People up and down the Gulf Coast reeling from the spill disaster are surprised — and frustrated — to find out the Internal Revenue Service may take a chunk of the payments BP PLC is providing to help them stay afloat. Accountants have been trying to nail down the implications for thousands of taxpayers after President Barack Obama said BP would create a $20 billion disaster fund and provide another $100 million for oil workers who lose their jobs because of the six-month moratorium on deepwater drilling in the Gulf of Mexico.
NO LIABILITY - after the edict of no respirators for workers...
Mon Jul 19, 11:06 pm ET
Residents face a tough choice: whether to accept compensation from the fund or pursue legal action against BP or the other companies involved.
"I'll be much more generous than any court will be, and at the same time you won't need to pay lawyers' costs," urged Feinberg.
Oil has washed up on the coasts of all five Gulf states -- Texas, Louisiana, Mississippi, Alabama and Florida -- since the BP-leased Deepwater Horizon rig sank on April 22, two days after the explosion.
Wackenhut, G4S Security hired by BP to guard beaches Posted on June 29, 2010
BP is secretly disposing of the dead animals in order to avoid paying fines and compensation for killing endangered and protected species like turtles, dolphins, and brown pelicans. The sharp drop off in oxygen levels in the Gulf is forcing many sea animals into shallower waters in order to breathe, however, sharks are also following the easier prey into coastal rivers and inlets...
In addition, the BP compensation fund headed by 9/11 victims compensation fund and Wall Street bailout executive compensation manager Kenneth Feinberg is giving priority to absentee condominium owners, most of whom live in Atlanta and New York, for compensation from canceled summertime leases for their beach side properties. The absentee landlords are jumping ahead of idled fishermen, crabbers, shrimpers, and tourist industry workers in receiving compensation, according to our real estate sources on the Gulf.
BP to take $10 billion tax write-off for cleanup 28 July 2010
BP on Tuesday announced its intention to take $10 billion in US tax write-offs related to the cost for response and cleanup of the Gulf oil catastrophe.
The oil giant penciled in losses of $32.2 billion for its second quarter earnings statement. These include $2.9 billion for its response so far and $29.3 billion in future estimated costs that the company says will cover all further damages associated with the spill.
BP Media Clampdown: No Photos Of Dead Animals, Please First Posted: 06- 2-10 04:04 PM | Updated: 06- 2-10 06:25 PM
A dead dolphin, stuffed with oil, figures prominently in the account. It's all very sad, and not a little bit enraging. As Allison KilKenny puts it: "In a sane world, a company guilty of gross negligence that resulted in the deaths of 11 workers would be under criminal investigation, and not be parading around the coast, telling the media where they can go and who they can talk to, while forbidding their clean-up crews from wearing protective gear."
BP nears deal to guarantee cleanup fund to revenue Wednesday, Aug. 11, 2010
BP PLC was close to safeguarding its future in the Gulf of Mexico yester as it neared a breakthrough deal aimed at smoothing relations with the Obama administration.
The deal with the White House would allow BP to guarantee its US$20-billion cleanup fund against revenues from its operations in the Gulf, which account for approximately 10% of its oil-and-gas business...
The negotiations -- led on BP's behalf by incoming chief executive Bob Dudley -- continued as BP's attempt to fully seal off the once-leaking Macondo well was hampered by bad weather, delaying the drilling of the relief well by two to three days.
The talks also came as it emerged that BP took out an insurance policy to cover its directors just ahead of the explosion on the rig above the Macondo well on April 20.
Oil spill: BP nears deal to continue drilling in Gulf of Mexico 6:00AM BST 11 Aug 2010
BP deposited the first $3bn on Monday, ahead of schedule, and has continuously said it will make further payments from ongoing operations. It is on track to sell $30bn of non-core assets, more than providing the necessary funds.
But it is understood that the US Department of Justice (DoJ) is keen for some form of collateral against the fund, in case BP is beset by financial problems in the future.
Although not ideal, the deal could have a silver lining for BP. It would effectively neuter a pending US House of Representatives bill aimed at preventing BP from operating in US waters by banning companies with poor safety records.
BP settlements may shield top defendants: report WASHINGTON | Fri Aug 20, 2010 5:16am EDT
(Reuters) - Those seeking a settlement from the BP $20 billion compensation fund may have to waive their rights to sue all major defendants involved with the Gulf of Mexico oil spill, not just BP, the New York Times reported on Friday...
Businesses on the main highway to the beach -- but away from the shore -- would probably not be eligible, documents indicated. Experts said that could cut out businesses that were deeply affected by the spill, according to the newspaper.
