Feinberg Expects to Pay Out Only One-Fifth of Total BP Claims Fund

By: Wednesday June 1, 2011 5:07 pm

There may be ongoing claims that will drain out a bit more money. But it won’t be much more than 20% of the total funds negotiated that will be used. I don’t know whether this can be attributed to program eligibility or a lack of publicity or bad design. But that number seems quite low compared to the devastation that BP wreaked upon the Gulf Coast.

 

Gulf Residents Beg Kenneth Feinberg to Restore Livelihoods

By: Wednesday January 12, 2011 6:15 pm

With the release of the Presidential Oil Spill Commission report this week, we’re seeing some renewed interest in the fallout from the BP oil spill. In particular, the $20 billion escrow fund managed by Kenneth Feinberg has been a main point of contention between the Gulf and BP since last fall, when BP began threatening to withhold compensation to residents if Congress placed greater restrictions on their drilling.

Hey, BP, WTF Does “Set Aside” Mean? Feinberg Needs Funds, Now

By: Wednesday July 28, 2010 8:01 am

So, in addition to giving Tony “I want my life back” Hayward his life back, the BP Board of Directors this week reported a $17,000,000,000 loss for the quarter and announced that they would set aside $32,000,000,000 to pay claims in their Gulf of Mexico fiasco.

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