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Old 06-01-2010, 06:21 PM   #1
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Will BP Declare Bankruptcy and/or Fold Soon?

The basic fines this spill will cost them will likely come to WELL OVER $10 BILLION DOLLARS, and that does not even include cleanup costs, health-related lawsuits, loss of income lawsuits, and on and on!

You think they will pay up, or just fold?
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Old 06-01-2010, 06:25 PM   #2
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if you think BP will actually pay a dime of any judgement awarded against them any time soon, you're dreaming.

exxon hasn't paid anything towards the judgements from the exxon valdez yet.
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Old 06-01-2010, 06:26 PM   #3
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Let's hope they don't fold up. At least not until after they fork for their fuckup.
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Old 06-01-2010, 06:28 PM   #4
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A lot of big companies out there are operating on a loss instead of a profit. It does not stop the companies from operating. The BP oil company will not shut down oil operations that are continuing (the ones with no spill).
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Old 06-01-2010, 06:29 PM   #5
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I remember reading somewhere that BP, by law, is only accountable for up to $750 million unless it could be proven that the spill was due to negligence.
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Old 06-01-2010, 06:30 PM   #6
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Get ready to buy more BP stock, boys! The book value of this bad boy is FUCKING SICK
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Old 06-01-2010, 06:30 PM   #7
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I remember reading somewhere that BP, by law, is only accountable for up to $750 million unless it could be proven that the spill was due to negligence.
$75 million.
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Old 06-01-2010, 06:32 PM   #8
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$75 million.
You are correct. They make that in about a week right?
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Old 06-01-2010, 06:33 PM   #9
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They are not going to close.
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Old 06-01-2010, 06:35 PM   #10
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I doubt they are going anywhere anytime soon. At the worst if they end up actually paying for everything and paying all those who were damaged by their actions (which is doubtful) they might file for Chapter 11 and restructure. However, they made like 20 billion in profit last year so in the end all of this could end up just costing them 1-2 years of profit.
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Old 06-01-2010, 06:55 PM   #11
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4 th largest corp in the world:

http://money.cnn.com/magazines/fortu...009/full_list/

Market Cap: 114.33B

so not likely
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Old 06-01-2010, 07:06 PM   #12
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I think DOJ opened up the criminal investigation this week in order to try to pin this on them.
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Old 06-01-2010, 08:12 PM   #13
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yeah by the time its all said and done the cost are going to be unreal if they dont have to pay it back then it will be a real shame....but if they go under who wil be the next big company to take their place? Texaco ??
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Old 06-01-2010, 08:25 PM   #14
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$75 mil in a weeek? try more like a day... they made a few billion in a quarter.. BP is too rich. the DOJ investigation is just for show.. worst case they'l fine them like $50 million or some shit which BP spends more than on toilet paper a day...

BP aint going nowhere. too big to fail
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Old 06-01-2010, 08:29 PM   #15
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They made four billion dollars last quarter alone. I'm guessing they can stay afloat for a little while.

But I also think this is just the very beginning of this problem.
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Old 06-01-2010, 08:35 PM   #16
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I don't know. America is pretty pissed about the wall street thing and now this. I think politicians can get a lot of mileage from both sides if they go after BP hard. Not saying it will happen, but the environment is there.

BTW, BP makes 66 million a day. I happen to come across that because I kept hearing them talk about how hard it is to work underwater. So I looked at the cost to build the Mars rover which I assume is pretty difficult as well. The Mars Rover was a robotic vehicle that was sent to the surface of Mars. It cost 804 million to design, build, launch, and operate.

So in 12 days BP makes enough money to fund a rocketship to Mars..lol. But yet they can't seem to spend any money on a fail-safe device that doesn't fail.. But maybe space travel to Mars is much easier than drilling for oil.
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Old 06-01-2010, 08:46 PM   #17
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They will chalk it up as the cost of doing business and carry on
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Old 06-01-2010, 09:42 PM   #18
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if you think BP will actually pay a dime of any judgement awarded against them any time soon, you're dreaming.

exxon hasn't paid anything towards the judgements from the exxon valdez yet.
Yes they have...paid in full...as per the last judgement...but they fought in the courts for years and paid a substantially reduced amount from what the original judgement was.
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Old 06-01-2010, 09:47 PM   #19
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Yes they have...paid in full...as per the last judgement...but they fought in the courts for years and paid a substantially reduced amount from what the original judgement was.
But wasn't that judgment pretty recently, like a year or two ago? 20 years after the spill actually happened?

