This article briefly addresses: (a) how GCCF limits BP’s liability via the systematic postponement, reduction or denial of claims against BP; (b) how GCCF guarantees BP’s continued long-term operation in the offshore Gulf of Mexico E&P sector; and (c) why GCCF is not necessary to ensure that victims of the BP oil spill are fully compensated for incurred damages.
What am I missing? They paid out $400M over 16 weeks before Feinburg got there. That amounts to $25M per week on average. Now that he has taken charge they are paying out less per week. Why is this good news?
Good point and exactly the one I was going to make. The process has slowed and $15 million was left in the bag last week. The other point of the story that is distorted is BP put up the funds prior to Obama demanding they do it. Although IJ technically reported the truth, the did not report all the truth and is misleading. Is IJ owned by ABC,NBC or CBS?
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This article briefly addresses: (a) how GCCF limits BP’s liability via the systematic postponement, reduction or denial of claims against BP; (b) how GCCF guarantees BP’s continued long-term operation in the offshore Gulf of Mexico E&P sector; and (c) why GCCF is not necessary to ensure that victims of the BP oil spill are fully compensated for incurred damages.
http://donovanlawgroup.wordpress.com/2010/08/23/the-gulf-coast-claims-facility-limits-bps-liability-and-guarantees-the-oil-companys-continued-operation-in-the-gulf-of-mexico/
What am I missing? They paid out $400M over 16 weeks before Feinburg got there. That amounts to $25M per week on average. Now that he has taken charge they are paying out less per week. Why is this good news?
Good point and exactly the one I was going to make. The process has slowed and $15 million was left in the bag last week. The other point of the story that is distorted is BP put up the funds prior to Obama demanding they do it. Although IJ technically reported the truth, the did not report all the truth and is misleading. Is IJ owned by ABC,NBC or CBS?