British Petroleum Should Bail!

[amicus]

CNN, in the form of the Anderson Cooper Liberal Hour, each night, for the past two months, has had one subject and one subject only: the BP Oil Spill. Not news, but unrelenting propaganda and yellow journalism.

Tonight I heard a degree of Psycho-babble from one wearing the cloth, that extreme mental stress of Gulf Residents, should be compensated by BP. Moreover, a clean-up employee on the Exxon-Valdez spill, claimed he was going blind from the toxic nature of that spill and is seeking compensation.

Where will it ever end?

Simples answer: It won’t; ever.

The US Government will drain British Petroleum completely dry of funds and destroy the company in the process.

Why wait?

Declare whatever Chapter of Bankruptcy is beneficial to the Company, pull up stakes, close down the BP Gas stations, relinquish the Federal Contracts and go elsewhere. Let the Courts pursue you if they wish.

Pay generous benefits to the families of those who lost their lives in the disaster and to those injured and their families.

Dear BP, please view this as an Amicus Brief in terms of the reality of the current trend of the US Federal Government and the overweening felicitations of the extremist environmental Lobby.

Take your losses, change your name, by-pass the pain and re-emerge as a viable producer of much needed energy around the world.

Forwarded to British Petroleum.

Amicus Veritas

 

[amicus]

Okay...can someone come up with a valid email address for BP?

I searched and found four different email addy's and none worked.

?? tnx..

ami

 

[TE999]

Have you tried this one, ami? http://www.bp.com/multipleimagesection.do?categoryId=9009861&contentId=7018696

Good idea BTW. One less cash cow for the feds to milk.

 

[JackLuis]

Show some real responsibility BP, I mean your share holders gave you their money expecting fat returns. You're not going to let a government! cut your dividends are you. England needs your taxes, the Queen is counting on you.

Just leave all your U.S. assets at the Treasury building on your way to Guantanamo.

 

[amicus]

]Have you tried this one, ami? http://www.bp.com/multipleimagesection.do?categoryId=9009861&contentId=7018696

