So far in the state of Florida alone, BP (NYSE:BP) has paid out $767 million to individuals, businesses and governments, according to the energy giant.
BP said in a statement, "Of the $767 million BP has paid so far in the state of Florida, $577 million has gone directly to business and individuals through the claims process.
"The next largest amount, nearly $72 million, has gone to those working in the Vessels of Opportunity Program, [a program that] put fisherman and captains to work over the summer helping with oil recovery."
Other major payments made to Florida included that granted to tourism, where "$32 million has gone to help Florida's tourism industry. Several Panhandle communities used the tourism grants to put on weekend festivals. Most recently, Pensacola Beach hosted the De Luna Festival, which was extended a third day because of BP funding," added BP.
Claims continue to be made in Florida, and other Gulf states over the oil spill disaster.
Showing posts with label BP Claims. Show all posts
Showing posts with label BP Claims. Show all posts
Monday, November 1, 2010
Monday, October 25, 2010
Gulf Fisherman Deserve BP (NYSE:BP) Money, Insurance Money?
An unfortunate scenario is playing out from the BP (NYSE:BP) oil spill, as dubious claims by Fisherman and fish processors contradict one another.
First, honest fisherman and research confirm fishing is as good as it has ever been because of the low fishing pressure because of part of the Gulf being closed to commercial fishing. That has resulted in more and bigger fish.
Tests from investigators have found virtually no taint in seafood from the Gulf.
But fisherman seeking to get insurance benefits are hurting seafood distributors by making claims that the oil spill was a disaster for them, when as measured by tainted food, is a completely false statement.
As far as having fishing waters closed, that's a legitimate claim, but continuing to paint a narrative of tainted fish and seafood is an outright lie.
Those suffering from that false narrative are the food processors, who now have to fight the story put forth by some fisherman in order to convince consumers food from the area is edible and safe.
Why some fisherman are allowed to continue to make their assertions is puzzling.
First, honest fisherman and research confirm fishing is as good as it has ever been because of the low fishing pressure because of part of the Gulf being closed to commercial fishing. That has resulted in more and bigger fish.
Tests from investigators have found virtually no taint in seafood from the Gulf.
But fisherman seeking to get insurance benefits are hurting seafood distributors by making claims that the oil spill was a disaster for them, when as measured by tainted food, is a completely false statement.
As far as having fishing waters closed, that's a legitimate claim, but continuing to paint a narrative of tainted fish and seafood is an outright lie.
Those suffering from that false narrative are the food processors, who now have to fight the story put forth by some fisherman in order to convince consumers food from the area is edible and safe.
Why some fisherman are allowed to continue to make their assertions is puzzling.
Thursday, October 14, 2010
Will BP's (NYSE:BP) Independent Owners Flee the Company?
In the aftermath of the Gulf of Mexico oil spill, BP's (NYSE:BP) problems are far from only the considerations of their liability in the matter, but also the business itself, which in the case of thousands of station owners around the country could become a major issue, as many are considering fleeing the BP fold to other brands once their contracts are up.
Of course competitors of BP are out in force looking for new outlets for their gas as well, contacting independent BP owners to see if and when they may want to change to another brand.
Other owners are taking the initiative on their own to see if other brands would be interested in their locations.
This isn't unusual in itself, as it's the general nature of the business to poach from one another. What's different is the large number of potential deals which could dramatically impact the bottom line of BP. It also makes it hard for BP to make up for businesses lost, as at this time there wouldn't be many other independent owners of other brands which would migrate to the troubled energy giant.
To address these issues and hopefully stem the growing tide of losing stations, BP is getting together with owners and distributors this week in Washington to lay out their case on how they're going to heal the damaged brand.
It's unclear at this time how many contracts will come to an end this year, and are in danger of being lost to the company. But this isn't only about this year, but every year going forward, as the BP story will remain in the news as events unfold and the ongoing claims process continues for several more years.
That and lawsuits will be an ongoing struggle for BP as the Gulf spill is brought to people's memories over and over again.
Of course competitors of BP are out in force looking for new outlets for their gas as well, contacting independent BP owners to see if and when they may want to change to another brand.
