Transocean may make multimillion profit from the oil disaster

[suffragette]

http://www.huffingtonpost.com/edward-f-blizzard/bp-and-transocean-try-to_b_576744.html

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/7003248.html

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 Transocean’s request, if successful, could result in Ellison’s 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 company’s 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.php?az=view_all&address=389x8336493
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(

[sakabatou]

1. Disasters for profits: not just for banks

[blindpig]

2. Fuck them, expropriate.

Expropriate without compensation.

Nothing else will do.

[SpiralHawk]

3. "Smirk." - Transocean (R)

[nashville_brook]

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.

[suffragette]

11. That it would

Transocean is clearly moving quickly on multiple fronts and this needs to be addressed now.

[nashville_brook]

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.

[hootinholler]

5. Privatize profit, socialize risk

The American business model.

-Hoot

[suffragette]

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.

[hootinholler]

8. I'm having the year from hell

Long stories, but I'm coping.

Hope all is well with you too ;)

:hi:

-Hoot

[suffragette]

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:

[hootinholler]

14. Thank you!

Hugs are good :D That which does not kill us, etc.

I'm hoping things are on the upswing.

:hug:
-Hoot

[Odin2005]

7. BATARDS! They need to be put up against a wall and SHOT.

[supernova]

10. Those Loaves!!

Sorry, couldn't resist. :evilgrin:

[Odin2005]

12. ACK, just noticed the typo!

:banghead:

[suffragette]

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.

:)

[Odin2005]

18. Good point!

And as for coffee, I'm going over to the Fargo library and they have a nice coffee place in it! :)

[suffragette]

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.pdf

[Odin2005]

20. Interesting, thanks!

:)

[WinkyDink]

9. That's some major mojo.

[ellie]

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?

[lonestarnot]

21. Better not happen! Some "potential" needs to be imploded.

[suffragette]

22. Yep and that action needs to be taken as quickly as possible