Heard This Before

Seems Like I've Heard This Before:

An interview with Peter S. Kaufman, the President of investment bank Gordian Group and head of the firm's Restructuring and Distressed M&A practice.

They could cut loose BP America and it could be BP America that files for bankruptcy. My presumption is that it's BP America that's responsible for the spill. They can wall off the non-BP America assets from the Gulf -- which is about 50 percent of the company's net value --and try to reorganize BP America. That's likely to take a very long time, and BP would not make good on its promise for the 20 billion [in the escrow fund].

Or they could file all of BP, and do so in London. Wonder how well-received our government and legitimate Gulf claimants would fare in a British insolvency court?

Good question.