Yep, farewell BP.
Can’t say I’ll miss them
I hope the guy who started this crisis’ name will go down in history as the man who singlehandedly destroyed the Gulf of Mexico
They aren’t worth 136 billion; that’s just how much they make in a year. They have a lot more in assets.
Filing for bankruptcy has a few more consequences that just making lawsuits magically disappear. It also involves, you know, shutting down the entire company and liquidating assets to pay back creditors and claimants. Something that they wont do if they can conceivably avoid it (which they can and will).
I cannot believe you’re actually suggesting that BP will collapse. You clearly can’t appreciate how utterly massive this corporation is. Its got tendrils in every single tier of the oil industry; extraction, refinement, and retail. It brings in $136 billion EACH YEAR, and has many more billion in assets that it can liquify. Law suits take years, even decades, and they can be paid off over time. Furthermore, BP has the ability to pass the costs on to consumers, so they will personally end up paying very little of the amount they need to front up in law suits.
They’ll be fine. Scathed, but fine.
There are forms of bankruptcy other than Chapter 7.
I have absolutely no idea about bankruptcy (since I haven’t done financial law), but my understanding was that you had to effectively surrender your company in the process, and the directors were made personally liable for its failure. Its not a quick fix out of any legal situation; if it was, why didn’t Exxon do it during the Exxon Valdez fiasco?
You are an idiot.
Chapter 11 is declared in order to reorganize a company or organization when debts become too high. Or in anticipation of debts.
The company must propose plans to keep itself alive with reorganization, and to pay off it’s debtors. Except for a few fees paid to the government, your money is not liquidated.
Compare this to Chapter 7, where your funds are liquidated.
Wait, me?
They weren’t fined into bankruptcy and, since it was labeled an “accident”, they recovered most of the fines via insurance payments.
However, the spill did cause one company to go into Chapter 11: the Chugach Alaska Corporation. They weren’t closed and the business recovered and are still in business today.
But, before you make claims about a subject such as bankruptcy, shouldn’t you, like, get at least basically acquainted with that subject beforehand?
And why wont the same happen to BP?
I think this entire discussion has got a bit semantic; it doesn’t matter what types of bankruptcy are available, BP wont use them. There’s no way a company of that size could conceivably be sued to a sufficient degree to cause the entire multinational network to go under.
Why is that relevant to anything? They filed for bankruptcy because the oil spill destroyed their fish stocks, not because they were in some way responsible for it.
Probably because this wasn’t an accident…it was negligence. But I’m not the one that brought up bankruptcy; I was just answering to your misconception of it.
And the reason I brought up that corporation is to show that simply filing for bankruptcy doesn’t necessarily mean that your business is liquidated and its assets sold off to creditors, as you claimed.
I’m fairly sure that the Exxon Valdez included a fair bit of negligence. Something about a drunken captain (that Exxon knew was an alcoholic) and non-functioning sonars springs to mind.
But it does mean that your business doesn’t have enough money to meet its creditors and you have to take drastic action to fix it, something that will never happen to BP. That was all my point was.
Except, of course, that it was labeled an accident. The BP oil spill cannot be considered an accident at all. It was out-and-out negligence.
I was answering to your claim that bankruptcy leads to the closure of the business. Can you admit that you were wrong on that so we can move on?
Why was the BP oil spill “out-and-out negligence”? I haven’t seen any evidence that points to that conclusion, other than a lot of Presidential rhetoric and shit stirring from the media.
If we must. I wasn’t necessarily disagreeing with you, just its application in this case.
last I heard they tried to close the leak and failed then tried to cut the pipe and failed and now they are waiting for a new specialized saw(?) to cut the pipe in order to connect it to a ship
Am I the only one that sees a huge fail on BP’s part with that plan?
Then, there’s of course the possibility that BP will not be the one the lawsuits will be against. If the rig was owned by an Ltd. company, then that company will be blamed and sued.
It’s a common practice really to do risky operations which can lead to huge trials and lawsuits via Ltd. companies, so that if something goes wrong, you just sacrifice the small company, while your major company is saved.
That’s why major transport companies spawn daughter companies which own the trucks / trains / ships, so that if those kill someone accidentally, the mother company doesn’t lose buildings, warehouses etc., but only a few small offices and vehicles.
No, it’s pretty retarded. The pipe is actually kinked right now. If they cut off the pipe before the kink, like they intend, oil will flow out faster. I guess BP is just worried they aren’t fucking with the world fast enough.
And, Loony, you are acting childish. You were wrong. Move on.
And, yes, there was probably criminal negligence involved. The US government is actually preparing to investigate for expected criminal activity to use against them in a lawsuit.
They had warnings before it happened and could’ve stopped it long before it happened, but didn’t.
Plus the (dick)head guys pushed the rig too far. They wanted shit pumped faster, so they pushed it past its limits. Something overheated and exploded.
It was BP’s greed that caused the catastrophe.
Man, weren’t those people ever socialized? Fairy Tales and Mythologies worldwide are full of stories about the dire consequences of greed. You’d think people would learn something out of them.