The issue is whether victims of the BP oil gusher will also be victims of the BP Oil Spill Victim Compensation Fund.
Orange Beach, Alabama Mayor Tony Kennon recently said the pace of BP aid has been far too slow and that many Gulf businesses might not make it past the end of the summer. Referring to BP, Kennon stated, “They’ve paid essentially nothing,” he said. “As far as I’m concerned, they’re dishonest. They’re running this big PR campaign.”
“I am determined to come up with a system more generous and more beneficial than if you file a lawsuit,” Feinberg repeatedly states. Here, the question is whether the system will be more generous and more beneficial for BP or BP’s victims.
Attorney General King is correct in stating that it is time for the State of Alabama to file a lawsuit against BP. Memories fade with the passage of time. Therefore, witnesses should be deposed as soon as possible. Postponing litigation will only benefit BP.
BP’s defense will be simple: “Spill, what spill? Dispersants, what dispersants? Compensation fund, what compensation fund?”
All victims of the BP oil gusher should read this article:
Only legitimate claims should be paid. Sometimes it takes time to validate a business income claim. It looks to me that this administration is trying to put preasure on Feinberg to place more blame on BP so eventually any and all blame for the mishandling of this disaster is deflected away from Obama. These guys play the media like a violin.
While there are certainly thousands of legitimate claimants there are those individuals wringing their hands in glee when such comments as those made by Feinberg are made. Attempts to defraud the system will be many and varied. Taking the time to properly verify their legitimacy is valid. Playing politics with someone else’s money should not be Feinbergs mandate.
Whenever I read the comments section of this site’s articles, I am ashamed to say that these people are my peers in the industry.
Socialist? Media’s biased view of BP?
Making snide comments about our government or defending the perpetrator of the spill is shortsighted at this stage and reflects poorly on your ability to think critically about the real problem, not the manufactured one.
I agree that BP and Feinberg should take as much time as needed to assure that the payments are fair and reasonable. But I also think the accusation that Feinberg is reacting to political pressure is unfair, unless there is some specific evidence. It sounds like the claimants are the ones who are putting on the pressure. Feinberg worked 33 months entirely probono under AG Ashcroft (a Republican) managing the 911 victims fund. I think this man deserves more respect.
Maybe the system should be changed and instead of a (no) fault type fund, it should be a no proof fund. Claimants would be placed in a plexiglass booth and money would be floated around and they could get as much as the could grab in 60 seconds.
Seriously, what did the Gov, and claimants, think, that these complex claims would take time to review to be sure the fraudsters, flim flammers, and cons were weeded out leaving more money to pay legit claims. Even a no fault PIP claim takes time to gather and review the meds and their nexus to an accident. Patience is needed on all sides.
The winner of the greatest inability to think in these posts goes to YOU! If not for political posturing by the Big O, this entire issue would already be resolved. Also,this administration’s leadership is like a 6 year old trying to clean up spilled cool-aid, eg.. Knowing it needs to be done, but slowing the process prviding minimal effort and increasing the stains.
By the way, where’s my settlement. I’ve had to read the shameful sell-out blogs of the liberal left about this spill and am traumatized that anyone could be so narrow.
John, I didn’t know that my general commnent in regards to the rambling hate and inability to think pertained to you, but I guess you read the comment and thought I was speaking directly to you.
I guess you’re right John, if there was some right wing politician this whole thing would not be a problem. They could take care of the problem as well as they took care of Katrina right?
It’s not about politics, it’s about doing what is right. Time and patience is needed on both sides to make the sound and logical choices.
Settlement? You would ask for that. Want to take and keep your own, but get the benefits? What are you talking about?
I am with you Casandra. He said nothing about the delay being intentional – It is simply a massive mess. Yss, many have been damaged and BP will have to pay – and pay – and pay, until there is no more BP America. This is the best thing that has happened to attorneys since asbestos! BP did not “intentionally” blow out their well anymore than a driver “intentionally” turns over his rig. It was an accident; a big one, but an accident nonetheless. The biggest difference between Katrina and the BP disaster, is that while there are some who would blame God (and Bush) for Katrina; you can’t make either one of those guys pay! BP is not so lucky, and the BP disaster, like Katrina, will attract more “victims” and benefactors/
attorneys then there will be money to hand out. BP MUST be able to scrutinize those with their hands out – Most are damaged and entitled; many are neither.
