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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (76237)	5/27/2010 12:37:45 AM
From: stockman_scott	Read Replies (1) \| Respond to of 149317

<<...I doubt BP will exist as a company after this is all over...>> BP is a $240 Billion dollar company that has already hired the elite law firm Kirkland & Ellis to head up their legal defense team -- that's the best legal representation money can buy. Do I believe that BP was negligent and cost cutting got in the way of sound decision making ? YES. And BP has great financial exposure as a result of this tragic and growing Gulf oil spill -- I think BP could possibly have financial exposure that is north of $25 Billion (when you factor in the cost of the entire clean-up that may last for years, large payouts to coastal businesses impacted by the oil spill..big potential government fines and sanctions, large shareholder lawsuits and massive class action lawsuits that could leave BP responsible for some significant punative damages). BP has already "lawyered up" and will do everything in their power to minimize liability and drag some of the lawsuits out for years and years -- just like Exxon did after the Valdez spill...It's possible that BP could lose some lucrative U.S. government contracts and some leases for drilling in North America if they are found to be negligent...BP may become a slightly smaller company but they are already one of the top 10 firms in the world (in terms of revenues, not in terms of management expertise and integrity)...BP's corporate reputation has taken a very big hit and it's possible that the CEO and the head of North American operations may lose their jobs. Finally, the marketplace has spoken and BP has lost over $50 Billion in market capitalization since the start of the tragic Gulf oil spill. Yet, I still think BP will survive over the long term -- but new management will be required to enhance safety, create a new culture, and rebuild trust with all the stakeholders.

To: tejek who wrote (76237)	5/27/2010 1:28:40 AM
From: stockman_scott	Respond to of 149317

Judge Refuses to Delay Oil Spill Lawsuit Against BP (Update2) By Laurel Brubaker Calkins May 26 (Bloomberg) -- An Alabama federal judge denied BP Plc’s request to stay one of more than 130 lawsuits brought by fishermen, property owners and coastal businesses harmed by the Gulf of Mexico oil spill until a judicial panel decides whether to combine the cases into a single multidistrict proceeding. In an order handed down late yesterday, Chief U.S. District Judge William H. Steele of Alabama called BP’s request to halt the litigation “premature.” “There is no reason why this action cannot move forward with preliminary steps” before the judicial panel acts on BP’s request to combine all oil spill litigation into one massive case at a hearing in July, Steele said. “Entering a stay at this juncture and under these circumstances would not rescue defendants from material hardship or the risk of inconsistent adjudications, after all, they must answer the complaint anyway,” Steele ruled. BP has filed motions in courts across five Gulf Coast states seeking to stay litigation resulting from the growing oil spill, caused by the explosion and sinking of the Deepwater Horizon off the coast of Louisiana last month. BP, as owner of the offshore lease where the damaged well is located, has primary responsibility for claims from people and businesses harmed by the drifting oil. Gushing Oil “Judge Steele apparently didn’t want BP to get a free, three-month delay before it had to answer these complaints,” lawyer George R. Irvine III of Daphne, Alabama, said in a phone interview today. “Judge Steele didn’t believe that it was fair for BP to do nothing while the oil continues to gush.” Steele ordered BP to answer the Alabama lawsuit, a proposed class action by a seafood processor, by July 2. Once BP responds to the lawsuit and the parties hold a status conference, Irvine said he plans to begin gathering evidence from BP immediately. “I can start discovery as soon as that conference occurs and we establish a schedule,” Irvine said. “I believe this is the only case so far where BP’s stay has been denied flat out. I suspect there will be others coming along. Hopefully other judges across the Gulf Coast will think this opinion is well- reasoned and follow it.” Irving said he expects the judge to deny BP’s stay request in the other cases within short order. Also named as a defendant in most of the oil spill cases are: Transocean Ltd., which owned the rig; Halliburton Energy Services Inc., which provided cementing services; and Cameron International Corp., which supplied blowout prevention equipment. Neither Scott Dean nor Mark Salt, BP spokesmen, immediately responded to a request for comment on the judge’s order. Mike Geczi, Transocean’s spokesman, declined to comment. The case is Billy’s Seafood Inc. v. Transocean et al, 1:10- cv-00215, U.S. District Court, Southern District of Alabama. To contact the reporter on this story: Laurel Brubaker Calkins in Houston at laurel@calkins.us.com. Last Updated: May 26, 2010 12:30 EDT