Yeah, I've been hearing that little dog whistle loud and clear. But that's the reason for the escrow, to get the decisions out of BP's hands. I agree, it's going to be ugly, but it this does seem to be a big step in the right direction.
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http://www
About Gulf Oil Spill
Read the Article at HuffingtonPost
Do you think the families of those k!lled in 9/11 would agree?
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http://www
About Gulf Oil Spill
Read the Article at HuffingtonPost
There's a line that BP's people have been using since this began that is state-of-the-art weasel lawyer-speak: "We will pay all legitimate claims".
That's equivocation, and when I see it in the terms of this deal ("Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP") along with other terms that make it very easy for BP to game this, I know that a lot of lawyers are going to be getting very rich on money that should be going to victims of this, and that BP is not going gently into that good night.
About Gulf Oil Spill
Read the Article at HuffingtonPost
"BP has spent $1.75 billion so far on containment and cleanup efforts"
What's next? Burping? Wet Wipes?
About Gulf Oil Spill
Read the Article at HuffingtonPost
Ok, it's going to work like this:
BP will establish an independent claims facility and an escrow account of $20 billion (ultimately). BP will put into this escrow account $3.5 billion immediately, another $1.5 billion at the last quarter of this fiscal year, and then $1.25 billion every quarter for the following 3 years.
BP will set up a facility where claims can be reviewed and decisions made about how to proceed. The escrow account which will be independently administered by Ken Feinberg. Small businesses, states and local governments can file claims which will be reviewed by Feinberg and a 3-person review panel. If anyone filing a claim isn't happy with the decision by the review panel, they retain all their legal rights to sue in federal court. BP can only seek an appeal of the review panel's decision if a claim is in excess of $500k or if Feinberg certifies an appeal is allowable.
It's unknown when this facility will be up and operating, but until it is, the process that is in operation now will continue.
BP has already paid $1.75 billion on this spill and the oil gushing from the bottom of the Gulf isn't anywhere near contained.
Then there's this -
http://www
Read the Article at HuffingtonPost
The only cost-effective way to get there is through Alaska's north slope.
“We’ll be doing a number of things that have never been done before,” said Doug Suttles, the then president of BP Exploration (Alaska), when in July 2009 he announced the BP board’s final approval of the Liberty development. “We’ll be drilling the longest wells ever drilled.”
http://www
BP, doing a number of things it's never done before, drilling the longest wells ever drilled.
Peachy.
About Gulf Oil Spill
Read the Article at HuffingtonPost
It's used to pay claims for those financially injured by BP's negligence
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Maybe.
Maybe not.
It's an escrow account. All that it is is BP's putting money aside for determination as to where it'll go LATER. It could wind up going to BP's shareholders.
Not a dime of it will get dispersed without BP's consent.
And not all $20 billion is being put into the 'kitty' immediately. BP could be out of business within months, which would mean that all it paid into this account was $3.5 billion. BP's already spent $1.75 billion on this spill, the oil is still gushing uncontrollably; nobody knows what the ultimate price tag will be.
Read the Article at HuffingtonPost
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