Other owners are taking the initiative on their own to see if other brands would be interested in their locations.
This isn't unusual in itself, as it's the general nature of the business to poach from one another. What's different is the large number of potential deals which could dramatically impact the bottom line of BP. It also makes it hard for BP to make up for businesses lost, as at this time there wouldn't be many other independent owners of other brands which would migrate to the troubled energy giant.
To address these issues and hopefully stem the growing tide of losing stations, BP is getting together with owners and distributors this week in Washington to lay out their case on how they're going to heal the damaged brand.
It's unclear at this time how many contracts will come to an end this year, and are in danger of being lost to the company. But this isn't only about this year, but every year going forward, as the BP story will remain in the news as events unfold and the ongoing claims process continues for several more years.
That and lawsuits will be an ongoing struggle for BP as the Gulf spill is brought to people's memories over and over again.
Tuesday, October 5, 2010
BP (NYSE:BP) Compensation Fund Slowed by Fraud
The BP (NYSE:BP) compensation fund, which the claimant portion is administered by Kenneth Feinberg, has been demonized because of the alleged slow payments and amounts being handed out.
As the story emerges though, the frustration, while in many cases is legitimate, has been worsened by many who are attempting to game the system by getting paid much more than actual damages, and in many cases, some who don't qualify for damages at all.
That more than anything has been the reason for the slow process, and because there are legitimate claims suffering as a result, makes it hard for Feinberg to defend, because it gives the appearance of not paying out what is owed for legitimate claims.
Major problems in getting the fund to move faster, as mentioned, are outright fraud, requests for money far beyond damages, and absolutely no proof of suffering losses at all.
What would probably stem a lot of this is for the Justice Department or law enforcement to step in and arrest and charge some of those commiting the fraud in order to get the process moving forward.
There are some legitimate complaints related to the fund, but most of them come from those trying to get money they don't deserve, and worse, clogging up the system because of the time it takes to confirm one way or the other if they qualify.
The enormity of the fraud has caused Feinberg and his team to have to check closely in order to make determinations. That's a good thing in the sense of having enough money to pay for legitimate claims.
If Feinberg were to allow the outrageous claims to go forward, it would result in BP paying out damages to those who weren't harmed by the consequences of the oil spill, and also cause them to pay far more than they would have had to.
Someone needs to step in and let those making fraudulent claims know they are being watched and could go to jail for what amounts to theft.
As the story emerges though, the frustration, while in many cases is legitimate, has been worsened by many who are attempting to game the system by getting paid much more than actual damages, and in many cases, some who don't qualify for damages at all.
That more than anything has been the reason for the slow process, and because there are legitimate claims suffering as a result, makes it hard for Feinberg to defend, because it gives the appearance of not paying out what is owed for legitimate claims.
Major problems in getting the fund to move faster, as mentioned, are outright fraud, requests for money far beyond damages, and absolutely no proof of suffering losses at all.
What would probably stem a lot of this is for the Justice Department or law enforcement to step in and arrest and charge some of those commiting the fraud in order to get the process moving forward.
There are some legitimate complaints related to the fund, but most of them come from those trying to get money they don't deserve, and worse, clogging up the system because of the time it takes to confirm one way or the other if they qualify.
The enormity of the fraud has caused Feinberg and his team to have to check closely in order to make determinations. That's a good thing in the sense of having enough money to pay for legitimate claims.
If Feinberg were to allow the outrageous claims to go forward, it would result in BP paying out damages to those who weren't harmed by the consequences of the oil spill, and also cause them to pay far more than they would have had to.
Someone needs to step in and let those making fraudulent claims know they are being watched and could go to jail for what amounts to theft.
Monday, October 4, 2010
BP (NYSE:BP) Cooperation Slowing Says Louisiana
According to Louisiana officials BP (NYSE:BP) isn't cooperating as much because the media spotlight is no longer on them as it was.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.
Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."
Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,
Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.
While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.
BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.
The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.
All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.
It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.
Thursday, September 30, 2010
BP (NYSE:BP) to Get Bill Total from Gulf States
A better picture of the liabilities will be seen when the Gulf states given their bills to BP (NYSE:BP), which appears to be sometime in the near future.
