There is a reasonably high chance that BP could file for Chapter 11 bankruptcy in the next few years, or even months, and the result would be an “absolute horror” for the government, according to a bankruptcy expert.
Peter S. Kaufman, the President of investment bank Gordian Group and head of the firm’s Restructuring and Distressed M&A practice, told me that if he had BP’s ear, “I’d advise them to explore the option of bankruptcy.” If he had the government’s ear, he’d tell them to stop berating the company to the point where BP would find it appealing to use bankruptcy to limit its liabilities.
Thursday, June 24, 2010
Obama's Jihad Against Business Could Screw Oil Slick Victims
Team Obama continues to demonize BP, despite the fact that they are the ones who are bearing the burden of paying for things and actually getting the resources to bear out there, while Thad and the gang pull over barges to make sure they have fire extinguishers and life jackets. Well, BP might just decide to seek bankruptcy protection as a result of all this negative press. In such a scenario, the real losers would be BP stockholders (many pension funds), as well as the victims of the oil slick. But, never let that get in the way of advancing the fascist/socialist/statist agenda! Can't make an omelette without breaking a few pelican eggs, right Barry? Check it out: