tag:blogger.com,1999:blog-4912713243046142041.post3524042814345160901..comments2024-03-18T21:26:34.716-05:00Comments on TYWKIWDBI ("Tai-Wiki-Widbee"): Will BP file for bankruptcy?Minnesotastanhttp://www.blogger.com/profile/01382888179579245181noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-4912713243046142041.post-41797470039961665432010-07-15T08:23:07.212-05:002010-07-15T08:23:07.212-05:00Big John, let me guess, you don't trust BP... ...Big John, let me guess, you don't trust BP... because they're foreigners?<br /><br />I understand I might have been unfair to you personally, but the xenophobic comments from the US (from Sarah Palin saying "I don't trust foreign oil companies" to the US media dubbing BP "British Petroleum", name the company dropped in 1996) have been quite appalling. <br /><br />It'd be interesting to see the reaction of the American public and government had this mess been caused by an American company in foreign soil.<br /><br />Oh, hang on a minute, a name comes to mind: Bhopal, Union Carbide, remember?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4912713243046142041.post-11774731383003025102010-06-25T18:04:06.738-05:002010-06-25T18:04:06.738-05:00My cynical side says that they will hide a huge am...My cynical side says that they will hide a huge amount of assets before declaring bankruptcy and then make a miraculous recovery after dodging all of their responsibility for this mess. I'm not sure why I don't trust these BP guys, but, I guess I am just a suspicious person.bigjohn756noreply@blogger.comtag:blogger.com,1999:blog-4912713243046142041.post-8024429188439179442010-06-25T16:47:59.214-05:002010-06-25T16:47:59.214-05:00Bankruptcy protection typically allows a company t...Bankruptcy protection typically allows a company to attempt to restructure it's debt, although some debt may get written off in the process with the rest still needing to be repaid.<br /><br />A fully bankruptcy typically ceases operation and writes off some percentage of the debt and/or sells off whatever assets are remaining to repay debts and the creditors are left holding the bag. In some cases the company itself is sold in the process although certainly not always.<br /><br />The court isn't required to accept either though, nor are the courts required to discharge debts.The Davehttp://www.thedave.ca/noreply@blogger.comtag:blogger.com,1999:blog-4912713243046142041.post-998910171338126682010-06-25T16:39:27.896-05:002010-06-25T16:39:27.896-05:00As I understand it, "bankruptcy" does no...As I understand it, "bankruptcy" does not mean you are not liable. It just means you can't pay now. There's more at the link.Minnesotastanhttps://www.blogger.com/profile/01382888179579245181noreply@blogger.comtag:blogger.com,1999:blog-4912713243046142041.post-29554949815558716242010-06-25T16:32:12.202-05:002010-06-25T16:32:12.202-05:00It occurs to me that filing for bankruptcy (or eve...It occurs to me that filing for bankruptcy (or even bankruptcy protection) may not go over that well.<br /><br />The courts don't automatically discharge debts just because the company says so, and the court could decide to liquidate BP's assets to satisfy the creditors instead.<br /><br />I'm also unclear why BP shouldn't be expected to pay "unlimited liabilities" to clean up the mess they created, one way or the other.<br /><br />Why shouldn't they be held liable?The Davehttp://www.thedave.ca/noreply@blogger.com