Most are negotiating with BP over the final tally, but Alabama Attorney General Troy King went against the wishes of Governor Riley and sued BP. There's still a cloud hanging over his reasoning, as all other states are working with BP in an attempt to come to an agreement.
King attempted to justify his misguided actions by saying BP had a "record of not living up to their commitments." He oddly added, that if BP won't "pay Alabama what it owes, a court will force you to do it."
It's odd because the governor was making progress with BP and wasn't concerned over whether or not they'd pay. Now the state suffers from it.
Other states would prefer to go the route of making a deal with BP too, as the cost and time of going through a trial would be immense, and by time the litigation was over, the present need for the money would be gone.
But the states have said if they aren't able to reach an agreement with BP, they would go the legal route if all else failed.
BP spokesman Scott Dean said, "BP remains committed to paying all legitimate government claims. We have already made more than $1 billion in government payments."
Most are negotiating with BP over the final tally, but Alabama Attorney General Troy King went against the wishes of Governor Riley and sued BP. There's still a cloud hanging over his reasoning, as all other states are working with BP in an attempt to come to an agreement.
King attempted to justify his misguided actions by saying BP had a "record of not living up to their commitments." He oddly added, that if BP won't "pay Alabama what it owes, a court will force you to do it."
It's odd because the governor was making progress with BP and wasn't concerned over whether or not they'd pay. Now the state suffers from it.
Other states would prefer to go the route of making a deal with BP too, as the cost and time of going through a trial would be immense, and by time the litigation was over, the present need for the money would be gone.
But the states have said if they aren't able to reach an agreement with BP, they would go the legal route if all else failed.
BP spokesman Scott Dean said, "BP remains committed to paying all legitimate government claims. We have already made more than $1 billion in government payments."
Wednesday, September 29, 2010
BP's (NYSE:BP) Money Should Go to Gulf States Says Feds
While it may seem obvious, and it is, the federal government decided to write a 130-page report on why the Gulf states should be the ones receiving the bulk of the money paid by BP (NYSE:BP) for the oil spill.
It wasn't said, but definitely implied, that there are many people and/or institutions attempting to get a share of the money even though they weren't affected.
Obvious ones are the arrogant so-called scientific institutions and universities who seem to think someone owes them this money just because they exist. Of course it's put in terms that they are the great authorities on the subject.
This of course is sure to be the case with those in health fields and economics as well, who in a time of shortages are attempting to treat BP as if they're a government which they can tap for funds.
Concerning fines associated with the Clean Water Act, which are estimated to end up anywhere from $5 billion to $20 billion, according to Rep. Steve Scalise, R-La, the law must be changed in order to keep most of that money in the Gulf region.
Lawmakers from Louisiana have already introduced bills in the House and Senate to get that part of the process moving.
It wasn't said, but definitely implied, that there are many people and/or institutions attempting to get a share of the money even though they weren't affected.
Obvious ones are the arrogant so-called scientific institutions and universities who seem to think someone owes them this money just because they exist. Of course it's put in terms that they are the great authorities on the subject.
This of course is sure to be the case with those in health fields and economics as well, who in a time of shortages are attempting to treat BP as if they're a government which they can tap for funds.
Concerning fines associated with the Clean Water Act, which are estimated to end up anywhere from $5 billion to $20 billion, according to Rep. Steve Scalise, R-La, the law must be changed in order to keep most of that money in the Gulf region.
Lawmakers from Louisiana have already introduced bills in the House and Senate to get that part of the process moving.
Friday, September 17, 2010
Judge Barbier Denies Fast-track BP (NYSE:BP) Trials
In a push to get speedier trials, plaintiffs in lawsuits against BP (NYSE:BP) asked Judge Carl Barbier to fast-track the trials. This was especially true of those who had injuries or loved ones killed from the accident.
While the judge said he sympathized with those requesting the speedier trials, he said expectation were unrealistic concerning how fast the claims could be tried.
The judge did encourage all the parties filing lawsuits to take into consideration settling with the defendants, or otherwise attempting mediation.
If those choices aren't made, it'll probably be many years before all of this is resolved for everyone involved.
