BP Bankruptcy in U.K. Is Obama’s Worst Nightmare: Caroline Baum

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Source: Bloomberg

June 25 (Bloomberg) -- It would be a “horror,” a “disaster,” according to lawyer Kenneth Feinberg, who was appointed by President Barack Obama to administer BP Plc’s $20 billion compensation fund for victims of the Gulf oil spill. “That is not an option.”

Feinberg was talking about a bankruptcy filing by BP in a Fox News interview.

“Bankruptcy absolutely is an option, and the U.S. needs to recognize that,” said Peter Kaufman, president and head of restructuring and distressed M&A at the Gordian Group, an investment bank in New York.

(more at link)

Read more: http://www.businessweek.com/news/2010-06-24/bp-bankruptcy-in-u-k-is-obama-s-worst-nightmare-caroline-baum.html

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Joe Papantonio just mentioned BP is talking to Bankruptcy lawyers on Ed Schultz Radio Show - More on Ed Schultz MSNBC Show tonight!