To only those that have heretofore posted to this article: The Federal cliams Czar says BP is stalling because they have not yet decided about paying certain claims. I’m confident that those of you who are claim professionals or stockholders in any company can understand that principle. As a retiree and shareholder of BP, I depended on its dividend payment of $3.36/yr/share. I too have filed a claim for loss of significant income. But before you respond and say I shouldn’t be entitled because I had some type of control as a shareholder, think about your position with the stocks you hold, e.g. with GM, a vehicle recall so all dividends are suspended although you had no say or do with the design, manufacturing or sales of its products.? They are still deciding what to do with shareholder claims and I understanding that, but unlike the cash income claimants that have no documents, I can easily produce documents to support my claim. I hope the Czar doesn’t give away all of the $20 billion because I can’t catch any fish.
I’m confused, and it probably because I don’t understand how stocks work, but if you own stock in BP and are suing BP how do you actually gain anything.
It seems to me that any settlement (plus attorney fees) the stockholders get from BP would come from the profits BP makes. Wouldn’t this lower the dividends BP pays as well as lowering the value of the BP stocks you own? Because of the attorney fees it seems that you would actually lose more at least in the long run, than you gain from the settlement.
“As a retiree and shareholder of BP, I depended on its dividend payment of $3.36/yr/share.”
first of all, you accept all risk as a shareholder, that includes any losses on the dividends. now, you as a sharehold have the right to fire those who are at-fault for causing this incident. but you can never gain anything from being an investor. you were not misled about investing in the company. the company just did not do the proper safety procedures and wanted profit quickly instead of ensuring the safety of all. after the disaster of the Valdez, you would have thought the fed’s would have been a little more prepared. granted this event is huge compared to any previous spills. but i agree, we need to validate these claims. it be like going to court and having to wait your turn in line (wonder why our courts are already full of cases). definately we would like to have a quicker more streamlined system, but i don’t think bp was prepared for this nor was our Gov’t. so be patient, we just need to have our banks, lenders and all those folks in the background be patient for families to get help. then you would get help from them and then get money from the families in need.
political wags like you don’t really want answers or solutions. If things were easier, you’d have nothing to say. I for one believe this, your opinion is yours, like your a##hole, and both stink.
Actually, I have 2 losses:
(1)an immediate income loss of $.84/share/quarter due to suspension of dividends and (2) a potential loss of stock value (selling price vs purchase price). The stock still has value, just not as much at as when I acquired it, but the dividend income is gone. My point is there all types of lost income claims ranging from the local fishermen to shareholders, that must be sifted through in order to determine how each type will be handled and the ultimate cost to BP, that is the reason why the claims process can seem stalled. If BP were to declare a bankruptcy of its US assets (BP America, Inc.) all retired US employees could possibly loose their health care coverage. Which would give rise to another type of claim.
Thanks for adding your cerebral commentary. I must say that your sardonic comments failed to advance the debate and don’t contribute to evaluating whose opinion has intellectual weight and whose may not. Personal attacks lower the debate to a grade school food fight and reflect poorly on the instigator.