While the judge said he sympathized with those requesting the speedier trials, he said expectation were unrealistic concerning how fast the claims could be tried.
The judge did encourage all the parties filing lawsuits to take into consideration settling with the defendants, or otherwise attempting mediation.
If those choices aren't made, it'll probably be many years before all of this is resolved for everyone involved.
Judge Extends BP (NYSE:BP) Lawsuit Claims Until April 2011
A battle over time has been engaged in the hundreds of lawsuits filed against BP (NYSE:BP) and other companies related to the Gulf oil spill, and the judge has issued several decisions in response to it.
Judge Carl Barbier, the judge overseeing the cases, said as far as the time-frame to file lawsuits against the defendants, plaintiffs will be given until April 20, 2011. That's exactly a year since the explosion on the Deepwater Horizon oil rig which led to 11 deaths and oil spilling into the Gulf.
As far as the limitation of liability in connection to Transocean (NYSE:RIG), a trial date has been set for October 2011 do deal with that issue.
Lawyers for the plaintiffs have been pushing for things to go quicker, while BP and others have said they need more time to produce evidence. The judge in that area has sided with the defendants, saying they need a realistic amount of time to mount a defense.
Over the issue of whether or not plaintiffs should be required to go through the $20 billion compensation fund set up by BP to see if they qualify before being allowed to file a lawsuit, the judge hasn't made a ruling on that yet.
Judge Carl Barbier, the judge overseeing the cases, said as far as the time-frame to file lawsuits against the defendants, plaintiffs will be given until April 20, 2011. That's exactly a year since the explosion on the Deepwater Horizon oil rig which led to 11 deaths and oil spilling into the Gulf.
As far as the limitation of liability in connection to Transocean (NYSE:RIG), a trial date has been set for October 2011 do deal with that issue.
Lawyers for the plaintiffs have been pushing for things to go quicker, while BP and others have said they need more time to produce evidence. The judge in that area has sided with the defendants, saying they need a realistic amount of time to mount a defense.
Over the issue of whether or not plaintiffs should be required to go through the $20 billion compensation fund set up by BP to see if they qualify before being allowed to file a lawsuit, the judge hasn't made a ruling on that yet.
Tuesday, September 14, 2010
BP's (NYSE:BP) Bizarre Claims Czar Going to Cave in to Criticism?
It's one thing to attempt to improve the process to pay out claims to alleged victims of the BP (NYSE:BP) oil spill, it's another thing to pay compensation to people for money they've already received, which is what government claims czar Kenneth Feinberg is taking "under advisement."
This is the problem when someone from the government is appointed to oversee money.
The problem centers around claimants who say the money they were paid while working cleaning up the Gulf for BP shouldn't be subtracted from the claims they are seeking.
Feinberg responded, "I'm taking it under advisement. The last time I said, no way, I'm deducting it. Now, it's open for discussion."
It doesn't matter what the actual damage was to the claimants, since when do people get paid for work by a company and then not have it subtracted from claims? It's outrageous.
In other words, when they were getting paid to work, they weren't suffering from being victims of the situation. why would BP have to pay them, or why would Feinberg even say he's going to take it under advisement.
This isn't his money. And while he has authority to pay out legitimate claims, it's improbable he has a right to make these types of decisions, even though he seems to say he does.
Problems with the BP compensation fund aren't whether or not BP is going to have to pay without subtracting money they've already paid, the problem is the process is taking too slow, and alleged discrepancies in what is perceived as similar circumstances are what are making people the most angry.
What about the victims who didn't work for BP and are going to receive the same as those who did work for BP under similar circumstances. How could Feinberg justify paying more to those who already got paid and received compensation?
Hopefully Feinberg won't cave on this, and will hold to his guns. People aren't victims while they were getting paid. Any payment already made should be subtracted from the claims being made.
If they aren't, it's doubtful it would be even legal. That would be like someone getting paid to work, but then collecting unemployment at the same time, while others on unemployment only get the unemployment. This doesn't make any sense, and doing it to placate those attempting to game the system shouldn't be allowed, no matter how hard they scream.
