Nothing is ever easy in a BK. I still don't know if the BP lawsuit/claim has indeed been returned to the estate but for now let's pretend that it has.
Anadarko, as predecessors-in-interest on the Gomez Properties, is on the hook for the $100MM+ decommissioning costs and therefore would be entitled to file an administrative claim on the estate.
So? So that would mean that the first $100MM+ in any settlement ATP would potentially get from BP belongs to Anadarko and comes right off the top. Since I don't envision a settlement half that much it means the 2nd lien holders have no hope with or without the BP claim ticket.
The only question I have through this entire ATP BK fiasco is rhectorical - Could ATP Oil & Gas have been managed any worse than it was! I'm not sure anyone was prepared for this level of incompetency.
I am a free market guy and pro domestic oil E & P...but I have to say that just because some guys can own an oil company doesn't mean they should. These ATP guys shouldn't be allowed to ever go near an oil company again ..let alone run one imo.
Learn something new every time you invest...and take it with you to the next opportunity.
