BP is going down

Discussion in 'Stocks' started by KINGOFSHORTS, Jun 9, 2010.

  1. Word is BP might be in a cash crunch situation and might declare bankruptcy.

    CDS spreads are through the roof and the action on the tape is real choppy.

    I am seeing people dumping blocks at the bid and it seems it is a bit thin on the bid side, not too many layers before you break the 29s quickly.

    Any order can break the line quick and have it go under.
  2. Should BP go down, it needs to be in an orderly fashion. To do otherwise would have a serious negative impact on the economy. The company itself should remain in tact, IMO. It's the corporate hacks that made decisions which lead to this disaster. From all appearances they are criminally negligent, as they knowingly made decisions that violated all standard safety practices. That well was a bomb waiting to go off, they knew it, and proceeded anyway. Those that were involved in that decision making process need to be held criminally liable. Let's not forget, 11 people died as a result of their negligence.
  3. BP and GS, I am looking froward for these 2 in bankruptcy court.
  4. Good. They should've listened to the team from Schlumberger (SLB) which told the BP company man to dump kill fluid down the well because it was unstable. That was approximately six hours before the rig blew up.

    SLB knew it was unsafe so they took a chopper off the Deepwater Horizon earlier that day, after the BP co. man refused the request.

    Hubris goes before the fall.
  5. olias


    Well said
  6. Where did you get this "word" ? They have so much cash they SELF INSURED the DWH rig. I call BS.
  7. For now, word is that BP will suspend dividend for 2 quarters to come. Cash crunch problem ? LOL ! Just yesterday they announced to pay Q1 dividend. 10 billion USD. Do you call this a "cash problem" ??????:confused:
  8. I put in an order for 1.69 bid x169 right on top of the guy with the bid 1 x 10,000 shares. Scroll all the way down and I will be the 1.69 guy

    come join the party and put in your dollar bids.

    someone here put in 1.70 x 170
  9. Here are some price projections using median line studies. Price will most likely trade inside the blue fork. We probably wont see 50 any time soon if at all, but we might bounce off the lower fork line around 27.50.
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    #10     Jun 9, 2010