Home > attorneys > BP Oil Spill leaves them at the bottom of the Ocean

BP Oil Spill leaves them at the bottom of the Ocean

..Metaphorically speaking that is.  As BP shares tank there is a lot of buzz going on in regards to bankruptcy.  Yet again, shares have taken a major dip today after another sell off took place last week in New York that devalued the London based oil company over $82 million.

52 days after the gargantuan spills in the Gulf of Mexico, shares have fallen over 50%.  This has left people talking about the possibilities of BP filling for bankruptcy.  All the while, politicians in the United States are still pressing the company to cease dividend payments in order to pay more compensation for the spill.

Fortune Magazine’s Matt Simmons stated that BP is likely to “run out of cash from lawsuits, cleanup and other expenses.  He continued to state that “one really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is that they’ll panic and go into Chapter 11.”

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