnerable.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Politics/Elections
KEYWORDS: 2012; atp; atpoil; bankruptcy; bhofascism; bloodoftyrants; bulmahn; commradezero; crushepa; crushfedgov; democrats; elections; energy; epa; epaisajoke; epaoutofcontrol; gas; govtabuse; nobama2012; obama; obamanomics; obamatruthfile; oil; paulbulmahn; rapeofliberty; tyranny
Meet the victim's of Commrade Zero's America, up close and personal. When Commrade Zero wins, America loses.
1 posted on 08/18/2012 12:35:38 PM PDT by mojito
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To: mojito

“It is all directly attributable to what the government did to us,” he rails. “This Administration has gone out of its way to create problems for my company, the company that I formed from scratch.”

Guess Mr. Bulmahn didn’t get the memo from B-HO: “He didn’t build that”, therefore, no harm no foul. Case dismissed.


2 posted on 08/18/2012 1:13:57 PM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: mojito

If you have a BANKRUPT BUSINESS, you didn’t EARN THAT, Obama did!!!


3 posted on 08/18/2012 1:23:10 PM PDT by ExCTCitizen (Yes, Obama, I had help with my business. MY CUSTOMERS!)
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To: mojito

Obama would rather see China drilling, making profit, and satisfying its energy needs. America needs to be brought to its knees. He has made that very clear.


4 posted on 08/18/2012 1:57:02 PM PDT by doug from upland (Just in case, it has been reserved: www.TheBitchIsBack2012.com)
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To: mojito

Government doesn’t ‘build’ business, but they can destroy them... and they do...


5 posted on 08/18/2012 2:16:55 PM PDT by GOPJ (Politics is war without bloodshed, and war is politics with bloodshed. - Mao Tse Tung. We're at war)
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To: mojito

Obama is like that teacher we’ve all had who punishes the whole class for the one or two kids who can’t seem to behave. Only the consequences in this case are far more severe than having a day of missed recess.


6 posted on 08/18/2012 3:13:56 PM PDT by unlearner (You will never come to know that which you do not know until you first know that you do not know it.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks mojito.


7 posted on 08/18/2012 6:18:31 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: mojito
[. . .ATP has a long, winding road to any hope of recovering damages from the government (which says it’s protected from claims by sovereign immunity).]

Sovereign immunity may not be a defense if the damage inflicted on the plaintiffs was the result of official corruption. The Gulf moratorium coincided with the start of a deepwater drilling operation off the coast of Brazil by Petróleo Brasileiro (Petrobras). Articles in Forbes, Wall Street Journal and other news sources speculated that the moratorium was imposed to encourage deepwater rigs to move from the Gulf to Brazil where there was a shortage. At the time George Soros owned a huge stake in Petrobras. During this period Obama visited Brazil, hailed the project and said the U.S. would be Petrobas’ biggest customer. This was while the Gulf rigs were sitting idle.

8 posted on 08/18/2012 7:33:49 PM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: mojito

“Sovereign immunity” why elections have consequences and why every conservative should be voting against Obama for President.

Romney/Ryan can simply spark the economy through reversing Obama’s policies by Executive Order. Pipelines, oil rigs, coal plants, so on and so forth can come online on day one once they’re in the WH. Then grant waivers for Obamacare and you’ve got federalism working its magic.

Keep in mind that it is Wisconsin and Indiana that are forcing Illinois hand, plus a healthy dose of reality.


9 posted on 08/18/2012 9:19:00 PM PDT by 1010RD (First, Do No Harm)
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To: unlearner
...like that teacher we’ve all had who punishes the whole class for the one or two kids who can’t seem to behave.

Any teacher who pulled that crap, first heard my complaints (because I would not back down), and then remained on my All-American Fecal Roster, at the top, in capital letters, for the rest of the year (if not longer).

I still despise groupthink punishment, as it is the basis for everything from gun control to highway checkpoints.

10 posted on 08/19/2012 12:13:31 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: doug from upland

[Obama would rather see China drilling, making profit, and satisfying its energy needs.]

"China" - aka the Communist bad boy front for the Eurotrash kleptocracy... 

 

