BP has options before bankruptcy, lawyers say
Bankruptcy
BP PLC has several options to explore in dealing with the worst environment disaster in U.S. history, but the oil giant may file for bankruptcy if it faces a never-ending flow of claims, lawyers and bankers said Tuesday.
"BP has many options besides bankruptcy and is a long way from exhausting those," said Loretta Cross, a national managing partner at Grant Thornton's corporate-advisory and restructuring-services group, during a conference call organized by the American Bankruptcy Institute.
The Deepwater Horizon platform exploded on April 20, killing 11 people. It sank two days later, triggering a massive oil leak that's still spewing oil and gas. BP shares have plummeted on concern that the company could be overwhelmed by tens of billions of dollars in claims and other liabilities.
Cross, who specializes in energy-company reorganizations, estimated Tuesday that BP needs roughly $30 billion in cash outside of what the company can generate from its balance sheet.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.