As an adjuster working BP oil claims for the last week I have really had my eyes opened by the process. As everyone knows, there are two sides to every story! I don’t deny the severity of the financial and emotional hardships this oil disaster has caused the good people of the gulf coast. It also goes without saying that BP is 100 percent responsible for these hardships. However, part of the problem with the slowness of the claim process is the fact that many of the people harmed by this disaster have been used to using accounting methods abandoned in the 1950’s by the rest of the nation! No offense but really, I’m shocked at he number of business’s involved in the fishing industry that lack the most rudimentary levels of basic accounting principles for running a business. THey also don’t want to provide us with all the financial documents we need to make an educated evaluation of what their true income loss may be several reasons. Not the least of which is the large amount of good ole boy, one hand greases the other, dealing in cash to avoid paying taxes! I can tell you my eyes have been opened with the way business is conducted in the gulf fishing regions!! I don’t like paying taxes anymore than anyone else but these folks have a unique system of doing business that is way short on accountability and very heavy on the exchange of cash from hand to hand… It’s good for them until a situation like this occurs and then, based on their past practices, the books don’t balance too well if you get my drift… All I’m saying is more money would go out faster to more people if they would have more financial records on which to value their business accurately and cooperate with providing what they do have in a timely manner when requested. I’ll possibly be here for a long time processing these claims but I probably won’t any change in the way these people conduct their business affairs.. I hope they can all get the compensation they deserve based on the true loss to their business’s. But this must be done by reasoned, time proven methods of accounting, not by merely giving people money because they say they lost this much or that much without the documentation to prove it.
The issue is whether victims of the BP oil gusher will also be victims of the BP Oil Spill Victim Compensation Fund.
Orange Beach, Alabama Mayor Tony Kennon recently said the pace of BP aid has been far too slow and that many Gulf businesses might not make it past the end of the summer. Referring to BP, Kennon stated, “They’ve paid essentially nothing,” he said. “As far as I’m concerned, they’re dishonest. They’re running this big PR campaign.”
“I am determined to come up with a system more generous and more beneficial than if you file a lawsuit,” Feinberg repeatedly states. Here, the question is whether the system will be more generous and more beneficial for BP or BP’s victims.
Attorney General King is correct in stating that it is time for the State of Alabama to file a lawsuit against BP. Memories fade with the passage of time. Therefore, witnesses should be deposed as soon as possible. Postponing litigation will only benefit BP.
BP’s defense will be simple: “Spill, what spill? Dispersants, what dispersants? Compensation fund, what compensation fund?”
All victims of the BP oil gusher should read this article:
http://donovanlawgroup.wordpress.com/2010/07/19/165/
Only legitimate claims should be paid. Sometimes it takes time to validate a business income claim. It looks to me that this administration is trying to put preasure on Feinberg to place more blame on BP so eventually any and all blame for the mishandling of this disaster is deflected away from Obama. These guys play the media like a violin.
Real estate agents, bankers, Who’s next prostitutes.
I knew that this was going to get crazy as soon as our socialist president Obama appointed someone to handle this.
While there are certainly thousands of legitimate claimants there are those individuals wringing their hands in glee when such comments as those made by Feinberg are made. Attempts to defraud the system will be many and varied. Taking the time to properly verify their legitimacy is valid. Playing politics with someone else’s money should not be Feinbergs mandate.
TO SARAH: I THINK THE NEW ORLEANS STRIPPERS AND STRIP CLUB OWNERS HAVE ALREADY TRIED TO GET BP TO PAY THEIR CLAIMS DUE TO LOSS OF INCOME.
This has nothing to do with Obama but more to do with some greed.
Article inicates that Feinberg felt delay was due to BP not knowing how to handle some claims…nothing more and nothing less.
Get serious.
Whenever I read the comments section of this site’s articles, I am ashamed to say that these people are my peers in the industry.
Socialist? Media’s biased view of BP?
Making snide comments about our government or defending the perpetrator of the spill is shortsighted at this stage and reflects poorly on your ability to think critically about the real problem, not the manufactured one.
I agree that BP and Feinberg should take as much time as needed to assure that the payments are fair and reasonable. But I also think the accusation that Feinberg is reacting to political pressure is unfair, unless there is some specific evidence. It sounds like the claimants are the ones who are putting on the pressure. Feinberg worked 33 months entirely probono under AG Ashcroft (a Republican) managing the 911 victims fund. I think this man deserves more respect.
Maybe the system should be changed and instead of a (no) fault type fund, it should be a no proof fund. Claimants would be placed in a plexiglass booth and money would be floated around and they could get as much as the could grab in 60 seconds.
Seriously, what did the Gov, and claimants, think, that these complex claims would take time to review to be sure the fraudsters, flim flammers, and cons were weeded out leaving more money to pay legit claims. Even a no fault PIP claim takes time to gather and review the meds and their nexus to an accident. Patience is needed on all sides.