Good idea BTW. One less cash cow for the feds to milk.[/[/I]QUOTE]

~~~

Thank you, but another dead end...BP is not user friendly in contacting their headquarters...can't say that I blame them, I can imagine the hatred pouring out.

ami

 

[Liar]

Okay...can someone come up with a valid email address for BP?

I searched and found four different email addy's and none worked.

?? tnx..

ami

You and thousands of other Google users wanting to send them hate mail and death threats. So I'll doubt you'll ever find one that works until this hullaballoo is over.

 

[colddiesel]

BP or not BP ?

Oh dear Amicus I see you have fallen under the influence of President Obama in referring to BP as British Petroleum.

Mind you he could have reverted to their original name... Anglo Iranian Petroleum.

 

[trysail]

Oh dear Amicus I see you have fallen under the influence of President Obama in referring to BP as British Petroleum.

Mind you he could have reverted to their original name... Anglo Iranian Petroleum.

Methinks that would actually be Anglo-Persian Oil Company.


http://forum.literotica.com/showpost.php?p=34282372&postcount=320

BP has a very substantial percentage of U.S. owners because of the large acquisitions of Amoco ( formerly Standard Oil of Indiana ) and Arco ( Atlantic Richfield Company ) both of which were accomplished through the issuance of BP shares. BP shares are widely held by American individuals, endowments, employee benefit funds and state and municipal pension funds.


BP commenced its acquisition of substantial U.S. assets by negotiating an investment in Sohio in the late '60s, then completing the cash acquistion of the company in the mid '80s. With Sohio, BP acquired an interest in Alaska's Prudhoe Bay and other North Slope prospects.


Winston Churchill was one of the prime movers behind the capitalization of what eventually became BP during the first decades of the 20th century. The company was originally called the Anglo-Persian Oil Company. Churchill wanted to secure a source of petroleum for the British Navy, which had recently converted its fleet from coal-fired boilers to oil-fired ( see Robert K. Massie's Dreadnought for a riveting account of the naval arms race that preceded World War I ). Anglo-Persian acquired a concession covering a vast area and developed the oil fields of Iran. Churchill arranged for a large investment in the company by the government in 1913. The British government disposed of its last holdings in 1987.


There are idiots who are politcizing this accident. Its one reason I really, really hate political junkies. The morons who by some kind of twisted, whacko logic attempt to paint this as an Obama problem are as stupid as the Obama crowd's politically-motivated decision to impose a drilling moratorium. Both are moronic.

 

[Pure]

interesting concept of corporate liability

Declare whatever Chapter of Bankruptcy is beneficial to the Company, pull up stakes, close down the BP Gas stations, relinquish the Federal Contracts and go elsewhere. Let the Courts pursue you if they wish.

Pay generous benefits to the families of those who lost their lives in the disaster and to those injured and their families.

besides wishing for repeal of all federal laws to protect the environment, ami upholds the 'liberty' of a corporation to pull up stakes and disappear and escape liability claims. the liberty of US fishermen to earn a living in US coastal waters, or to have compensation from the entity that takes away that living is of no consequence.

 

[Handley_Page]

Declare whatever Chapter of Bankruptcy is beneficial to the Company, pull up stakes, close down the BP Gas stations, relinquish the Federal Contracts and go elsewhere. Let the Courts pursue you if they wish.

Pay generous benefits to the families of those who lost their lives in the disaster and to those injured and their families.

besides wishing for repeal of all federal laws to protect the environment, ami upholds the 'liberty' of a corporation to pull up stakes and disappear and escape liability claims. the liberty of US fishermen to earn a living in US coastal waters, or to have compensation from the entity that takes away that living is of no consequence.

I understand that if that 'Jones Act' had been lifted ASAP, the clean-up would have started a lot earlier and the compensation claims that much less.
Personally, I think BP should abrogate some of the claims simply because the US government didn't do it's part to enable the start of the clean-up.

 

[trysail]

Declare whatever Chapter of Bankruptcy is beneficial to the Company, pull up stakes, close down the BP Gas stations, relinquish the Federal Contracts and go elsewhere. Let the Courts pursue you if they wish...


besides wishing for repeal of all federal laws to protect the environment, ami upholds the 'liberty' of a corporation to pull up stakes and disappear and escape liability claims. the liberty of US fishermen to earn a living in US coastal waters, or to have compensation from the entity that takes away that living is of no consequence.

The whole idea is moot ( and stupid ) in the first place ( by the way, most of the BP-branded gasoline stations aren't owned by BP; they're owned by mom and pop entrepreneurs— the dimbulbs directing their anger at BP-branded gasoline stations are hurting the wrong people ). I suspect this thread has been initiated for the sole purpose of provoking a response.

BP could no more evade the burden of liability by leaving the U.S. than Robert Vesco. Because of legal reciprocity established by treaties, a judgment obtained against BP in a U.S. court could be enforced almost anywhere on earth. BP knows full well that an attempt to evade liability would not only be foolhardy, it would also expose the company to potential criminal charges. The whole idea is idiotic and absurd and is not even a remote possibility.

 

[bronzeage]

Leaving one's fuck ups for someone else to deal with is known as "the Republican solution."

The OP would make a good packet insert for someone running for Congress in a Houston district.

 

[amicus]

I suspect this thread has been initiated for the sole purpose of provoking a response.

~~~

Trysail doesn't appear to appreciate the efforts of the amicable amicus...that be okay, I don't mind. However, I have never placed Trysail in the 'believer' class and have often rendered public appreciation for his efforts....such is life.

Never claimed to be a financial or a business expert, but, ya know, I can read.

AIG and part os the American Auto industry did, if memory serves, apply to the Courts for Bankruptcy protection to limit their exposure to creditors and arrange a payment settlement with many others.

Any rational person might suggest that the best course of action for BP, would to be to follow the lead of other huge industries.

