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Thursday, June 10, 2010

Them that's got shall get, them that's not shall lose
Posted by Jill | 6:19 AM

How BP will get out of paying anyone one thin dime for their massive fuckup:
The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cordon off its liabilities from the spill, is starting to percolate on Wall Street. Bankers and lawyers are already sizing up potential deals (and counting their potential fees).

Given the plunge in BP’s share price — the company has lost more than a third of its value since Deepwater Horizon blew — some bankers and analysts say BP is starting to look like takeover bait. The question is, who would buy BP, given its enormous potential liabilities?

Shell and Exxon Mobil are both said to be licking their chops. And already, flinty legal minds are dreaming up scenarios in which BP would file a prepackaged bankruptcy and separate the costs of the cleanup — and potentially billions of dollars in legal claims — into a separate corporate entity.

Tony Hayward, BP’s chief executive, has insisted that his giant will weather this storm. BP is indeed a money machine: it turned a profit of nearly $17 billion last year.

They DO call it "bankruptcy protection", you know.


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Blogger Jayhawk said...
I'm not sure why it is so bad for BP to do this, okay I do actually, but no outcry whatever was raised when General Motors did it. The General Motors of today is a different corporation with no debt that the one that foundered. It kept all of the assets, and passed the debts on to the old General Motors of the same name, but which doesn't make cars beacuse it has no factories to makes cars with (factories are assets, after all). It has nothing except the debts which the new General Motors didn't want to pay off, and it will never pay those debts, because the new General Motors took all of the money. But this is, I don't know, an American company, so it's okay; or it's okay because this is not an oil company perhaps? Or the money that GM owed wasn't to actual people? (Most of it was to small business owners, actually, who were supplying parts and subassemblies.) Maybe it was okay because the government helped them to do it? Seriously, I'm trying to see the difference, here.