Jon,
The winner of the greatest inability to think in these posts goes to YOU! If not for political posturing by the Big O, this entire issue would already be resolved. Also,this administration’s leadership is like a 6 year old trying to clean up spilled cool-aid, eg.. Knowing it needs to be done, but slowing the process prviding minimal effort and increasing the stains.
By the way, where’s my settlement. I’ve had to read the shameful sell-out blogs of the liberal left about this spill and am traumatized that anyone could be so narrow.
Feinberg should be alarmed. BP will stall unitl N Korea strikes. Then they will pay nothing.
They are not going to clean up any of the oil in the Gulf or elsewhere. It is not in their interest.
They are paying lip service to keep us at Bay.
When the War officially begins with a nuclear strike from N Korea and then Iran BP will be gone.
THE CAP WILL BLOW and THE OIL FLOWS AGAIN. BUT WORSE.
They did not use the Whale, because of cost and they don’t really want to clean up. THEY DON’T CARE. IT IS NOT IN THEIR POLITICAL INTEREST>
THEIR INTEREST ARE WITH IRAN.
WHAT DON’T YOU UNDERSTAND?
DONT’T YOU SEE THE SIGNS?
THE FACTS HAVE BEEN DISCLOSED.
What to do now?
GET OUR TROOPS HOME ASAP. NOW – TODAY!
TAKE OVER THE CAP & SEAL PROJECT. BURY THE ENTIRE WELL.
TAKE OVER THE CLEAN UP.
AND GET WHAT EVER MONEY WE CAN FROM BP NOW AND FOOT THE BILL FOR THE REST.
AND THIS WILL NOT BE ENOUGH TO STOP WHAT IS ABOUT TO UNFOLD.
BUT IT WILL HELP US RESIST and MAINTAIN.
John, I didn’t know that my general commnent in regards to the rambling hate and inability to think pertained to you, but I guess you read the comment and thought I was speaking directly to you.
I guess you’re right John, if there was some right wing politician this whole thing would not be a problem. They could take care of the problem as well as they took care of Katrina right?
It’s not about politics, it’s about doing what is right. Time and patience is needed on both sides to make the sound and logical choices.
Settlement? You would ask for that. Want to take and keep your own, but get the benefits? What are you talking about?
I guess you have all the answers huh?
Great article, Brian! I suggest everyone read that very insightful link you posted. Nice work
I am with you Casandra. He said nothing about the delay being intentional – It is simply a massive mess. Yss, many have been damaged and BP will have to pay – and pay – and pay, until there is no more BP America. This is the best thing that has happened to attorneys since asbestos! BP did not “intentionally” blow out their well anymore than a driver “intentionally” turns over his rig. It was an accident; a big one, but an accident nonetheless. The biggest difference between Katrina and the BP disaster, is that while there are some who would blame God (and Bush) for Katrina; you can’t make either one of those guys pay! BP is not so lucky, and the BP disaster, like Katrina, will attract more “victims” and benefactors/
attorneys then there will be money to hand out. BP MUST be able to scrutinize those with their hands out – Most are damaged and entitled; many are neither.
To only those that have heretofore posted to this article: The Federal cliams Czar says BP is stalling because they have not yet decided about paying certain claims. I’m confident that those of you who are claim professionals or stockholders in any company can understand that principle. As a retiree and shareholder of BP, I depended on its dividend payment of $3.36/yr/share. I too have filed a claim for loss of significant income. But before you respond and say I shouldn’t be entitled because I had some type of control as a shareholder, think about your position with the stocks you hold, e.g. with GM, a vehicle recall so all dividends are suspended although you had no say or do with the design, manufacturing or sales of its products.? They are still deciding what to do with shareholder claims and I understanding that, but unlike the cash income claimants that have no documents, I can easily produce documents to support my claim. I hope the Czar doesn’t give away all of the $20 billion because I can’t catch any fish.
I’m confused, and it probably because I don’t understand how stocks work, but if you own stock in BP and are suing BP how do you actually gain anything.