To 'Bail', may not translate to Bankruptcy Court to Trysail, but it entails essentially the same ingredients, and would, in my never humble opinion, be perhaps the only avenue by which BP can survive the ongoing kerfuffle. (stole that word from someone's post).

amicus

 

[oggbashan]

~~~

...the only avenue by which BP can survive the ongoing kerfuffle. (stole that word from someone's post).

amicus

Shock! Horror!

Amicus admits theft and plagarism!

He should be reported, forthwith, to the powers that be, impeached, tarred and feathered, accused of being a socialist, communist, Russian spy and exchanged for an upstanding US businessman whose activities within the territories of the Russian Federation were unfortunately misconstrued.

Og

 

[amicus]

Love you too, Og....

ami

 

[oggbashan]

Love you too, Og....

ami

Thanks. I thought you would appreciate a free ride to the former USSR...

Og

 

[trysail]

BP is currently both liquid and solvent. Any U.S. Bankruptcy Court would deny a petition for protection from creditors. You can't just stiff your creditors willy-nilly because you don't feel like paying your bills.


The most outrageous abuse of the Bankruptcy Code occurred in the 2009 General Motors filing where the unethical, possibly illegal and certainly abusive strong-arm tactics of the government resulted in the fraudulent conveyance of the company's assets to a government funded entity. The company's creditors were cheated and defrauded as the UAW healthcare trust was ( effectively ) given priority by operation of the pre-pack reorganization plan. This blatant government favoritism was without precedence in the history of American corporation finance and jurisprudence. If I had been a GM bondholder, I'd have been hopping mad. A few of them didn't just roll over; they litigated to the last ditch but were victims of an unjust but greater power.

 

[amicus]

There is ample contrary evidence that BP is not liquid and solvent.

I refer you to the market price of BP stock, their efforts in Dubai to seek financial assistance and a public relations disaster that is practically unparalled in history.

When Bankruptcy is declared...I will remind you...

amicus

 

[Loring2]

You're right ...

~~~

Trysail doesn't appear to appreciate the efforts of the amicable amicus...that be okay, I don't mind. However, I have never placed Trysail in the 'believer' class and have often rendered public appreciation for his efforts....such is life.

Never claimed to be a financial or a business expert, but, ya know, I can read.

AIG and part os the American Auto industry did, if memory serves, apply to the Courts for Bankruptcy protection to limit their exposure to creditors and arrange a payment settlement with many others.

Any rational person might suggest that the best course of action for BP, would to be to follow the lead of other huge industries.

To 'Bail', may not translate to Bankruptcy Court to Trysail, but it entails essentially the same ingredients, and would, in my never humble opinion, be perhaps the only avenue by which BP can survive the ongoing kerfuffle. (stole that word from someone's post).

amicus

Trysail is most definately his own man ... 3 cheers for Trysail.

Now then ... I'll make a bet; and you sould too. BP (British Petro) will not survive as it is. There is no reason to put up more than a token defense as it does a magical and mystical disappearing act and ... Poof... gone ... to reappear under the name of ... Shazzam Petroleum and Mining of Brazil or some such nom-deguerre.
Bet on it.

Poor BP, alas I knew him well (pun intended) but he did have a run of bad luck there... to bad, glad it wasn't me.

It was a stroke of 'bad luck' no mistake and it could have happened to Exxon, Royal Dutch Shell or any one of a few other companies with the big rigs who can go down that far.

Or you can believe the bull shit that everybody else drills by a different set rules ... You are not that naive.

JELoring

 

[amicus]

Hello again, Loring2, been a while...

My take on the entire situation is composed of many things, the news items, the implications for further restrictions on drilling, the imposition of new and complex safety rules that have shut down shallow water drilling for over a month, and the overall general anti energy policies of this administration as they create the groundwork for a sweeping energy program that will tax the energy industry, coal, oil and natural gas, to finance the foolish and premature attempt to institute so-called alternative energy sources.

The over two year television infomercial type 'Beyond Petroleum' message of BP, to diversify and pander to the environmental lobby has, in my eyes, made them the laughing-stock of the energy industry before this catastrophe.

In addition, this minor heat wave on the East Coast of the US, supposedly stresses the power grid to where major cities were begging consumers not to use any appliance unless absolutely necessary. This foreshadows the coming electricity shortage and suggests that 'brown-outs' and blackouts may become common occurences in the not too far distant future.

And all because the environmental lobby has been successful in restraining the energy industry from expanding to meet demand.

I am not suggesting that I have any special insight that permits me to speculate with accuracy; but being a news junky for over 40 years has made me continuosly aware of events that most might pass by.

