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| BP Bankruptcy Would Offer No Protection From Costs (Update2 ... After a federal judge discharged Asarco from bankruptcy in December, Associate U.S. Attorney General Tom Perrelli said taxpayers got more than a dollar back ... www.bloomberg.com/apps/news?pid=20601010&sid=a55... |
"...“The bankruptcy option is clearly there,” said John Olson, managing partner of Houston Energy Partners, a hedge fund unit of Sanders Morris Harris Group Inc. “BP’s board and CEO can say they’ve ruled it out, but you can’t rule it out, realistically.” Olson doesn’t hold any BP shares.
On June 13, White House Adviser David Axelrod called on BP to establish an escrow account for claims tied to the spill. U.S. Senate Majority Leader Harry Reid requested that the London-based company set up a $20 billion fund administered by an independent trustee, according to a letter from his office." [Asarco was asked to set up a fund for its wastes, too in the early days before its bankruptcy - it then went through a bankruptcy that refrained from any mention or knowledge about liabilities from Asarco's nearly ten years of burning secret toxic-wastes for profit]
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