My understanding, cashman, is that BP will put $5 billion a year for the next five years into a fund. They will reduce spending and sell some "$10 billion in assets over the next month" to raise money according to an article in the
New York Times. Wonder what they'll sell? Do you think Transocean will pay for anything in the near future. They apparently already settled with the insurance company who insured the rig that exploded to the tune of $401 million.

From the article: "The fund will be created over four years, at $5 billion a year. It is backed by the collateral of $20 billion in company assets in the United States. Though it is a significant hit for any company, the phase-in is intended give BP enough breathing space to manage its cash flow. BP said it would raise money by reducing spending programs and selling $10 billion in assets over the next month. Last year, BP generated profits of $17 billion.

"Mr. Feinberg will segue into his new role as the fund administrator, perhaps setting up shop in Louisiana, just as he is nearing the end of his stint as the government’s 'pay czar' overseeing executive compensation at the nation’s biggest banks, a post created in response to public outrage at bankers’ bonuses after the financial bailouts of recent years. Besides serving as special master for the Sept. 11 Victim Compensation Fund, he helped in cases involving compensation for victims of illnesses related to asbestos and to Agent Orange chemical poisoning, among many others.

"The claims process will be independent of BP and the government. Claimants who are rejected will be able to appeal to a three-person panel. BP can appeal only claims exceeding $500,000, unless Mr. Feinberg decides otherwise, said Carol M. Browner, a White House energy official."


http://www.nytimes.com/2010/06/17/us...l?pagewanted=2

http://www.chron.com/disp/story.mpl/...s/6992073.html