FWIW BP has already gone on record to say that they will in fact pay out more than $75 million, probably because they understand how ridiculous only $75 million would be and surely they want to avoid some politicians doing some positioning and going after them hard. I wouldn't be surprised if Obama decides to do that given his approval rating going down down down.
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Old 06-01-2010, 09:53 PM   #20
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I read somewhere BP made 6 billion profit for a 1/4 period. 10 billion in fines is nothing for them.
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Old 06-01-2010, 10:00 PM   #21
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But wasn't that judgment pretty recently, like a year or two ago? 20 years after the spill actually happened?
There were two judgements brought againts them...a compensatory judgement..which was ridiculouly low and which they paid with little argument but a second judgement was for punititve damages that was very high and they lost...but they appealed the amount of the judgement and won the appeal for a greatly reduced amount...and yes I beleive it was actually within the past 12 months or so. All if the people involved in the class action suit have now been paid all they will ever receive. I think the highest amount paid to an individual was around $500,000.00 but he said he did not actually see a penny of that amount go into his pocket as it all went to pay creditors from the loss of his business and debts accrued over the years because of the loss of his business...due to the spill. He is old now and lives of his SS.
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Old 06-01-2010, 10:06 PM   #22
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In all probability BP will have to pay out billions...but most of the individuals that suffer losses because of the blowout...will probably not be made whole again. Some will fare better than others when they receive money from BP...just as in the Exxon payout.
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Old 06-01-2010, 10:18 PM   #23
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They will be sold to another Oil company with a clause in the fine print indemnifying of any assistance in said event.
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Old 06-01-2010, 10:39 PM   #24
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If they're unable to stop the oil leak, they will go bankrupt. However, at this point, it is more likely that they will succeed in stopping the leak eventually and over time will recover from both the financial and political damage which has been done to their company.
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Old 06-01-2010, 11:10 PM   #25
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Interesting how oil extraction technology has greatly outevolved oil slick/oil cleanup technology/management procedures.
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Old 06-01-2010, 11:22 PM   #26
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They were saying to raise the 75 million $ limit to $10billion, but as BP only had a 64% stake in the well, they'd be limited to ~$6.5 billion in damages. For a company that's worth hundreds of billions, it's a drop in the oily [ocean]

just to put things in perspective...

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Old 06-01-2010, 11:25 PM   #27
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when you said BP i thought you meant boneprone LOL
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Old 06-02-2010, 02:23 AM   #28
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Old 06-02-2010, 02:33 AM   #29
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You are correct. They make that in about a week right?
more like in a day. their annual profits for 2008 was $25.8billion.
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Old 06-02-2010, 02:38 AM   #30
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I don't know. America is pretty pissed about the wall street thing and now this. I think politicians can get a lot of mileage from both sides if they go after BP hard. Not saying it will happen, but the environment is there.

BTW, BP makes 66 million a day. I happen to come across that because I kept hearing them talk about how hard it is to work underwater. So I looked at the cost to build the Mars rover which I assume is pretty difficult as well. The Mars Rover was a robotic vehicle that was sent to the surface of Mars. It cost 804 million to design, build, launch, and operate.

So in 12 days BP makes enough money to fund a rocketship to Mars..lol. But yet they can't seem to spend any money on a fail-safe device that doesn't fail.. But maybe space travel to Mars is much easier than drilling for oil.
the deep sea has been less explored than the moon. so there both very challenging environments.
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Old 06-02-2010, 02:40 AM   #31
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But wasn't that judgment pretty recently, like a year or two ago? 20 years after the spill actually happened?

