I believe a BP America bankruptcy filing is a near certainty. The questions are: 1) When? 2) Will they file a 7 or an 11? I know on first glance the 7 looks ridiculous but think about how much less time and effort is involved with proclaiming right up front this entire pool of assets belongs to the claimants. I think the 7 is the right move although I'm sure most will disagree. 3) How will the parent company's debt and equity react?