http://english.sinopec.com/about_sinopec/our_business/our_partners/

Domestic Cooperation:
Shell (China) Co., Ltd
www.shell.com/china-cn/
Partnership Overview: On Aug.28, 2004, Sinopec Shell Petroleum Marketing Co., Ltd is jointly established by Sinopec and Shell (China). The JV started operation on Jan. 1st, 2005, which intensified Sinopec’s cooperation with the multinational oil company in oil product marketing through exchanging views on service station management model, retail & sales technology and brand building, etc.
BP
www.bp.com.cn
Partnership Overview: On Jan.1st, 2005, Sinopec BP Petroleum Co., Ltd jointly established by Sinopec and BP was put into operation, headquartered in Hangzhou. The JV conducts a wide range of business activities such as oil product sales, c-stores, fast food restaurant, lubricant replacement and vehicle facelift, etc.
The JV revamps Sinopec’s existing service stations by endowing them advantageous elements of both Sinopec and BP.
Exxon-Mobil
www.exxonmobil.com
Saudi Aramco
www.saudiaramco.com
Partnership Overview with Exxon-Mobil and Saudi Aramco: On Mar.28th, 2007, Sinopec SenMei (Fujian) Petroleum Co., Ltd was jointly established by Sinopec Corp, Exxon-Mobil (China) Petrochemical and Saudi Aramco (China). Starting operation on July 24th, 2007, the JV was the first provincial level refined products sales company and largest oil products supplier in Fujian province. The JV mainly engages in wholesale, retail, storage, transfer and transportation of refined oil products, lubricants and other oil products; c-store management, car wash, lubricants replacement, catering and other auxiliary services, etc.
McDonalds
www.mcdonalds.com.cn
Partnership Overview: Sinopec Corp. & McDonald's Strategic Alliance Agreement was inked in June 2006 to set up 'Drive-Thru' restaurants at more than 30,000 Sinopec service stations. The 'Drive-Thru' restaurant is a fresh new kind of service jointly designed and carried out by Sinopec Corp. and McDonalds for customers. So far Sinopec Corp. and McDonalds have jointly launched 'Drive-Thru' restaurants in 7 provinces and municipalities of Beijing, Shanghai, Zhejiang, Guangzhou, Hunan, Hubei and Shenyang.
CRMSC (China Railway Materials Commercial, Co., Ltd)
www.crmsc.com.cn
Partnership Overview: Sinopec CRMSC Petroleum Marketing Co., Ltd set up by Sinopec Marketing Co. and CRMSC through joint capitalization is a company responsible for oil product distribution targeting the railroad. Its main businesses cover the wholesale and distribution of gasoline, diesel, kerosene and flammable liquids.
SINOCHEM
www.sinochem.com
Partnership Overview: In May 2005, Sinopec and Sinochem inked an agreement that Sinopec Marketing Co. and Sinochem Int’l Petroleum Co. would establish Sinopec Sinochem Oil Product Marketing Co. to engage in oil products sales in a bid to meet the demand of the two groups’ respective reform & development, production & operation. The JV started operation on Mar. 16th, 2006 in Beijing with its main business of domestic oil products wholesales. Currently, the JV carries out wholesale business to such end users as port, power plant, industrial customers and service stations in Southeast China, East China and North China.
CNAF
www.cnaf.com
Partnership Overview: CNAF Group, CNPC Marketing Co. and Sinopec Marketing Co. funded the establishment of CNAF Co., Ltd with a total registered capital of RMB3.8 billion on the basis of CNAF parent company. As a state-owned aviation service guarantee company, the JV mainly deals sourcing, storage, transportation, marketing and fueling of aviation fuels for various civil aviation vehicles. As a would-be member of the IATA, the company assumes a dominant position in the aviation fuels sales market by establishing a distribution network in more than 100 airports nationwide and provides fueling service to more than 100 aviation companies both at home and abroad.
China Shipping (Group) Company
222.66.158.218

Partnership Overview: Sinopec Marketing Co. and China Shipping (Group) Company jointly founded Sinopec China Shipping Vessel Fuel Supply Co. headquartered in Guangzhou on December 30th, 2003. The JV exerts great influence on the coastal vessel fuel supply market by doing businesses covering sourcing, sales, storage and transportation of oil products, fuels, bonded oils, lubricants, materials, accessories and relevant petroleum products with an extensive sales network covering major ports. The company has well-equipped oil depots, terminals, warehouses and chemical labs in China’s major port cities.

=============================================================================

"COMMERCE BETWEEN MASTER AND SLAVE IS DESPOTISM"

--Thomas Jefferson

11 posted on 08/19/2012 7:54:25 AM PDT by OldEarlGray (The POTUS is FUBAR until the White Hut is sanitized with American Tea)
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To: mojito

Every greenie needs to be reminded that Obama turned away 13 offers of foreign help to clean up the spill and did not visit for more than two months. His stubborn indifference to the catastrophic environmental damage was to protect union buddies. He makes Nero look good.


12 posted on 08/19/2012 1:05:11 PM PDT by bukkdems (Polygamy is the essential ingredient of Islamic evil.)
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To: mojito

And I keep wondering why does this guy have so much power and authority. He simply decides there’ll be no more deep water drilling and BAM! “The king has spoken”.


13 posted on 08/19/2012 3:26:09 PM PDT by Terry Mross (n)
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To: mojito

Something for those about to become jobless to remember as they enter the voting booth November 6th.


14 posted on 08/19/2012 3:29:04 PM PDT by NCC-1701 (The LEFT's intolerance of the RIGHT is intolerable.)
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To: mojito
le deluge

Cheers!

15 posted on 08/19/2012 8:51:54 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: 1010RD
“Sovereign immunity” why elections have consequences and why every conservative should be voting against Obama for President.

Seriously, WTF? The President isn't a sovereign.

Romney/Ryan can simply spark the economy through reversing Obama’s policies by Executive Order.

Not so fast: the bureaucracies will resist a simple EO allowing it, asserting that they still have regulatory powers. (IOW, they will not voluntarily surrender power.)

Then grant waivers for Obamacare and you’ve got federalism working its magic.

No! That is a horrible "solution." -- It asserts that the president is superior to even the States; that is not going to be productive in the long run at all.

Keep in mind that it is Wisconsin and Indiana that are forcing Illinois hand, plus a healthy dose of reality.

Elaborate that, please.

16 posted on 08/20/2012 11:28:46 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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