Posted on 06/09/2010 12:36:29 PM PDT by Slyscribe
BP (BP), the one-time British Petroleum that tried to rebrand itself as “Beyond Petroleum,” is crashing today on talk that energy giant may have to seek bankruptcy protection. BP has plunged 15% — more than 50% below pre-spill levels. In an article today, Fortune quoted Matt Simmons, oil and gas industry insider: They have about a month before they declare Chapter 11. They’re going to run out of cash from lawsuits, cleanup and other expenses.
(Excerpt) Read more at blogs.investors.com ...
If BP is held to their maximum legal liability then they’ll have no trouble paying it off. If the law is changed and they have to pay for everything ex post facto then they will have no choice but to go bust.
I smell a rat and want to know more about this Simmons fellow. He was mouthing off the other day and now this topic.
Selling it off piece by piece will provide plenty of funding for cleanup.
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