Wall Street talk of BP liquidation

[Glenn W]

Give me (us) a break. The buzz on the financial front this afternoon and evening is that the Gulf oil spill may force BP into chapt 7 bankruptsy ( which indeed brought the energy stocks downs late in afternoon trading).
I just did a quick search and as of 12/09 BP's net worth (book) was $101 billion. Last year's free cash flow was a cool $11 billion, and the company has a debt ratio of only about 20%.
The long and short of it is, BP could take a hit aproaching 30 billion and still be a viable enterprise.

Dividends may be cut, but talk of bankruptsy seems silly to me.

On the other other hand,I'm not long on BP either.

[gottaflylee]

Your post tickles me Glen and I agree with you. The slightest wiggle in a company, brings panic.
To me, the stock market is like "Top Water" fishing...you need nerves of steel to play...

[hubris 1]

Give me (us) a break. The buzz on the financial front this afternoon and evening is that the Gulf oil spill may force BP into chapt 7 bankruptsy ( which indeed brought the energy stocks downs late in afternoon trading).
I just did a quick search and as of 12/09 BP's net worth (book) was $101 billion. Last year's free cash flow was a cool $11 billion, and the company has a debt ratio of only about 20%.
The long and short of it is, BP could take a hit aproaching 30 billion and still be a viable enterprise.

Dividends may be cut, but talk of bankruptsy seems silly to me.

On the other other hand,I'm not long on BP either.

Its all the talk from king obama about the extent of BP,s liability. If he has his way, BP will be responsible for just about everything that happens here on out. If your ice cream stand loses money, its BP,s fault. Theres a new belief in this country that somones gotta pay up. First the insurance companies, then the mortgage companies, than the banks, then the health care companies............its enough to give wallstreet the jitters. So, I dont think its wall street that has the problem, they just want to make money off any move..........just like almost everyone else in the gulf is going to try and do.......with help from obamanation. I say eric holder sends BP a bill today for 100 million dollars just for the fun of it. Makes sense to me.

[Tricia Lynn]

Here is a link to the story http://money.cnn.com/2010/06/09/news...mmons_gulf_oil_
spill.fortune/index.htm

it was actually Chapter 11 Bankruptcy they were speaking of. Alot of their non cash value is share price which was cut 15% yesterday.

It was someone in the gas and oil industry that made the comment, NOT Wall Street.

[iguana1]

Seems like kind of a twisted perspective coming from a fisherman and a conservative. This isn't about obama, this is about BP taking responsibility before and after the spill. They were obviously cutting corners before and they have not deployed all of their assets since. It will take all of 30 Billion just to do a partial remediation of the damage. Hubris, aren't you all about personal responsibility? Doesn't this apply to corporations too?

Its all the talk from king obama about the extent of BP,s liability. If he has his way, BP will be responsible for just about everything that happens here on out. If your ice cream stand loses money, its BP,s fault. Theres a new belief in this country that somones gotta pay up. First the insurance companies, then the mortgage companies, than the banks, then the health care companies............its enough to give wallstreet the jitters. So, I dont think its wall street that has the problem, they just want to make money off any move..........just like almost everyone else in the gulf is going to try and do.......with help from obamanation. I say eric holder sends BP a bill today for 100 million dollars just for the fun of it. Makes sense to me.

[clt_capt]

I will fully admit that I only understand the basics of the stock market game, but with the way the law currently is on Oil Spill liability, I believe the max of BPs liability is 75 Million... They spend more than that on executive conferences in a year - And if the Exxon Valdez is any indication - it will be at least 20 years until the majority of any settlements are paid...

I don't see anything material happening to BP - This is just another opportunity for the market to make and lose a bunch of money gambling...

[jazzrockskier]

The rumor out of London,Via Stuart Varney,Fox News" A British bank is proposing the Chinese buy BP. It would be interesting to see how the Chinese Government would respond to a spill.

[Tricia Lynn]

Is there any guilt by association ? http://www.washingtonexaminer.com/po...-95942659.html

Also, I am sure the Dems would have jumped on the "It's Bush's Fault" bandwagon if he was still in office

This is everyone's problem to be honest, it will change the environment forever.

We need someone to become a leader. We have a problem, lets fix it and not waste time playing blame games or using it for political leverage or what have you. We can get to the bottom of it AFTER we clean up .

[clt_capt]

The rumor out of London,Via Stuart Varney,Fox News" A British bank is proposing the Chinese buy BP. It would be interesting to see how the Chinese Government would respond to a spill.

I think the result would be very similar to when Obama went to China and asked China to open Fair trade and Monetary policy - To Paraphrase " We've got you by the balls F' Off"

[jazzrockskier]

Uh! Yep!