The other companies named in the suit include. There were several headlines last week highlighting the fall in BP's London-listed shares, and one headline saying BP investors were "spooked," but the more accurate headline might be that BP investors expected this day was coming all along. There's still another legal headline looming for BP, too, which may be much scarier for investors.
The government may still file criminal charges against companies implicated in the oil spill, as occurred in the case of the Exxon Valdez. BP is also involved in ongoing negotiations with the Algerian government over BP's wishes to sell gas-producing fields as part of its global asset divestiture.
How much BP pays in the end, more so than how much BP is paid for its asset sales, is the unanswerable question. Last week, BP oil spill fund pay czar Kenneth Feinberg was pushing claimants to accept expedited payments from BP in exchange for agreeing to waive their right to sue the company separately.
Some critics have called the "quick pay" option being offered by the government to oil spill claimants "extortion. It's not just the asset sale announced this week and the research ratings.
In a more general sense, the ongoing oil-spill hearings and Presidential commission investigation have shown that the gross negligence claims being made by BP partners, such as. BP is to blame, but seems to be far from alone as a bad actor in the oil spill, according to the ongoing revelations, the latest of which included the fact that a Halliburton worker on Deepwater Horizon went out to smoke a cigarette just as pressure in the well was reaching a breaking point.
So the one-time "smoking gun" that envisioned BP ultimately going bankrupt, has now been complicated by smoke breaks, among other developments since the worst moments of the oil spill.
At the end of last week, the federal court overseeing the oil-spill case demanded that Transocean turn over internal records which the rig operator had been refusing to release. While BP has become synonymous with another way to quantify the price of an oil barrel -- based on the formula for fines under the Clean Water Act -- the general bullishness on oil prices has lifted the entire sector.
But knowing when to buy and when to leave well alone takes a strong stomach. If investors call it right they end up with a stake in a valuable brand at a ridiculously low price, but get it wrong and they are stuck in a so-called value trap -- a cheap stock that is going to get a lot cheaper as the news worsens. He said that was far different from the investors who lost their shirts by buying cheaper bank and financial stocks in the months before the financial crisis destroyed some of them.
But when the panic was in full swing most people were not prepared to take the risk. Talk of bankruptcy, years of litigation from local businesses and property owners, and irreversible environmental damage sent most investors scurrying for the door.
But there were pickings for the hardy. At the time Mark Kiesel, head of the corporate bond portfolio management group at PIMCO, argued that the junk yields on investment-grade stock reflected uncertainty and fear of political intervention rather than credit-worthiness.
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