Feinberg is to publicly release the protocol for emergency payments on Friday and the protocol for the final settlement in the fall. Documents show eligibility terms for both protocols will be almost identical, but the burden of proof to qualify for a final settlement payment will be higher, the newspaper said.
BP claims could be under $20 billion September 14, 2010: 11:36 AM ET
NEW YORK (CNNMoney.com) -- Total claims against BP could end up being less than the $20 billion the company pledged to set aside, according to incoming Chief Executive Robert Dudley.
A Citigroup (C, Fortune 500) report said that analysts met with Dudley, who told them "that given current estimates of claims the $20 billion Independent Claim Fund that BP established probably exceeds calls." BP confirmed the comments.
4 state AGs urge spill victims to get lawyers Sat Dec 18, 12:18 am ET
NEW ORLEANS – Attorneys general in four Gulf states are urging oil spill victims to consult lawyers before accepting final payments from a $20 billion compensation fund and agreeing not to sue BP.
They issued notices to claimants Thursday in Florida, Alabama, Louisiana and Mississippi. They warned residents that if they sign away their rights they can't come back and get more money, even if they suffer new damage from oil from the BP rig explosion.
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Sept 17, 2013 8:24:45 GMT -8
KS Chua: I noticed someone was waiting in the dark for me on my way home tonight. I believe someone is trying to kill me. -kok SeNg chUA
Nov 17, 2013 13:35:49 GMT -8
Mark Iannicelli: The perps used an acoustic device projecting noise and pretended tobe mafia hitmen and I broke a windshield to get in jail and be safe . I was surgically implanted in New York Long Island's Nassau County jail. Perps hate for you to yell and threaten them.
Dec 13, 2013 18:04:49 GMT -8
Mark Iannicelli: I have had probes surgically implanted and V2K and nobody helps me because these lowlifes pay everyone off or use counterintelligence to disinform the people who try to help me. The perps are Meriwether from Brunswick, Georgia U.S.A. and a Joe Moody
Dec 13, 2013 18:07:32 GMT -8
Mark Iannicelli: The money from the torture and murder that these rednecks are getting here in the United States is from the Dept. of Defense's Office off Ssience and Technolgy, the Dept. of Justice Office of Science and Tecnology, the Dept. of Commerce Office of Science
Dec 13, 2013 18:10:43 GMT -8
Mark Iannicelli: BIuS
Dec 13, 2013 18:11:19 GMT -8
Mark Iannicelli: dEPT. OF cOMMERCE oFFICE OF sCIENCE AND tECHNOLOGY
Dec 13, 2013 18:12:01 GMT -8
Mark Iannicelli: Senator Shelby a Republican from Alabama has appropriated Defense spending for victims to be violated inhumanely with probes that itch , burn, shock and some have Global Positioning Systems (GPS)from companies like Positive I.D..
Dec 13, 2013 18:15:47 GMT -8
Mark Iannicelli: Di HAVE BEEN A v2k VICTIM FOR 23 YEARS AND HAVE TRAVELED THE WORLD WOTH LOWLIFES THAT GET MONEY FOR RESEARCH IN THE FORM OF GRANTS FOLLOWING ME AND TELLING PEOPLE I AM, A COMMUNIST TERRORIST WITH ALQAIDA, HOMOSEXUAL THAT MUTILATES HIMSELF , HITMAN AN MAFIA
Dec 13, 2013 18:18:07 GMT -8
Mark Iannicelli: The United States Constitution is suppose to protect us citizens but in reality it is not woth the ink that it is written in unless you are a millionaire.
Dec 13, 2013 18:19:23 GMT -8
Mark Iannicelli: I will visit you the next time I am in England if you can get the V2K out of my head.You all need to form a V2K Victim Security Task Force and post security at the hospital generators , fire alarms, inside and outside the operating and recovery rooms.
Dec 13, 2013 18:22:51 GMT -8
Mark Iannicelli: In direct conflict with christian ideology I am an advocate of assasinating the doctors and their accomplices that implant victims involuntarily with V2K because I have been tortured for 23 years.
Dec 13, 2013 18:24:23 GMT -8
Mark Iannicelli: The lowlifes when they travel abroad get help from the U.S. State Dept. with diplomatic passports and they always try to get next to the [police with an offer to train them in neighborhood watch and vehicular surveillance and pursuit.
Dec 13, 2013 18:26:34 GMT -8
Mark Iannicelli: Please check out the book The COINTELPRO PAPERS for an understanding how the F.B.I. conducts counterintelligence operations. Can you help me get the V2K out of my head?
Dec 13, 2013 18:28:11 GMT -8