The Worst Things About The BP Settlement

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First off they are talking about a document now that is 500 pages long of all the proposed agreements, a document that will probably be 750 pages before being submitted to the courts for approval. The approval will probably be in 4-6 weeks. Nothing is final before it has been approved by the courts and any legal challenges to the settlement have been presented in court.

BP Settlement

The Worst Things About the BP Settlement

This is the one thing about the BP settlement that worries me the most. If you opt in to the BP settlement and get an offer that you cannot accept your only option is to go to an appeal process. When you opt in to the BP settlement you give away your right to sue BP

Now it’s very important for you to let your lawyer go through this BP settlement proposal and find out if your specific case is right for the BP settlement.

Do not go through this process alone, because if you get an offer you cannot accept it’s the end of the road. We all know how the GCCF appeal processed worked (US Coast Guard) and I don’t want anybody to be out of options with their case at the end of the day.

Have your lawyer look at your specific case to see whether you should opt in or opt out of the BP settlement.

From the talk I have had with attorneys from multiple law firms the BP settlement process probably only applies to 30% of all the cases. The risk somebody takes opting in to the BP settlement without the possibility to later opt out is the biggest problem with the BP settlement.

We can all hope and pray that this will be changed in the final draft, if this is not changed I fear this BP settlement is nothing more than a BP PR stunt and not many claims can be resolved by it.

Water Front Properties Update

Today we got to know more about the settlement and everything I posted yesterday is still good. Property owners along the gulf coast from Panama City to New Orleans we need to hear from you as the proposed settlement sounds like something that you should be a part of. These where not claims paid by the GCCF so for you this BP settlement could be a way for you to get paid on your claim for loss of use of your house and beach during the BP oil spill.

Groups That Are Not Included In the BP Settlement

This section is going to outline groups of people that are not included in the BP settlement. Now if you are part of this group, screw BP find yourself a lawyer and file suit against them. Right hand side form gives you a great attorney. Here are the groups not included in the BP settlement.

  • Moratorium Claims
  • Oil and gas industry claimants
  • Banks
  • Casinos
  • Defense contractors
  • Financial advisors

Again if you are part of this group get an attorney and file suit for your losses from the BP oil spill.

BP Settlement for Failed Business and Startup Business

This has been a group of people that have had a very hard time in the GCCF because nobody could ever come up with a calculation on how these situations should be handled. So let me try to explain how this will work in the proposed settlement.

If you had a business that failed because of the BP oil spill impact on your business then you need to meet these criteria to have a chance to be included in the BP settlement.

  • Business has to have been there in 2008
  • Business should not show financial difficulty before the spill

The second point on this list would be hard for any business to comply by as most business had a hard time in 2009 because of the general economy. However there are probably some business that fits in this box and they could get compensation.

For Start up Companies that failed because of the BP oil spill and the impact on the new business. The following criteria apply for start up business and how to evaluate their loss. (Propose agreement)

  • Book value at time of the spill

So in the case of start up companies as I think I have talked about before, BP would basically buy the start up company at the time of the oil spill. This could be good news for some start up’s and their ability to get paid for their losses. However as with the GCCF many start up’s are not going to fit the box that the BP settlements are trying to put them in. At that point an attorney could always take it to BP for a settlement offer or trial for the courts to decide.

Now I am probably going to write another post just now as I hate to bring so much bad news in one post and I have plenty more information to share on the proposed BP settlement