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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (37723)	5/3/2010 3:28:13 PM
From: Spekulatius	Respond to of 78464

re RIG - i think generally, BP would be responsible for the spill since they are directing the operation. RIG has insurance for the RIG itself and some on top of it for damages (800M$?). BP is self insured. Problems arise for RIG if gross negligence on their part (crew or equipment) can be proven. Then the insurance probably would not pay for the RIG and BP itself would hold RIG liable. In addition other majors would think twice before engaging with RIG again. If gross negligence on RIG's part could be proven then the outfall could drive the company into bankruptcy. This is all my opinion. I am not an expert by any means. It's probably better to ask IJ Frankel (our resident legal expert) in the 50% gains thread.