One other thing it is extremely unlikely that the Judge will rule against Chemtura in the BP case. It would be extremely politically unwise, and would forever be viewed as unjust by the general public and some members of congress in paticular.
Why?
1) BP has been very active in trading oil and other energy futures, some bp employees have been convicted of market manipulation, and the company has been fined for that in the past.
2) Guess why energy prices were artificially high at the time that CEMJQ entered into these hedging agreements? There were congressional hearings on this, remember?
3) How does it look for a foreign-owned multinational conglomerate super-major, one of the very largest exploiters of domestic hydrocarbon resources on federally controlled leases to "beat up" on a red-blooded American tax paying scion of industry that employs thousands of red blooded hard working tax paying americans in bankruptcy court over a deal that was created under conditions that they themselves have been found guilty of creating in the past? It's like this, bp probably had nothing to do with those market conditions this time, but they can never prove it because they were convicted of it before-so that suspicion will always remain and will fuel a huge uprising with any ruling other than in CEMJQ's favor.
The very smartest thing that bp could do is to be a "good citizen" and earn some good will by settling this amicably with CEMJQ to preserve the valuable customer and business relationship with them and stay out of court. If they don't then they deserve what they are likely to get, which is probably far less than what might be done in a settlement.