They're playing the victim card too far here, as they weren't victims while they were getting paid to work. How hard is that to understand?
This is the problem when someone from the government is appointed to oversee money.
The problem centers around claimants who say the money they were paid while working cleaning up the Gulf for BP shouldn't be subtracted from the claims they are seeking.
Feinberg responded, "I'm taking it under advisement. The last time I said, no way, I'm deducting it. Now, it's open for discussion."
It doesn't matter what the actual damage was to the claimants, since when do people get paid for work by a company and then not have it subtracted from claims? It's outrageous.
In other words, when they were getting paid to work, they weren't suffering from being victims of the situation. why would BP have to pay them, or why would Feinberg even say he's going to take it under advisement.
This isn't his money. And while he has authority to pay out legitimate claims, it's improbable he has a right to make these types of decisions, even though he seems to say he does.
Problems with the BP compensation fund aren't whether or not BP is going to have to pay without subtracting money they've already paid, the problem is the process is taking too slow, and alleged discrepancies in what is perceived as similar circumstances are what are making people the most angry.
What about the victims who didn't work for BP and are going to receive the same as those who did work for BP under similar circumstances. How could Feinberg justify paying more to those who already got paid and received compensation?
Hopefully Feinberg won't cave on this, and will hold to his guns. People aren't victims while they were getting paid. Any payment already made should be subtracted from the claims being made.
If they aren't, it's doubtful it would be even legal. That would be like someone getting paid to work, but then collecting unemployment at the same time, while others on unemployment only get the unemployment. This doesn't make any sense, and doing it to placate those attempting to game the system shouldn't be allowed, no matter how hard they scream.
They're playing the victim card too far here, as they weren't victims while they were getting paid to work. How hard is that to understand?
Monday, September 13, 2010
Citigroup (NYSE:C): BP (NYSE:BP) Spill Claims Below $20 Billion
Citigroup Inc. (NYSE:C) analyst Mark C. Fletcher said in a note today that last week, incoming BP (NYSE:BP) CEO Robert Dudley said in a meeting last week that the $20 billion set aside to meet claims against the company may be more than is needed.
Fletcher cited Dudley as saying the $20 billion probably exceeds what will have to be paid out.
Concerning the overall cost of the Gulf of Mexico oil spill, Dudley added the $32 billion estimated should be very close to the actual amount of liability faced by the company.
It is also thought the announced assets to be sold will be the parameters for the company, and there probably won't be a need to sell more than those already in play.
Unless there are new developments, the company also should remain intact and not have to be broken up to pay for liabilities.
Claims from states, which aren't included in the $20 billion fund, shouldn't be too high, said Fletcher, which has been confirmed by some claims already submitted to the company.
A spokesman from BP said he wasn't able to confirm Dudley's statements.
Fletcher cited Dudley as saying the $20 billion probably exceeds what will have to be paid out.
Concerning the overall cost of the Gulf of Mexico oil spill, Dudley added the $32 billion estimated should be very close to the actual amount of liability faced by the company.
It is also thought the announced assets to be sold will be the parameters for the company, and there probably won't be a need to sell more than those already in play.
Unless there are new developments, the company also should remain intact and not have to be broken up to pay for liabilities.
Claims from states, which aren't included in the $20 billion fund, shouldn't be too high, said Fletcher, which has been confirmed by some claims already submitted to the company.
A spokesman from BP said he wasn't able to confirm Dudley's statements.
Friday, September 10, 2010
BP (NYSE:BP) Claimants: Take Your Money and Run
While the victims of the BP (NYSE:BP) spill are seemingly faced with a difficult decision to make, I don't think it's that hard: they should just take the claims money and run.
That's not necessarily true about large corporations or businesses in this case, who may benefit from lawsuits and have the money and time to wait things out.
But for individuals and small businesses, it makes little sense to file a lawsuit, hire lawyers, and wait for years in hopes of getting a bigger payout.
And even if they get a bigger payout, the amount will probably simply be transferred to the bank account of a law firm, so what value is there in that?
There's not that much money at stake for individuals and small businesses to make it worthwhile pursuing a bigger pay day, and the stress of going through years of litigation aren't worth it.