Nothing is above change and nothing remains the same; who is to argue that the accumulation of fifty years of anti industrial, anti energy legislation has some eventual straw the tips the ability of the nation to recover?

How many incidents like Katrina and Deep Water Horizon will it take to truly affect the ability of the energy industry to meet even basic supplies of electricity, gasoline, diesel and heating oil?

Then what?

All the glib rhetoric in the world will be useless.

Amicus

 

[Loring2]

BP is currently both liquid and solvent. Any U.S. Bankruptcy Court would deny a petition for protection from creditors. You can't just stiff your creditors willy-nilly because you don't feel like paying your bills.


The most outrageous abuse of the Bankruptcy Code occurred in the 2009 General Motors filing where the unethical, possibly illegal and certainly abusive strong-arm tactics of the government resulted in the fraudulent conveyance of the company's assets to a government funded entity. The company's creditors were cheated and defrauded as the UAW healthcare trust was ( effectively ) given priority by operation of the pre-pack reorganization plan. This blatant government favoritism was without precedence in the history of American corporation finance and jurisprudence. If I had been a GM bondholder, I'd have been hopping mad. A few of them didn't just roll over; they litigated to the last ditch but were victims of an unjust but greater power.

Trysail, you're probably the most erudite participant in this or any other thread you get into but I don't think you're a Bankruptcy Lawyer and I don't think that you realize that GM should not exist today. It was bankrupt as was Chrysler and AIG etc under the laws of the state in which each was incorporated.

Had you been a GM bondholder you would have received about $0.15 per dollar, Chrysler about $0.09. Both are guesses.

AIG is another story because it's treasury was full of Hedge Funds. It bought a few here and there along the way and they too were deemed "too big to fail" so Uncle Barack bought them from his personal piggybang too. AIG was an insurance company, mortgage insurance and therefore too important to Uncle Barack's plans to fail

These companies were in fact bankrupt and became Federal Property. They should no longer exist. They might be worth something if they didn't

The Obama administration reorganized with the pre-pack reorganization on behest of the mighty UAW Healthcare Trust and the massive UAW voting bloc.
Obama overrode fact.

Talk about a special deal ...

JE Loring



[/COLOR][/SIZE][/FONT][/B][/QUOTE]

 

[trysail]

There is ample contrary evidence that BP is not liquid and solvent.

I refer you to the market price of BP stock, their efforts in Dubai to seek financial assistance and a public relations disaster that is practically unparalled in history.

When Bankruptcy is declared...I will remind you...

amicus

Suit yourself. I have plenty of "skin in the game" having purchased a slug of the BP Capital Markets America, Inc. 4.20% of 6/15/18 at 83 on 24 June, 2010 with a YTM of 7.03% and duration of 6.7 years. I'm a long time BP shareholder ( having bought my initial shares in 1991 when Bob Horton cut the dividend and the stock market puked up the shares ). Even today, I have a substantial profit in those shares. The only way you'll ever get bargains on high quality companies in the stock market is when they have problems. Ya gotta buy stuff when nobody wants it ( and there's usually a very well-known and widely understood reason that something's in disfavor— it's reflected in the price ). I am a very patient fellow; when I buy, it's with the intention of holding forever.





Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 89.960 3.335 5.797 07/08/2010 10:03:00

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 90.250 1.625 6.322 07/08/2010 10:26:13

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 90.250 1.750 6.222 07/02/2010 10:22:36




Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 85.500 1.950 6.573 07/02/2010 13:40:05

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 88.000 1.250 6.923 07/02/2010 15:24:48

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 88.070 1.820 6.575 07/02/2010 15:33:39




Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 82.150 0.150 7.188 06/30/2010 09:36:05

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 85.176 1.551 7.707 06/30/2010 11:26:48

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 84.752 2.042 7.135 06/30/2010 11:59:39


http://cxa.marketwatch.com/finra/BondCenter/Default.aspx

 

[trysail]

Trysail, you're probably the most erudite participant in this or any other thread you get into but I don't think you're a Bankruptcy Lawyer and I don't think that you realize that GM should not exist today. It was bankrupt as was Chrysler and AIG etc under the laws of the state in which each was incorporated.

