BP hides assets from potential oil spill lawsuits

Nick Doms's picture

BP North America is sheltering valuable assets in anticipation of large claims stemming from the April 20th oil spill in the Gulf of Mexico. The cleanup cost alone may result in billions of dollars and does not include the mandatory restitution to the class action lawsuit participants.

The company holds very valuable assets as an investment, primarily in South America and Russia, which will become the target of civil and criminal lawsuits being filed against BP North America.

Internal sources confirmed last night that the company is seeking shelter by transferring assets off the books of BP North America, a fully owned subsidiary of BP plc, to other entities that fall outside of any US jurisdiction.

Such action means that claimants or any US court issued order for full payment and restitution cannot be applied to those hidden and transferred assets. It was already previously reported that BP was seeking ways to protect itself from large liabilities and it was confirmed that a bankruptcy filing was being worked on by their legal department.

BP shareholders fear bankruptcy filing

This is just another step that points towards BP’s attitude and may very well be called unethical and amoral corporate behavior at this time.

The victims of these actions, whichever one may come first, will ultimately be the small business owners on the coast of Louisiana, Alabama, Mississippi and Florida who have seen their entire livelihood dwindle in front of their eyes since April 20th.

In the meantime the oil continues to spill into the Gulf of Mexico at a rapid pace as the oil slick makes its way around Key West to ultimately reach the Atlantic Ocean and pass along our southeastern seaboard at only 60 miles offshore.

What many people forget is that our mean shipping lanes across the south east pass directly through the Gulf Stream and container ships will drag oil residue with them when they sail close to beaches and barrier islands as they enter rivers to berth at port authorities.

Some oil slicks are expected to wash up on-shore and will leave some tar balls behind during the busy holiday season. There is no reason to fear any beach closings, but it will be a nuisance for tourists as they stroll on our pristine beaches that will now have black spots.

Written by Nick Doms © 2010, all rights reserved

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