56Chevy thanks for your post.
*The prospects of billion$ and billion$ from the BP lawsuit had little effect and no staying power. Am I surprised? Not in the least..for now that is fools gold. Our best hope always was, and is, the 2019 Ad Hoc group.
Prior to the release of the BP information, the common was $.07, now it has evened out at around $.20. Bonds were around $5.75 ($57.50) and today I could buy some at $6.30 ($63.00). Preferred was being bought around $.30 by some folks, not me, before the filing and now today a few shares sold for around $.98.
And dialog on the boards have gotten real quiet.
Those that purchased the common at $.04 to $.10 a share, congratulations! I would think for the most part, some of those folks cashed out and are now quietly waiting for the stock to dip. If it does, maybe just maybe these folks will go to the well once again.
I have to agree the least risky play might be with the bonds and Ad Hoc group. And I’m not surprised of the “no staying power” regarding the dialog, but today the common stock price is higher than prior to the BP “suit filing.
Court document 1575
9. In January 2013, ATP, with the assistance of the Firms, submitted a claim to BP
under the Oil Pollution Act of 1990 for loss of profits and earning capacity as a result of the Deepwater Horizon Spill in an amount not less than $3,011,534,889.00 (the “OPA Claim”).
While it is possible that BP will pay the amount asserted in the OPA Claim and/or BP and ATP will reach a mutually-agreeable settlement, it is reasonably likely that litigation will result from the OPA Claim.
I would guess some might think this could turn out to be “fools gold” but with the court authorizing legal expenses, we do in fact have a $3 billion dollar card in the deck along with all of the other assets. The possible reward just got a whole lot bigger for those willing to take the risk. Will that $3 billion dollar card end up in our hand, time will tell.
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