This should give you some idea of what the oyster leases are paying in the BP settlement, its important to confirm this with your attorney before you opt in to the attorney BP settlement but this should give you and idea. If you need a great BP settlement attorney fill out a form and you will hear from an attorney later today.
First the oyster lease BP settlement compensation program is under the Seafood BP settlement witch is caped at 2.3 billion dollars, so its probably smart to get with an attorney now to get your oyster leases in to the BP settlement right away.
BP Settlement Oyster Leases Zones.
This map should show you if your oyster leases are in Zone A, Zone B or Zone C. I will try and give you an idea below what the compensation is per acre for the leases, remember that this would be a separate claim from your oyster lease business claim that you would also have to file.
Oyster Lease Compensation Numbers
The numbers are below for the oyster leases. The Oyster Leaseholder Claimant shall receive compensation on a per acre basis based upon
where the lease is located on the Oyster Leaseholder Compensation Zone Map. The per acre
compensation amounts for each zone are as follows:
Zone A: $2,000
Zone B: $1,000
Zone C: $400
Oyster Harvester Loss Of Income Calculation
Now its ok for the lease holder and the harvester to be the same person, you can file two claims with the BP settlement. Now the oyster harvester loss of income calculation is a little more difficult so please consult with an attorney on this but here is the base line.
First you establish your benchmark period that is done by taking the revues from 2007, 2008 and 2009 and dividing it with 3, then you have your average yearly revenues. The they time the average yearly revenue with 1.1 to get to 2010 numbers.
In the BP settlement for oyster harvester income there is a loss percentage that is given at 40% so what ever you average yearly revenue is time it by 1.1 and then take 40% of that number. This will give you base compensation. Now times that number with your multiplier that is 9.75. The will give you the compensation number in the settlement
Average yearly revenues 20,000
Adjusted to 2010 numbers 22,000
Loss percentage 40% 8,800
Multiplier 9.75 : $85,800
So in the example above the 20,000 average yearly income gave a compensation of $85,800 for the lease harvest income.