Daily Archives: June 16, 2010

Oil spill news miscellany. BP's solvency is still the topic

I am very short on time today and I have right around $20 billion dollars worth of links to share so instead of making a formal post I’ll make like our good friend Editilla who also gets a blanket hat tip and simply aggregate the BP finance news for the Slabbed Nation. Hopefully Nowdy will be around a bit later with the latest on the Ex Rel Rigsby. Without further adieu here is the latest:

Becky Mowbray at the Times Picayune wrote a good article on the specter of a BP bankruptcy which included comments from two local bankruptcy lawyers in Joe Friend at Breazeale, Sachse & Wilson and Rudy Cerone at McGlinchey Stafford who both were willing to go out on a limb making quasi-predictions about what the future holds. The story is a bit more sanguine regarding BPs future prospects than most I’ve seen.

James Gill’s column in today’s Times Picayune nails the dichotomy of why everyone hates BP while also needing the company to stay solvent and engaged.

Harry Shearer wrote a very good piece for the Huff Po that nails the hard reality why no one should feel sorry for BP longs.  I personally do not like to see people lose money in the markets but how much of BP’s profits came from cutting corners on safety through time? The piece serves as a reminder why I caution most retail investors against owning individual issues, especially those using brokers or so called money managers.

One knucklehead wanting to save 10 hours may well be the cause of this disaster. It appears the same knucklehead also has a slight problem telling the truth. Continue reading