Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Transocean may make multimillion profit from the oil disaster

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 02:16 PM
Original message
Transocean may make multimillion profit from the oil disaster
http://www.huffingtonpost.com/edward-f-blizzard/bp-and-...

As lawsuits continue to mount against oil giant, BP, and drilling contractor, Transocean, both companies are engaging in full scale efforts to limit their liability for the explosion of the Deepwater Horizon rig on April 20th that has claimed the lives of several workers, injured many others and left unknown thousands whose livelihoods depend on the Gulf in financial ruin.

Similarly, Transocean, the owner of the Deepwater Horizon rig has submitted a petition in a Houston federal court claiming that its liability for the accident is limited to $27 million under the Limitation of Liability Act, a maritime law enacted in 1851. Under the Act, a vessel owner can limit its liability to the value of the vessel and its freight.

Transocean asserts that the current value of the Deepwater Horizon rig is $27 million and thus, under the law, its liability must be limited to that figure. However, this law was passed 160 years, before insurance companies began offering coverage to seafaring vehicles and Transocean has already received a payout of $400 million from its insurance provider. Allowing it to limit its liability to $27 million would actually allow Transocean to potentially profit from the oil spill.

http://www.chron.com/disp/story.mpl/metropolitan/700324...

Transocean, owner of the Deepwater Horizon rig that exploded and sank last month killing 11 and creating a growing oil spill, today got a Houston judge to stay pending cases against the company.

U.S. District Judge Keith Ellison today issued an order suspending cases against Transocean because the company filed a request to limit its liability in the lawsuits filed against it to $26.7 million.

Lawyers involved in the litigation say that Transoceans request, if successful, could result in Ellisons court sucking up some other litigation that names Transocean and stems from this same incident. A list of 102 lawsuits already filed against the company was filed with the court today.

"Transocean has compounded this terrible tragedy with a shameful legal filing that is intended solely to protect the companys interests," said Houston lawyer Kurt Arnold who has filed several lawsuits resulting from the offshore explosion.

So the owner is holding a closed door meeting to distribute dividends: http://www.democraticunderground.com/discuss/duboard.ph...
And the corporation can potentially make a multimillion profit directly from this disaster.

Meanwhile the environment, the wildlife and people's lives are completely destroyed by this.

x(
Printer Friendly | Permalink |  | Top
sakabatou Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 02:17 PM
Response to Original message
1. Disasters for profits: not just for banks
Printer Friendly | Permalink |  | Top
 
blindpig Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 02:23 PM
Response to Original message
2. Fuck them, expropriate.

Expropriate without compensation.

Nothing else will do.
Printer Friendly | Permalink |  | Top
 
SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 02:26 PM
Response to Original message
3. "Smirk." - Transocean (R)
Printer Friendly | Permalink |  | Top
 
nashville_brook Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 03:04 PM
Response to Original message
4. sure would be nice if our leaders would apply pressure in this area.
i was expecting some sort of announcement along these lines today -- and...disappointed.
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 06:09 PM
Response to Reply #4
11. That it would
Transocean is clearly moving quickly on multiple fronts and this needs to be addressed now.
Printer Friendly | Permalink |  | Top
 
nashville_brook Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 08:57 AM
Response to Reply #11
16. it took 20 years for the Valdez fines to be vacated thru the back channels of oligarchy
Transocean is getting a head start on screwing us over.
Printer Friendly | Permalink |  | Top
 
hootinholler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 03:36 PM
Response to Original message
5. Privatize profit, socialize risk
The American business model.

-Hoot
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 03:44 PM
Response to Reply #5
6. And corporations will always take advantage of that
as long as we allow them to.

Long days since we met in DC in Jan 2005 to protest the theft of Ohio.

Hope all is well with you.
Printer Friendly | Permalink |  | Top
 
hootinholler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 04:39 PM
Response to Reply #6
8. I'm having the year from hell
Long stories, but I'm coping.

Hope all is well with you too ;)

:hi:

-Hoot
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 09:58 PM
Response to Reply #8
13. Sorry to hear that, Hoot
I hope things get better.
I've been busy, but mostly ok.
Enjoyed the nice day today, sunny & mild with a slight breeze.

:hug:
Printer Friendly | Permalink |  | Top
 
hootinholler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 08:54 AM
Response to Reply #13
14. Thank you!
Hugs are good :D That which does not kill us, etc.

I'm hoping things are on the upswing.

:hug:
-Hoot
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 03:46 PM
Response to Original message
7. BATARDS! They need to be put up against a wall and SHOT.
Printer Friendly | Permalink |  | Top
 
supernova Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 04:44 PM
Response to Reply #7
10. Those Loaves!!


Sorry, couldn't resist. :evilgrin:
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 09:48 PM
Response to Reply #10
12. ACK, just noticed the typo!
:banghead:
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 10:35 AM
Response to Reply #7
17. Or even harsher, close the channels by which they make the profit
Freeze all their assets now so they can be properly used to compensate, curtail current and planned operations until thoroughly investigated and properly regulated. Then mandate they take part in the day-to-day on-the ground clean-up of the disaster they helped to create.

Lengthy responsibility over a neat, quick end.

And now I'm having the strongest craving for a cafe au lait, and some excellent bread with beurre and confiture.

:)
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 11:14 AM
Response to Reply #17
18. Good point!
And as for coffee, I'm going over to the Fargo library and they have a nice coffee place in it! :)
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 11:23 AM
Response to Reply #18
19. On an unrelated sidenote
Have you seen Bagnestos statement on "Emerging Technologies and the Rights of Individuals with Disabilities" ?
Very heartening, especially with the DOJ seeming closer to issuing its "final rule" re: implementation of the ADA amendments.

PDF here:http://judiciary.house.gov/hearings/pdf/Bagenstos100422...
Printer Friendly | Permalink |  | Top
 
Odin2005 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 11:44 AM
Response to Reply #19
20. Interesting, thanks!
:)
Printer Friendly | Permalink |  | Top
 
WinkyDink Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-14-10 04:40 PM
Response to Original message
9. That's some major mojo.
Printer Friendly | Permalink |  | Top
 
ellie Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 08:56 AM
Response to Original message
15. JESUS CHRIST!
Fuck these people. This is why I don't watch the news. I want to punch somebody. Preferably a BP executive. I wonder how long I can go without driving my car and being part of the problem?
Printer Friendly | Permalink |  | Top
 
lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 11:47 AM
Response to Original message
21. Better not happen! Some "potential" needs to be imploded.
Printer Friendly | Permalink |  | Top
 
suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-15-10 11:58 AM
Response to Reply #21
22. Yep and that action needs to be taken as quickly as possible
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Apr 17th 2014, 05:17 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC