When I write this the talks about a 14 billion dollar settlement with the attorney steering committee is still going on and we still don’t know the out come of the talk. But here are my observations on the matter on Thursday 1 of March 2012.
BP Settlement Problem.
As always in a settlement both sides want to feel good after a deal is done, now here are the problem with that if you are BP and are fixing to fork over 14 billion dollars.
First off the reporters on the news don’t really understand what is going on here so let me first explain it so the news people can stop reporting these crazy numbers.
First off the 120,000 people that the attorney steering committee says has file lawsuit against BP are all the people that the attorney steering committee got to sign up for the April 20 2011 deadline on Transocean.
So lots of these people just sign up on the short form as the attorney steering committee was blasting advertisements on all the local radio stations.
Like 45,000 of these people are not represented by an attorney, 50,000 of these people never presented their claim to the fund and 14,500 people already got paid by the GCCF according to court filing by Kenneth Feinber. If you filled out the April 20 2011 Transocean short form and think you are in this BP lawsuit / BP settlement you need to sign up with an attorney first to be part of this. Hint form on the right hand side get you the best oil spill attorney for free until you get your money and he takes a cut.
So the number the attorney steering committee is going out with and trying to settle the BP case with is not correct.
Now here comes the second problem., all the claims out there that have not been filed as lawsuits yet.
Just between 2 attorneys that I am familiar with there are 20,000 oil spill claims not filed as lawsuits yet. Think about how many claims are still to come in. Lots of claims still out there that BP don’t know about. We got over a year before the BP oil spill statue of limitation runs out (July 2013)
Now the third problem is that 12,000 of these claims will never go to a settlement with the attorney steering committee because of the 6% fee that got approved by the judge the other day.
Why you might say well because some attorneys in the very start sign people up on a 10% deal and now they have to give away 6% of that.
Frankly its not fair as the attorney steering committee are really just trying to get a piece of the pie from other attorneys that has already done all the work for them on getting clients in and worked up their cases.
So at the end nobody knows how many claims are out there and nobody knows if the attorneys are going to settle though the attorney steering committee or not. Frankly the attorneys I talk to don’t think 14 billion is enough to cover all the claims out there.
Last problem for BP is how can they make a settlement if it does not guarantee them no more lawsuits from business and personal claims ? The short answer to that is they can’t
Oil Spill Attorneys BP Settlement problems
Now for the attorney steering committee they have lots of problems why a BP settlement is not possible.
First they really don’t have the product to sell that BP wants, world peace with the oil spill victims are not in control of the attorney steering committee.
They simply don’t control that many attorneys and after their 6% fee to the attorney steering committee the amount of “friends” in attorney world are getting smaller and smaller.
That means they don’t know who they can count on to go through them to settle their cases.
Secondly the attorney steering committee are now hearing that the government is going for a hard conviction of the people at BP and to prove gross negligence over the 2010 oil spill.
That would mean punitive damages for lost of people on the water. This would also mean that people would most likely be able to get a better settlement if they went to trial with their case.
The Dark Horse In The BP Settlement Talks
How would you feel if you where about to loose an income of 1,25 million dollars per month ? Yeah right its time to show people that we are doing a great job and that the attorney steering committee should not take over the job we are doing.
I am talking about the GCCF and Feinberg – Rozen who have been stabbing at the attorney steering committee to try and get this BP settlement derailed.
As Feinberg Rozen already have good connections with the attorneys. Why give the job to a new set of attorneys now when GCCF just have gotten things streamlined ? How long time would it take for the steering committee to get up to speed. The GCCF are in some cases processing claims in 30 days right now down from +120 days. So they are getting better at it.
We just need to get a finding from the judge on how much they have to pay out to each BP claim and then the GCCF needs to open up their purse a little more and be a little more flexible with the money.
Then we need for somebody with lots of case (like 12,000 case) to take the 6% attorney steering committee fee up to the supreme court and get it taken away for good as they are not helping people.
My best guess on what is going on right now would be trial starts on Monday and I hope that CNN Justice (old Court TV) will cover it live from inside the court room.
That should get the media started on BP again and give us the truth of what BP did to save cost.
Another think you might want to put on your wish list is this new book that is coming out about the BP Oil Spill its called Run to Failure: BP and the Making of the Deepwater Horizon Disaster
You can pre order it now from Amazon on the link below. It comes out March 26 2012.