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Gasparino Says BP Has Hired Goldman And Blackstone, Does Either Have A Restructuring Advisory Mandate?
Fox Business' Gasparino reports that BP has hired Goldman and Blackstone, among other financial adivsors. While the hiring of Goldman is perfectly logical as an advisor to prevent a hostile take over, Blackstone's advisory practice is really known for just one group - restructuring. Did BP just finally hire a restructuring banker? We are waiting for confirmation to find out if a bankruptcy-focused legal advisor has also been retained to validate this assumption. If that is the case Simmons will be right and the firm could pursue some form of (dis)orderly bankruptcy. Matt Simmons that is. Not Simmons'd firm Simmons & Co, which on Friday upgrade BP to a Buy with a $52 price target.
More from Fox Business:
"Three investment banks, from what I understand, they hired two of those. Blackstone - Tony James the number two at Blackstone is working directly with the bankers that are working with BP. Also, Goldman Sachs. Three banks are working with them. Everything is on the table from what I understand. This is not a situation where you don’t develop contingency plans, and the top contingency plan is clearly a potential hostile takeover. If the stock keeps falling, are they basically susceptible to a hostile takeover.”
“What is not off the table, according to my Wall Street sources, that they have to look at bankruptcy if this thing does not stop.”
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Typo first word. Fox Business, not Fax Business.
Goldman, Blackstone and BP.
Hmmmmmm, another Axis of Evil?... either you are will them or you are getting screwed by them.
Typo regarding typo...It should be Faux Business...Merely left out the 'u'
+100
Are they hiring GS to defend their stock price with rampjobs and short squeezes also?
Feel sorry for the bottom feeders who longed it after the previous 2 day runup.
Time to start looking at those BP senior bonds unless you had some GM bonds.
BP is about to live up to their motto of being "Beyond Petro"...
The production is about to be removed from their control and will belong to the Empire as part of the Pentagon Production Division. PPD is proud to provide hydrocarbon production now from Iraq & GOM. It is not to be confused with the Pentagon Mining Exploration (PME) Division in Afghanistan of the US Department of War.
vampire squids flocking together?
birds of a feather indeed.
Any board of directors, faced with such a situation, would hire advisors and prepare for all contingencies and options. I don't think you can read very much into this. As an aside, the fact that BP hired Goldman demonstrates something Goldman has been saying: that their client franchise remains strong. In fact, the business community (broadly defined) is so angry and concerned with the socialism and politics of Gang Obama that Goldman is receiving a "sympathy vote" from clients. The only identifiable mandate Goldman has lost as a result of the S.E.C. political hit job is the mandate to foist the toxic automotive junkyard "General Cupholders" (GM) back on the public.
Anyone who's ever worked for a living instead of feeding at the Entitlement trough is angry and concerned with the politics of Barry and the other Chicago thugs.
Socialism, looting, redistribution, statism, or whatever you want to call it--their political philosophy leads to some version of Greece, Haiti, Detroit, or a hundred other examples.
I'm kinda new here -- check me out here, see if I got the party line right.
Investment banking as we know it had a "event" in SEP '08.
Bush appointees Hank Paulson et. al. engineered massive bailouts for their cronies and stampeded congress into passing the TARP legislation.
Barack Obama was dumb enough to STILL want the Prez job 2 months later, so it's all his fault.
How'm I doin'?
So sue me, I voted for BO solely on the basis of his being the least likely of the 2 choices to pick up the red phone at 3AM all whacked-out on ambien.
I eagerly await a scholarly exposition (or a link to one) explaining how we'd be sooooo much better off in the McCain-Palin administration, or better yet, with Dubya and Undisclosed Location as co-presidents for life.
Magat,
"It don't matter none".... who the next CCLIC (Chief Community Leader in Charge ) might be ..... or, who the next CSMIC ( Chief Soccer Mom In Charge ) might be... or, what the last FPFB ( Former Presidents First Boy ) did.
All that matters is how did we get here and how do we get out.
Lloyd Blankfein spotted at World Cup:
http://d.yimg.com/a/p/afp/20100613/capt.photo_1276394225782-1-0.jpg
(from Drudge)
80% chance of W...if BP files, its the 20% needed to perfect the Black Swan Dive!!!
Swan use to be white, don't think the black is genetic but environmentally painted. Their is a metaphoric analogy with this black swan for sure.
From BP's 2009 Annual Report:
BP wants to be recognised as a great company – competitively successful and a force for progress. We have a fundamental belief that we can make a difference in the world.
We help the world meet its growing need for heat, light and mobility. We strive to do that by producing energy that is affordable, secure and doesn’t damage the environment.
BP is progressive, responsible, innovative and performance driven.
Sounds about right.
BP can simply put the US subsidiary into bankruptcy and leave the rest of the company intact. As a matter of fact, if BP really wanted to play tough and if Obummer really went overboard with the company, BP could just shutter the US operation, lay off all but a skeleton staff (that would really help Obama's reelection chances) and sell off the US operation piecemeal and still have money left over after funding some cleanup fund for the Prince.
BP will lose its contracts if they do and there will be nothing to sell.
BP May Lose U.S. Oil Leases, Contracts After Spill
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUEvCDKBmN.k&pos=4
That's the point. They slide as much of the business to another corporate holding tank and leave the "old" BP as a straw man to get beaten up in court for eternity.
Exactly. BP America is now essentially worthless. You wait until Obama's speech for maximum dramatic effect, fire everybody and shutter the damn thing down. It's likely a corporate sub and the fireline will probably stop at the subsidiary level. About the only way the US can attach assets outside of the US is militarily and Obummer's left wing won't let him do that.
Hell if they had the balls to actually do this, I'd cheer them on.
But instead we'll get an endless nauseating stream of PC nothingness.
Why would BP hire those clowns?
They are the US gov clowns, that's why! classic example of transfer of private deft to public!!!!!
Birds of an oil drenched feather, get flocked together.
They should all just get flocked period.
Better to pay their ridiculous fees than any of the victims. Come on guys!
Simmons, the Equities market equivalent of a gay for pay fluffer on the set of Master Ass Blaster 17. He's not pretty enough for stage anymore but he certainly knows his toothless maw is good for gnawing on a pole.
BP will need help hiding assets and with lobbying corrupt politicians. The squid can help.
+1000
A menage trois with three goups of assholes. Guess they all can eat shit.
Correction: The US taxpayer will eat shit as usual. While the elite feast on the carcass of the Gulf Coast.
They hive off BP America and hand the keys to the company to the administration. BP now = "'Barack's Petroleum"
haha, didn't hear (read) that one anywhere yet
THIS is how the O-team will get paid off
I'm starting to think a strategic restructure Attorney is the way for me and my husband to go. We could secretly divorce since the business is in his name as a soul-proprietor, he could pay me as an employee. We can start defaulting on our obligations (bus. taxes) and in the mean time I could use my large paychecks and bonus for rocking at my job to buy me (us) a new home. In a few years when OH finally shuts him down I can start a business and pay him as an employee.
Strategic or immoral?
Only the very rich get away with this stuff. Sorry.
Probably just "protection money". They want them to stop shorting them into the Ground.