With a big hat tip to Editilla over at the Ladder lets visit with Phil Butler, editor-in-chief of Everything PR and senior partner at Pamil Visions PR as he explores the reasons he thinks BP’s common stock is worthless. Here is a snippet:
The simple truth, when all is said and done, is that British Petroleum cannot pay for the damage it has done. No way in hell. This is my opinion, and I am not alone in suggesting it. BP has already lost one third of its value based just on the stock market. If the total costs exceed BP’s value, or even come close, liquidating the company could likely still not satisfy all the damage done. Especially if this oil continues for an extended period.
There is no denying that is it awfully risky to own BP ADRs these days.