FWIW BP has already gone on record to say that they will in fact pay out more than $75 million, probably because they understand how ridiculous only $75 million would be and surely they want to avoid some politicians doing some positioning and going after them hard. I wouldn't be surprised if Obama decides to do that given his approval rating going down down down.
they've allready paid out 10x the $75million already and that's just a drop in the ocean. (excuse the pun)
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Old 06-02-2010, 03:07 AM   #32
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The basic fines this spill will cost them will likely come to WELL OVER $10 BILLION DOLLARS, and that does not even include cleanup costs, health-related lawsuits, loss of income lawsuits, and on and on!

You think they will pay up, or just fold?
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Let's hope they don't fold up. At least not until after they fork for their fuckup.
They will stop the leak, clean it up and continue business as usual. True, it's going to cost them a lot, but they have an amazing balance sheet and proven earnings behind them to cover this is full. It will be a major dent in the company history, but they will survive.

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if you think BP will actually pay a dime of any judgement awarded against them any time soon, you're dreaming.

exxon hasn't paid anything towards the judgements from the exxon valdez yet.
Stop the communist bullshit propaganda and ty to check some facts next time. But I know, communists usually don't like the fact but prefer to live in their dreamworld since the real world don't function they way they want it to. See below, thanks to theking for his addition:
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Yes they have...paid in full...as per the last judgement...but they fought in the courts for years and paid a substantially reduced amount from what the original judgement was.
Quote:
Originally Posted by Rochard View Post
They made four billion dollars last quarter alone. I'm guessing they can stay afloat for a little while.

But I also think this is just the very beginning of this problem.
Please check things before you post, don't spread around numbers when you obviously have no clue. BP made around 6 billion US Dollars in profit during the first quarter of this year, as noted by Zorgman

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I read somewhere BP made 6 billion profit for a 1/4 period. 10 billion in fines is nothing for them.
BP will fix this, cover the costs and then continue doing business, because their business is a very stable one and also very profitable. It might take them 2-3 years to recover their costs and then they're back to being profitable again. In the offshore industry, this is of course huge sums of money, but after all, it's all a cost of doing business.
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Old 06-02-2010, 03:26 AM   #33
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Stop the communist bullshit propaganda and ty to check some facts next time. But I know, communists usually don't like the fact but prefer to live in their dreamworld since the real world don't function they way they want it to. See below, thanks to theking for his addition:
.
Oh, well, they are stand up top notch bros for finally standing up 20 years after the fact.


those are 20 years all those that suffered wont be getting back. Good luck gulf residents. this is mostly likely what you're in for.

http://vimeo.com/3213063

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Old 06-02-2010, 05:08 AM   #34
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Oh, well, they are stand up top notch bros for finally standing up 20 years after the fact.


those are 20 years all those that suffered wont be getting back. Good luck gulf residents. this is mostly likely what you're in for.

http://vimeo.com/3213063

Look who's talking!

Someone who celbrates Lenin in his signature, one of history's largest mass murderers, must be a really trustworthy guy!

There's always a risk in doing business. Not saying that the victims of Exxon Valdez shouldn't have been paid earlier, but everyone knows that it's not risk free to live by the ocean, it's always a risk in doing business. That's why you are rewarded when successful with far more money than you put in, because you took that risk. Risk and reward. And sometimes the risk option comes into play, that's the backside of it. For those moments, you should have saved some profits and made sure to have proper insurance.

But I know, you cummunists are not much for risk/reward because usually the dumb losers end up with all the risk and very little reward. I'm a winner, both educational and economical as well as social, of course I wouldn't trade the current system for one where I would have to share or loose out just to help "level the play field". The ones of opposite minds, usually belong on the wrong side of the winners/loosers line.

Hope you enjoy your day, I will entertain myself with some golf! a sport for us who can.
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Old 06-02-2010, 07:15 AM   #35
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there's no money in oil.
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Old 06-02-2010, 07:24 AM   #36
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it is time to buy stocks of BP
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Old 06-02-2010, 09:06 AM   #37
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I think the real question here is when should I buy BP stock? Someone ICQ me with friendly advice and I'll send cock pics in return.
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Old 06-02-2010, 09:32 AM   #38
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I wouldn't buy BP stock right now - no way!
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Old 06-02-2010, 10:11 AM   #39
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I think the real question here is when should I buy BP stock? Someone ICQ me with friendly advice and I'll send cock pics in return.


