Wednesday, August 07, 2013


BP is digging in.
Monday's motion was filed with Barbier, who is overseeing the settlement and other federal lawsuits against BP stemming from the BP Deepwater Horizon disaster. Barbier in mid-July had dismissed a similar BP motion to halt the payments, after saying the company had failed to provide evidence of wrongdoing.
BP has been critical of the business economic claims, and said in a recent Securities and Exchange Commission filing that the company believes its claims liability has grown to $9.6 billion, from an original estimate of $7.8 billion, and could grow higher if the rules aren't changed. The company said that as of the end of the second quarter, it had booked charges of $42.4 billion related to the spill, and had nearly used up all of a $20 billion trust fund set aside to cover claims.
They're already reaching to take money back off the table from the claims process.  There had been hope that the ongoing litigation over Clean Water Act damages represented a last best chance for funding the state's $50 billion coastal restoration plan.

Yeah. Right.

As far as BP is concerned they've pretty much committed all the money they're going to throw at us.  From here on out they'll be clawing back whatever they can. Hope you enjoyed all those seafood commercials.

No comments: