The battle of words between the Governor of Alabama, Bob Riley, and Attorney General Troy King has reached fever pitch, as they're slamming each other through the media, with the latest volley coming from King, who said the governor had been manipulated by BP (NYSE:BP) over the oil spill.
Against the wishes of Riley, who was in the midst of negotiations with BP for payment, King decided to file a lawsuit, which complicated the matter and caused lawyers of BP to advise them to stop the negotiations.
Riley blasted King yesterday for being responsible for budget cuts that wouldn't have happened if he hadn't filed the lawsuit.
King claims Riley should have used the lawsuit as leverage against BP, rather than criticising him for it.
Alabama made a claim against BP for $148 million for tax losses.
Showing posts with label Bob Riley. Show all posts
Showing posts with label Bob Riley. Show all posts
Friday, September 17, 2010
Wednesday, August 11, 2010
Lead Law Firm Dropped from Alabama Case against BP (NYSE:BP)
The law firm Balch Bingham, which had been picked to represent the state of Alabama in its case against BP (NYSE:BP), has been dropped because of potential conflicts of interest.
Evidently the law firm represented Transocean Ltd. (NYSE:RIG) in a prior case unrelated to the oil spill, which is the source of the possible conflict.
The state of Alabama will be pursuing cases against Transocean and BP, plus Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) in order to attempt to recover lost tax revenue. All of these companies had a part they played in the Deepwater Horizon oil rig.
Interestingly, Alabama Governor Bob Riley isn't a proponent of the lawsuit, and would rather attempt to resolve claims out of court.
That makes sense in light of the time it could take to resolve the matter, when they need the money now. Why not try to arbitrate first, and if you can't get close, then why file a lawsuit?
Evidently the law firm represented Transocean Ltd. (NYSE:RIG) in a prior case unrelated to the oil spill, which is the source of the possible conflict.
The state of Alabama will be pursuing cases against Transocean and BP, plus Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) in order to attempt to recover lost tax revenue. All of these companies had a part they played in the Deepwater Horizon oil rig.
Interestingly, Alabama Governor Bob Riley isn't a proponent of the lawsuit, and would rather attempt to resolve claims out of court.
That makes sense in light of the time it could take to resolve the matter, when they need the money now. Why not try to arbitrate first, and if you can't get close, then why file a lawsuit?
Subscribe to:
Posts (Atom)