Thursday, May 13, 2010

Owner of exploded oil rig citing 1851 law seeks to limit liability to $27 million

NEW YORK - The company that owns the sunken Deepwater Horizon rig said Thursday it will petition a federal court in Houston to cap its overall liability from the incident at less than $27 million.

If successful, Transocean Ltd. would be left with as much as $533 million in insurance money from the failed venture. That's almost enough to cover the revenue the company was expecting from a three-year contract with BP PLC.
Read the rest here.

The first thing we do, let's kill all the lawyers.
-Shakespeare; Henry VI Part 2 - Act 4 - Scene 2

Clearly this is a company that is already morally bankrupt. Let us hope that actual fiscal bankruptcy follows quickly. And no, I don't give a damn about the share holders.

1 comment:

James the Thickheaded said...

Sounds reminiscent of the notion that we're remiss for not adding the Japanese custom where someone could commit hari kari and nobody complains.