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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Salt'n'Peppa who wrote (135204)6/16/2010 3:09:49 PM
From: Bearcatbob  Read Replies (1) of 206191
 
Salty,

The only thing that BP gave up today was the ability of a 3rd party to pay claims. The fund is to be funded progressively - likely at a rate at which the money would have been paid out anyway. In return they get the rhetorical dogs off.

This fund does not cover fines and the like. IMO BP Holdings is essentially bankrupt. They are being kept alive to generate cash to pay claims.

I would not touch BP unless one is confident that the threat of BK for BP Holdings protects the company from full up attack and that the claims can be restricted to the valuation of BP Holdings.

Somehow the company must be valued without the US assets. Perhaps that is the current valuation.

Bob
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