The opportunity to make that decision will start in November in relationship to the escrow fund, which is administered by Kenneth Feinberg on the claims side.
That's not necessarily true about large corporations or businesses in this case, who may benefit from lawsuits and have the money and time to wait things out.
But for individuals and small businesses, it makes little sense to file a lawsuit, hire lawyers, and wait for years in hopes of getting a bigger payout.
And even if they get a bigger payout, the amount will probably simply be transferred to the bank account of a law firm, so what value is there in that?
There's not that much money at stake for individuals and small businesses to make it worthwhile pursuing a bigger pay day, and the stress of going through years of litigation aren't worth it.
The opportunity to make that decision will start in November in relationship to the escrow fund, which is administered by Kenneth Feinberg on the claims side.
Thursday, September 9, 2010
BP (NYSE:BP) Attorneys Face Off with Alabama Attorney General
In what is becoming somewhat of a debacle, Alabama Attorney General Troy King met today with lawyers from BP (NYSE:BP) over the lawsuit he filed against them, delaying the payment of claims to residents in the state.
King went against the wishes of Alabama Governor Bob Riley, who understood it would be harmful to file the lawsuit because it would delay the agreed-upon payout for claims for Alabama.
The office of the Governor didn't send a representative to the meeting.
Riley and King obviously disagree on the best route to take in seeking payment from BP, with Riley filing a $148 million claim, which BP had been ready to pay.
When King filed the lawsuit, it unnecessarily complicated the matter, putting everything on hold until it is worked out.
Riley spokesman Jeff Emerson, said in response to why the Governor didn't send a representative, "We're not interested in a confrontation with the attorney general. We're interesting in getting claims paid as quickly as possible."
King has made that an impossibility at this point. BP had no comment on how the meeting went.
King went against the wishes of Alabama Governor Bob Riley, who understood it would be harmful to file the lawsuit because it would delay the agreed-upon payout for claims for Alabama.
The office of the Governor didn't send a representative to the meeting.
Riley and King obviously disagree on the best route to take in seeking payment from BP, with Riley filing a $148 million claim, which BP had been ready to pay.
When King filed the lawsuit, it unnecessarily complicated the matter, putting everything on hold until it is worked out.
Riley spokesman Jeff Emerson, said in response to why the Governor didn't send a representative, "We're not interested in a confrontation with the attorney general. We're interesting in getting claims paid as quickly as possible."
King has made that an impossibility at this point. BP had no comment on how the meeting went.
Wednesday, September 8, 2010
BP (NYSE:BP) Donates $10 Million to Study Health Issues Related to Spill
As part of their Gulf of Mexico Research Initiative, where they will donate $500 million over a 10-year period to help research the impact, if any, the Gulf oil spill will have on the health of people, BP (NYSE:BP) has given $10 million to the National Institutes of Health.
BP said the $10 million will go to specific priorities established at an Institute of Medicine workshop, which the NIH will hand out based on feedback from Gulf state and local representatives, as well as Universities in the region.
The fund has already given money to the Florida Institute of Oceanography at the University of South Florida, as well as Louisiana State University.
BP continues to divest of assets to raise money needed to pay for liabilities, claims and lawsuits emerging from the Gulf disaster.
BP said the $10 million will go to specific priorities established at an Institute of Medicine workshop, which the NIH will hand out based on feedback from Gulf state and local representatives, as well as Universities in the region.
The fund has already given money to the Florida Institute of Oceanography at the University of South Florida, as well as Louisiana State University.
BP continues to divest of assets to raise money needed to pay for liabilities, claims and lawsuits emerging from the Gulf disaster.
Wednesday, September 1, 2010
Feinberg Say $10 Million Paid in BP (NYSE:BP) Claims
In the first week since launching the BP (NYSE:BP) compensation fund, claims administrator Kenneth Feinberg said almost $10 million was paid out in emergency payments to residents of the Gulf Coast region.
So far, 1,935 emergency claims have been made, primarily for lost profits or earnings to individuals and businesses. The majority of payments were no higher than $5,000, and some dropping as low as a penny.
