The Law Office of Thomas L. Young, P.A. is a boutique firm focusing exclusively on representing corporations and business owners under the BP Deepwater Horizon…
This is the most informative article I have seen written about this absurd move on BP's part. There are no "fictitious" losses. All losses are perfectly legitimate as per the formulas BP designed and agreed to.
The accounting rules at issue, which are being painstakingly, consistently and fairly applied by the court appointed Claims Administrator, Patrick Juneau, are the same used by almost all businesses – large and small – throughout the developed world. By BP’s argument, it seems as if the company advocates the use of some as-of-yet undiscovered new math, devoid of all reason and common sense. Indeed, if BP wished for such novel concepts to be applied in the calculation of settlement claims, the company was certainly well within its rights to negotiate for same before the parties arrived at a settlement. They did not. Now nearly one year later BP is asking the court for a “do over.”
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