Friday, June 4, 2010

BP On the Road to Bankruptcy - Time for Alaska to Buy Up the Alaska Portion

More on this here.

In early May I predicted the demise of British Petroleum. I predicted the company would be teetering by late May, which jumped the gun, but I still remain confident that the company will not survive the results of their most recent criminal negligence.

Alaska Gov. Sean Parnell who just saved a lot of money by vetoing hundreds of sensible projects from the budget passed by the legislature, should task a team to buy up the Alaska portions of the expiring giant.


Kevin said...

But Phil -- that would be socialism! The people would benefit from corporate distress! It's supposed to be the other way around!

sjk from the belly of the plane said...

BP will survive in some incarnation. It may be under another name, another stock symbol, but the fact remains they have far too much infrastructure in place to "go away".

Their legacy is yet to be determined, as who knows how many other leaky holes their previous work may produce.

Meanwhile here in SW FL we await their current debacle and hope the loop current takes it away from the some of the worlds finest beaches and seafood, to somewhere else. And that is FUCKED UP. Wishing the oil goes NIMBY.

Anonymous said...

BP is self-insured, by its own insurance company, Jupiter Insurance Limited, which is incorporated on the offshore tax haven of Guernsey.

They have a 700 million dollar cap, and Moody's is already downgrading Jupiter.

There is very little public information out there on Jupiter, an in depth blog and a little digging might be in order.

Anonymous said...

Very, very interesting stuff.....

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Anonymous said...

Well done!............................................................

Anonymous said...

What is this buy up idea? They have committed a crime and their US charter should be revoked and their assets seized.
Suppose there had been several ounces of crystal meth on board? Oh, if MMS had been there with management I guess we don't have to suppose.

AKjah said...

First lets have their asses then we can go for the assets.