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As BP Plc (BP) comes under growing scrutiny for its response to the ongoing oil gusher a mile below the Gulf of Mexico, the company has engaged a trio of investment banks to help steer it through the fiasco, FOX Business has learned.
Credit Suisse (CS), Goldman Sachs (GS) and Blackstone Group (BX) have been brought on by BP to help the embattled oil company develop a strategy about how to pay off its liabilities over the next five years, people familiar with the situation say.
Originally posted by ziggy1706
that makes no sense why exxon would wanna buy BP.
Exxon CEO blames BP
Says BP's operations at Gulf well 'dramatic departure' from norms
The CEO of U.S. oil giant Exxon Mobil said Tuesday that the Gulf oil spill wouldn't have happened if BP had properly designed its deepwater well, followed procedures, trained its employees and conducted adequate tests.
Rex Tillerson testified before a U.S. congressional panel examining offshore drilling safety.
todays message 15 June '10
Look, here's a reader email that explains why:
Many have said that the gulf spill will put BP out of business. Let's review how incorporation is used by modern corporation to encapsulate and limit liability. I would expect something like the following structure exists within BP.
BP Cayman Islands master owning corporation of all sub corporations
BP England stand alone corporation wholly owned by BP Cayman Islands
BP US stand alone corporation wholly owned by BP Cayman Islands owns gas station in US no connection with corporate entity that is doing the drilling in the gulf.
BP US Exploration stand alone corporation wholly owned by BP Cayman Islands owner of the right to drill in gulf. Rents oil drilling platform from outside corporation. Owns nothing expect the right to drill. Has borrowed money from banks and will have to first use the value of the right to drill to pay back bankers loans before paying for any cleanup or damages claims.
The only corporation that might go bankrupt is BP US Exploration. As it has a negative net worth I do not see any investor shedding any tears. Nor any victims getting any money.
WRAPUP 4-Obama, BP set for for oil-spill showdown * Obama to address nation on spill on Tuesday nigh.
Obama wants independent panel to administer BP payments
* BP shares slide 8 pct in London, 6 pct in New York
* Chevron criticizes BP well design (Adds share price drop, Obama heads to Gulf).
Obama has seen the massive spill hijack his ambitious political agenda, pushing job creation and Wall Street reform to the backburner. Both are key issues in November congressional elections in which Obama's fellow Democrats are expected to face a tough fight to hold on to their majorities
The oil giant faced damaging criticism from an unexpected quarter on Monday, as Chevron's chief executive said in an interview with the Wall Street Journal that the April 20 accident was "preventable". A deputy said if BP had used best practice in the well design the accident would not have happened.