Will BP Declare Bankruptcy and/or Fold Soon? - Page 2 - GoFuckYourself.com

Caligari · 06-10-2010, 11:21 AM

The writing is on the wall, BP is doomed

http://www.energyboom.com/policy/oil...culation-flies

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that,

"they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

JP-pornshooter · 06-10-2010, 11:28 AM

Quote:

Originally Posted by Caligari

The writing is on the wall, BP is doomed

http://www.energyboom.com/policy/oil...culation-flies

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that,

"they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

nice find.
i actually hope they can stay afloat longer, if not they will be able to run away from their obligation to clean up the gulf of mexico...

roly · 06-10-2010, 11:29 AM

Quote:

Originally Posted by GregE

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.

i think if bp are pushed too hard by the obama administration, they may just walk away from the US and a lot of the potential liabilites there, especialy considering obama may unilateraly ban bp from further US drilling. i read somewhere the US only accounts for 11% of its revenue, so its possible.

roly · 06-10-2010, 11:39 AM

Quote:

Originally Posted by Caligari

The writing is on the wall, BP is doomed

http://www.energyboom.com/policy/oil...culation-flies

Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico.

The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that,

"they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses."

from what i read todays drop in share price was due to what obama said about paying out of work oil riggers and that investors think that bp will suspend its dividend payments.

Caligari · 06-10-2010, 12:08 PM

Quote:

Originally Posted by JP-pornshooter

nice find.
i actually hope they can stay afloat longer, if not they will be able to run away from their obligation to clean up the gulf of mexico...

but what about there assets?
http://www.encyclopedia.com/doc/1G1-107203778.html
granted this is a 2003 article, but is shows that in fact BP went ahead of MOBIL in sheer assets of 159 billion.

Now, depending on how much they have now i would think this could be sold off with a % of proceeds going to the clean up and long term restoration-

06-10-2010, 11:21 AM	#51
Caligari Confirmed User Industry Role: Join Date: Oct 2009 Location: At The Mountains Of Madness Posts: 5,414	The writing is on the wall, BP is doomed http://www.energyboom.com/policy/oil...culation-flies Shares ended the day on the New York Stock Exchange at $29.20 which is down almost 50% from a share price of $59.48 on April 19th, one day before the disaster began to unfold in the Gulf of Mexico. The sell-off began earlier today when longtime energy investment banker Mathew Simmons (and author of the must-read book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy) predicted in a Fortune Magazine article that, "they [BP] have about a month before they declare Chapter 11. They're going to run out of cash from lawsuits, cleanup and other expenses." __________________ ATTN Webmasters Cruel Bucks - LIVE Gonzo Does Not Pay ------------------------------------------------ Animal Rescue Click Here to Feed An Animal for Free