For those wanting to finalize their claims and bypass litigation, there are over a 1,000 people, according to the Gulf Coast Claims Facility, where the individuals or businesses will have to waive the right to sue BP if they are to receive the payment. At this time no final claims have been paid.
Over 29,000 claims are now under review, and the agency said only one has been denied so far.
Louisiana residents are leading the list for emergency claims, as they took the heaviest hit from the oil spill. They collectively have received close to $4 million, while Florida is next with $2.4 million.
So far, 1,935 emergency claims have been made, primarily for lost profits or earnings to individuals and businesses. The majority of payments were no higher than $5,000, and some dropping as low as a penny.
For those wanting to finalize their claims and bypass litigation, there are over a 1,000 people, according to the Gulf Coast Claims Facility, where the individuals or businesses will have to waive the right to sue BP if they are to receive the payment. At this time no final claims have been paid.
Over 29,000 claims are now under review, and the agency said only one has been denied so far.
Louisiana residents are leading the list for emergency claims, as they took the heaviest hit from the oil spill. They collectively have received close to $4 million, while Florida is next with $2.4 million.
Tuesday, August 17, 2010
Texas Receives Full BP (NYSE:BP) Cleanup Check
In what will probably be one of the smallest checks BP (NYSE:BP) writes for a while, at least to companies or institutions, they sent a check to Texas for $175,000 to pay for the amount the Lone Star state billed them for the cleanup of Galveston beach, which was $174,295.
Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.
The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.
The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.
If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.
Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.
The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.
The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.
If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.
Wednesday, August 4, 2010
BP (NYSE:BP) Creates Team to Process Business Claims Quicker
Claims submitted for damages to BP (NYSE:BP) by businesses in the Gulf of Mexico region, should receive quicker payments, as the oil giant has created a team for that specific purpose.
Developed for "businesspeople who are suffering," the new team will be able to respond quicker with payments by reducing red tape and paperwork.
It has worked well over the last three days, as BP said about $9 billion has been paid out to close to 2,600 businesses.
What businesses need to do is communicate with their adjuster in order to be referred to what is dubbed the Immediate Action Claims Team.
Proper and accurate documentations is still needed to prove companies are eligible for payments.
Developed for "businesspeople who are suffering," the new team will be able to respond quicker with payments by reducing red tape and paperwork.
It has worked well over the last three days, as BP said about $9 billion has been paid out to close to 2,600 businesses.
What businesses need to do is communicate with their adjuster in order to be referred to what is dubbed the Immediate Action Claims Team.
Proper and accurate documentations is still needed to prove companies are eligible for payments.
Wednesday, July 21, 2010
BP (NYSE:BP): State Pension Funds Ask for Lead-Plaintiff Status in Class-Action Lawsuit
Government fund of Ohio and New York are seeking to be named lead plaintiffs by a Louisiana court in a class-action lawsuit against BP (NYSE:BP).
Court papers filed by Ohio Attorney General Richard A. Cordray and New York Comptroller Thomas P. DiNapoli show the two pension funds combined lost $229.4 million by investing in BP and the resultant fallout from the Gulf oil spill.
The complaint states BP and its directors and officers are responsible for the pension fund losses, and should pay for it.
According to the filing, BP "made false and misleading statements regarding BP’s safety protocols, operations, and safety record, as well as its ability to respond to a major oil spill.”
So far over 300 lawsuits have been filed against BP in relation to the Gulf oil spill.
Court papers filed by Ohio Attorney General Richard A. Cordray and New York Comptroller Thomas P. DiNapoli show the two pension funds combined lost $229.4 million by investing in BP and the resultant fallout from the Gulf oil spill.
The complaint states BP and its directors and officers are responsible for the pension fund losses, and should pay for it.
According to the filing, BP "made false and misleading statements regarding BP’s safety protocols, operations, and safety record, as well as its ability to respond to a major oil spill.”
So far over 300 lawsuits have been filed against BP in relation to the Gulf oil spill.
Monday, July 12, 2010
BP (NYSE:BP), Feinberg Want Immediate and Final Settlements
Ken Feinberg says the $20 billion BP (NYSE:BP) or Gulf Coast Escrow Fund, which he will be administering, has the goal of ending each case they deal with when it happens. "We're not interested in any halfway measures," said Feinberg.