Had you been a GM bondholder you would have received about $0.15 per dollar, Chrysler about $0.09. Both are guesses.

AIG is another story because it's treasury was full of Hedge Funds. It bought a few here and there along the way and they too were deemed "too big to fail" so Uncle Barack bought them from his personal piggybang too. AIG was an insurance company, mortgage insurance and therefore too important to Uncle Barack's plans to fail

These companies were in fact bankrupt and became Federal Property. They should no longer exist. They might be worth something if they didn't

The Obama administration reorganized with the pre-pack reorganization on behest of the mighty UAW Healthcare Trust and the massive UAW voting bloc.
Obama overrode fact.

Talk about a special deal ...

JE Loring

Thank you for your kind words.


I am well aware that, were it not for government intervention, it is very probable that GM would today still be in the throes of hashing out a Plan of Reorganization under The Bankruptcy Code.


In all likelihood, the company's former creditors would have emerged as the new owners and all existing UAW contracts would have been rejected.


As I have related in a post above, the "pre-pack" bankruptcy orchestrated by the government was a travesty and a farce— if not outright or at least constructive fraud. It directly contravened the intent of The Bankruptcy Code and represented a blatant abuse of government powers.

 

[Loring2]

Great

Thank you for your kind words.


I am well aware that, were it not for government intervention, it is very probable that GM would today still be in the throes of hashing out a Plan of Reorganization under The Bankruptcy Code.


In all likelihood, the company's former creditors would have emerged as the new owners and all existing UAW contracts would have been rejected.


As I have related in a post above, the "pre-pack" bankruptcy orchestrated by the government was a travesty and a farce— if not outright or at least constructive fraud. It directly contravened the intent of The Bankruptcy Code and represented a blatant abuse of government powers.

We're on board together here. I've been lead liar on two separate $500 million bankrupcies and actually nothing the government did here could be call bankrupcy. Chicanery yes bankrupcy no.

The Uncle of USA simply took an equity positon in all 3 corporations thereby scaring the bejezzus out of anyone trying to do the right thing.

There are huge differences though with GM and Chrysler in one class and AIG in another world.

GM and Chrysler were simply losing money because competiton was tearing at the outsides by providing superior product at lower prices. It could have a almost surely would have met this competition except the UAW's internal power simply make it a virtual impossibility.

Southeastern Michigan and Detroit in particuloar is paying a fearsome price for GM's loss of management control and the UAW had no idea of how to supply it nor did they have people to do it. End of story.

There's much more to it but with a bankruptcy team led by a shark and guarded by goons, GM would now be essentially Chevrolet and Chrysler would be Dodge, The remaineder would be in the process of simple liquidtion at market value. Brutal, no, realistic yes. There is pain involved in this but it ends.

AIG is another story and that because the housing market makes the automobile business, even including the UAW, look like 7-11. It is still massive and will continue to be in the forseeable future and and AIG a huge player in it.

AIG's problems arose and continue to arise because subprime mortgages are a political ploy and a play by both parties to garner voles. The problem is that the subprime mortgage is being hidden by the Hedge Fund business and no one even knows what a Hedge Fund really is much less what one is worth.

We do know that subprime mortgages and hedge funds are being held on balance sheets at face value and we also now these products to have literally no value. If you know the term 'Black Swan', it applies. If you don't know it look it up, I'm not your reference library

How can we plan without this knowledge? ... we can't of couse

FDR had a slogan of sorts, "A chicken in every pot, BO has one too "a house in everyones possession".

JE Loring

 

[amicus]

"Perhaps, perhaps, perhaps", from the film....hector elizondo..."Taco Soup?" memory fails at the moment...

There was of course, the dot.com bubble, the recent real estate bubble, and perhaps, perhaps...the energy bubble for those investing on the downside of BP. I wish you luck...but people are well advised to acknowledge that the market is, in many senses, a gamble, and not everyone wins.

The political rumors suggest that a 'lame duck' Democrat congress will pass 'card check' and Cap & Trade, following the November elections.

Use your own abilities, Trysail, to predict the future of the energy market, at least in the US, if the grand energy plan goes into effect.

Amicus