Can't see them folding myself unless all their current profits were just imaginary numbers.
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Old 06-02-2010, 11:25 AM   #40
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for BP it is all about damage control at the moment.
from what i hear they are already making payments to local business not able to bring in business due this spill, and they said they will pay any valid claim.. its gonna be expensive, alot more than just the spill and clean up itself.
tourism and commercial fishing just to name a few are hit hard and will have valid claims.
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Old 06-02-2010, 11:33 AM   #41
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They will pay and keep on going. If the ocean was privately owned they would go under. But government regulations and rules will keep them afloat.

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just to put things in perspective...

Cool graph if true.
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Old 06-02-2010, 11:39 AM   #42
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They could laugh at how cheap all this is going to be. Dont feel bad for them, they dont even notice.
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Old 06-02-2010, 11:50 AM   #43
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Cool graph if true.
It came from a BBC report, so it must have some element of validity behind it. Funny thing is though that that massive Kuwait shit absolutely never hit the media at the time, and even before now. Amazing how propaganda turns everyone into sheep
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Old 06-02-2010, 11:57 AM   #44
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for BP it is all about damage control at the moment.
from what i hear they are already making payments to local business not able to bring in business due this spill, and they said they will pay any valid claim.. its gonna be expensive, alot more than just the spill and clean up itself.
tourism and commercial fishing just to name a few are hit hard and will have valid claims.
i just read that the total revenue of the gulf of mexico commercial fishing industry for the whole of 2008 was $660million, which although a big figure, when compared to BP's annual profits, its a figure they could swallow fairly easy. obviosuly there's a lot more than just paying off the fishermen though.
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Old 06-02-2010, 12:29 PM   #45
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i just read that the total revenue of the gulf of mexico commercial fishing industry for the whole of 2008 was $660million, which although a big figure, when compared to BP's annual profits, its a figure they could swallow fairly easy. obviosuly there's a lot more than just paying off the fishermen though.
The bigger cost will be the fines imposed for each barrel of oil spilled, plus the overall cleanup for same...

http://www.reuters.com/article/idUSN2514399520100525

http://www.examiner.com/x-33986-Poli...r-gallon-fines

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Old 06-10-2010, 08:49 AM   #46
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The news referenced BP and the possibility of bankruptcy a few times recently. Maybe just for shock value?
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Old 06-10-2010, 10:15 AM   #47
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The news referenced BP and the possibility of bankruptcy a few times recently. Maybe just for shock value?
there is a lot of pressure on BP right now, the stock is tanking and they are getting sued left and right..
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Old 06-10-2010, 10:37 AM   #48
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I think the real question here is when should I buy BP stock? Someone ICQ me with friendly advice and I'll send cock pics in return.
I'm still here sitting on a stack of cock pics.
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Old 06-10-2010, 10:49 AM   #49
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there is a lot of pressure on BP right now, the stock is tanking and they are getting sued left and right..
obama has just banned all drilling in the gulf for 6 months, and has said that bp should pay the unemployment benefit of the oil workers of other companies laid off.

i think that's one step too far, the drilling could continue, its the US governemnt that has decided to suspend it.

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Old 06-10-2010, 11:18 AM   #50
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i just read that the total revenue of the gulf of mexico commercial fishing industry for the whole of 2008 was $660million, which although a big figure, when compared to BP's annual profits, its a figure they could swallow fairly easy. obviosuly there's a lot more than just paying off the fishermen though.
Let's say that when all is said and done roughly half of the gulf (just a guess) is deemed unsafe for fishing. In that case, the number might be more like $400 million (allowing for inflation and such). Thing is, you then need to factor in how many years it'll take the fishing industry to rebound. Depending on who you listen to, we could be talking about multiplying that number by 10 or maybe even 30.

And then (as you suggested) there's more. A lot more. There will be claims for diminished tourism, diminished property values, a substantially reduced local tax base, illnesses and on and on and on.

BP will probably survive, but they'll do so by fighting the vast majority of these claims tooth and nail for the next twenty years or more.
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