It seems to me that any settlement (plus attorney fees) the stockholders get from BP would come from the profits BP makes. Wouldn’t this lower the dividends BP pays as well as lowering the value of the BP stocks you own? Because of the attorney fees it seems that you would actually lose more at least in the long run, than you gain from the settlement.
“As a retiree and shareholder of BP, I depended on its dividend payment of $3.36/yr/share.”
first of all, you accept all risk as a shareholder, that includes any losses on the dividends. now, you as a sharehold have the right to fire those who are at-fault for causing this incident. but you can never gain anything from being an investor. you were not misled about investing in the company. the company just did not do the proper safety procedures and wanted profit quickly instead of ensuring the safety of all. after the disaster of the Valdez, you would have thought the fed’s would have been a little more prepared. granted this event is huge compared to any previous spills. but i agree, we need to validate these claims. it be like going to court and having to wait your turn in line (wonder why our courts are already full of cases). definately we would like to have a quicker more streamlined system, but i don’t think bp was prepared for this nor was our Gov’t. so be patient, we just need to have our banks, lenders and all those folks in the background be patient for families to get help. then you would get help from them and then get money from the families in need.
political wags like you don’t really want answers or solutions. If things were easier, you’d have nothing to say. I for one believe this, your opinion is yours, like your a##hole, and both stink.
Actually, I have 2 losses:
(1)an immediate income loss of $.84/share/quarter due to suspension of dividends and (2) a potential loss of stock value (selling price vs purchase price). The stock still has value, just not as much at as when I acquired it, but the dividend income is gone. My point is there all types of lost income claims ranging from the local fishermen to shareholders, that must be sifted through in order to determine how each type will be handled and the ultimate cost to BP, that is the reason why the claims process can seem stalled. If BP were to declare a bankruptcy of its US assets (BP America, Inc.) all retired US employees could possibly loose their health care coverage. Which would give rise to another type of claim.
personal attacks? does that make you feel better?
as i said before, it has nothing to do with politics. it is a massive mess and complicated.
sometimes people hear (or in this case, read) what they want to hear.
Thanks for adding your cerebral commentary. I must say that your sardonic comments failed to advance the debate and don’t contribute to evaluating whose opinion has intellectual weight and whose may not. Personal attacks lower the debate to a grade school food fight and reflect poorly on the instigator.
As an adjuster working BP oil claims for the last week I have really had my eyes opened by the process. As everyone knows, there are two sides to every story! I don’t deny the severity of the financial and emotional hardships this oil disaster has caused the good people of the gulf coast. It also goes without saying that BP is 100 percent responsible for these hardships. However, part of the problem with the slowness of the claim process is the fact that many of the people harmed by this disaster have been used to using accounting methods abandoned in the 1950’s by the rest of the nation! No offense but really, I’m shocked at he number of business’s involved in the fishing industry that lack the most rudimentary levels of basic accounting principles for running a business. THey also don’t want to provide us with all the financial documents we need to make an educated evaluation of what their true income loss may be several reasons. Not the least of which is the large amount of good ole boy, one hand greases the other, dealing in cash to avoid paying taxes! I can tell you my eyes have been opened with the way business is conducted in the gulf fishing regions!! I don’t like paying taxes anymore than anyone else but these folks have a unique system of doing business that is way short on accountability and very heavy on the exchange of cash from hand to hand… It’s good for them until a situation like this occurs and then, based on their past practices, the books don’t balance too well if you get my drift… All I’m saying is more money would go out faster to more people if they would have more financial records on which to value their business accurately and cooperate with providing what they do have in a timely manner when requested. I’ll possibly be here for a long time processing these claims but I probably won’t any change in the way these people conduct their business affairs.. I hope they can all get the compensation they deserve based on the true loss to their business’s. But this must be done by reasoned, time proven methods of accounting, not by merely giving people money because they say they lost this much or that much without the documentation to prove it.
The following perspective on the BP Oil Spill Victim Compensation Fund may be of interest:
http://donovanlawgroup.wordpress.com/2010/07/29/is-the-bp-oil-spill-victim-compensation-fund-legitimate/