How that'll work in the view of Feinberg will be to withhold distributing funds unless the claimant agrees to finalizing a deal. In other words, no back pay unless they make a deal for an estimate on future damages as well, right on the spot.
What that does is release BP from any future claims by the one filing it. This could be one of the reasons for the fund to be limited to a four-year period, as it would go on indefinitely if final agreements weren't found.
This is a risk on the side of BP and the claimants, as no one knows what the future holds, and it could be a better deal for one or another depending on the outcomes.
What will probably happen is some individuals and businesses will win in some cases, while BP will win in other instances; which should balance things out in the long run for BP.
Other options for claimants would be to use the Oil Pollution Act of 1990 (OPA) fund, which is considered more risky, and only deals with proven and past damages, which means claimants would have to come back over and over again if new damages emerge.
The other problem is its only funded with about $1 billion, which wouldn't be close to handling the amount of claims out there.
One other option would be to sue BP directly, which all of us know in cases like these, could take years to litigate.
Bottom line it seems in the matter, is Feinberg is setting it up for the escrow account of BP to be the fastest and safest way to take care of the damages.
How that'll work in the view of Feinberg will be to withhold distributing funds unless the claimant agrees to finalizing a deal. In other words, no back pay unless they make a deal for an estimate on future damages as well, right on the spot.
What that does is release BP from any future claims by the one filing it. This could be one of the reasons for the fund to be limited to a four-year period, as it would go on indefinitely if final agreements weren't found.
This is a risk on the side of BP and the claimants, as no one knows what the future holds, and it could be a better deal for one or another depending on the outcomes.
What will probably happen is some individuals and businesses will win in some cases, while BP will win in other instances; which should balance things out in the long run for BP.
Other options for claimants would be to use the Oil Pollution Act of 1990 (OPA) fund, which is considered more risky, and only deals with proven and past damages, which means claimants would have to come back over and over again if new damages emerge.
The other problem is its only funded with about $1 billion, which wouldn't be close to handling the amount of claims out there.
One other option would be to sue BP directly, which all of us know in cases like these, could take years to litigate.
Bottom line it seems in the matter, is Feinberg is setting it up for the escrow account of BP to be the fastest and safest way to take care of the damages.
Wednesday, July 7, 2010
BP (NYSE:BP) Can't Sell Assets Until Government Notified
The U.S. Government has told BP (NYSE:BP) they are to be notified before any asset sales, merger agreements, or significant cash transfers. The letter was received by BP at the end of June from the U.S. Department of Justice. Such a request is considered highly unusual and BP has yet to respond.
It's being said the reasoning for this move by the Justice Department is due to the extremely high cleanup costs, compensation claims, and grants given to Gulf states. Plus, the escrow account that will hold $20 million as agreed on between the President and BP officials.
BP has said they were looking seriously at selling some of their assets as well as attracting new oil investors to help cover the costs. There has been a whirlwind of speculation surrounding the possible takeover bidders and potential investors in BP including, Exxon Mobil, Royal Dutch Shell, China's PetroChina, Kuwaiti Investment Authority, and the government of Qatar.
There is a total of 95,000 claims submitted, half of which have already been paid. BP has already made payments of $147 million to the residents affected by the spill. As of June 1st, The U.S. Department of Justice launched a full civil and criminal investigation into the massive oil spill.
It's being said the reasoning for this move by the Justice Department is due to the extremely high cleanup costs, compensation claims, and grants given to Gulf states. Plus, the escrow account that will hold $20 million as agreed on between the President and BP officials.
BP has said they were looking seriously at selling some of their assets as well as attracting new oil investors to help cover the costs. There has been a whirlwind of speculation surrounding the possible takeover bidders and potential investors in BP including, Exxon Mobil, Royal Dutch Shell, China's PetroChina, Kuwaiti Investment Authority, and the government of Qatar.
There is a total of 95,000 claims submitted, half of which have already been paid. BP has already made payments of $147 million to the residents affected by the spill. As of June 1st, The U.S. Department of Justice launched a full civil and criminal investigation into the massive oil spill.
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