BP Claims Settlement Gets Pre-Approval By Judge

The judge did give pre-approval to the BP Claims Settlement Yesterday evening, so that means the clock has started to tick for the payout of the largest individual settlement in US history. This settlement is uncapped and the 8 billion that BP told its share holders it will cost will not be enough to pay this one off. The start up date for the BP Settlement fund will be June 3 2012 that gives everybody 1 month from today to get the paperwork into their attorney and get their claim rolling to the BP settlement fund.

Politics In The BP Claims Settlement

There are so many different groups that has opposed the BP settlement in the form its in now so why did the judge grant a pre-approval ? My personal believe is that by granting pre-approval and by BP agreeing to pay people under the BP settlement before it has gotten its final approval, this will get another section of the triangle paid off. The judge and most of the trial lawyers knows that this settlement will not hold up for approval in November. It will not hold up on appeal so that gives us exactly 6 month to get as much money from BP to as many people as possible that fits into the settlement. VOO boats, Tourist Business, Tourist employees, Seafood harvesters, Real estate sales, Oyster Leases. We need to get as many of these people processed and submitted to the BP settlement and pay by the settlement before November 2012.

When the BP settlement breaks apart in November the judge will have no choice but to send the rest of the cases not paid by the settlement back out to the individual districts and trial settings will be setup for each case.

I have tried to illustrate the payout on the BP oil spill by the triangle below.

oil Spill pay out model

I am not saying its bad money in the BP settlement as I do think for a lot of people in the seafood harvesting and tourist industry that people and business are getting a very fair compensation, but for people that have the money to stay in the big money are still waiting at the top of the triangle for good business cases and personal claims.

My BP Claim Does Not Fit The BP Settlement

After the GCCF transition process is over on June 3 2012, BP has to setup its new OPA (Oil pollution act) agent. It could be the GCCF again or it could be BP direct. But they have to setup some body or entity to file your claim with.

Actually they have to do it right now as there has to be an alternative to the BP settlement and people have to be able to file interim claims with BP for  money owed to them for their losses. Your BP claim that does not fit in the settlement has to be presented  to the responsible party (BP) and after 90 days they have to give you an offer or a denial before you can file suit against them.

This process will be going on for the Moratorium claims, for the BP Gas stations and anybody else that was excluded from the BP settlement. Think about all the people in Florida that did not live in a Gulf Of Mexico county and got excluded from the BP settlement but  have legitimate loss as a result of the BP oil spill. The Florida AG has already objected to the settlement because of the 10,000 business that where excluded in Florida because of the settlement only recognizing the certain “water” counties in Florida. There will be 100,000 of claims coming from all over Florida that will go though an attorney and going to trial against BP for their losses in 2010.

Share This Facebook Page With Family and Friends

Since today marks the starting day of telling everybody in the Gulf Coast Region about the BP Settlement I hope you as a reader will help me tell all your friends on Facebook about the BP Settlement. My designer has made up a helpful site for your friends and family to see and use for the BP settlement. Click on the image below and Like the page and your friends and family on facebook will see it and get notice of the BP settlement so they can get in on the money being paid out. This is a way of Sharing the Love that I want all of your guys to help me with.

BP Settlement Facebook

If you want to go to the Facebook face directly visit http://www.facebook.com/bpsettlements

We will follow the developments and keep you updated. If you already have an attorney please send him/her all your documentation now to get your claim ready for submission.