June 23rd, 2010
BP announced Wednesday that it has assigned its managing director to be the president and chief executive officer of a new organization- BP’s Gulf Coast Restoration Organization.
Robert Dudley, the new lead man for the project, stated that the new Organization will collect and streamline resources to use for resolution and clean-up efforts. Dudley has stated that BP will still continue to pay out claims from the disaster. Reports state that this organization is permanent and will focus on the clean-up and aftermath in the upcoming years.
Tags: BP, oil spill
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June 16th, 2010
After meeting with President Obama this week, BP publicly stated that it will set aside $20 Billion over four years to pay out claims from the recent oil spill, reports say.
The fund will accumulate over time, starting with the money from BP’s decision to cancel dividends for the rest of 2010. Other funds will come from selling assets and cutting capital spending. It is also reported that the fund was created as a result of negotiations with United States government officials.
Tags: BP, oil spill
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June 10th, 2010
It was reported today that BP announced that it will speed up the payments owed to Gulf Coast businesses for harm caused in the aftermath of the spill. The Coast Guard, among others, have pressured BP to become more informative about their efforts and solutions to the increasing problem.
BP has also indicated that they are capturing more oil through continued efforts at the blast site and surrounding waters. Reports indicate that upwards of 73,000 barrels have been collected by the drillship to date.
If you or your business has been harmed by the recent disaster, we can help. Call our Fort Lauderdale office number for a free consultation at 954-351-7474.
Tags: BP, oil spill
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June 8th, 2010
Tags: BP, gulf, oil spill
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June 3rd, 2010
A California woman is suing Google for negligence after following their map suggestions and was hit and injured by a car on a major Utah highway. The woman, while in Park City, Utah, is reported to have used the walking directions from Google Maps on her Blackberry, which led her onto a busy highway with no shoulder or sidewalk. Google issues warnings about possibly dangerous routes that are visible on a PC, but may not be visible on cell phones, reports say. See the Complaint against the driver and Google here.
Tags: internet, news
Posted in internet, news | 2 Comments »
June 2nd, 2010
Last week, David Byrne filed a lawsuit against Florida Governor Charlie Crist for unauthorized use of the Talking Heads song “Road to Nowhere” in a campaign ad. Byrne, who is seeking $1 million in damages, has never licensed his songs for commercials and believes that the spot suggests he endorsed Crist’s candidacy.
Tags: entertainment, music, news
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June 2nd, 2010
Currently in the State of Florida, there are the following claims against British Petroleum:
BP claims in Florida: 4,620/approximately $3,360,515.03 paid
Wage Loss: 2,553 claims/$1,602,932.19
Loss of Income:
- Commercial: 362 claims/$237,976.93
- Business Interruption: 234 claims/$103,488.28
- Shrimper: 104 claims/$249,250.00
- Fishermen: 492 claims/$564,994.79
- Oyster Harvester: 73 claims/$2,500.00
- Crabber: 9 claims/$5,000.00
- Recreational Fishermen: 4 claims/$5,000.00
- Wholesale Distributor: 6 claims/$5,000.00
- Rental Property: 414 claims/$66,416.00
- Maintenance Company: 5 claims/$7,680.00
- Seafood Processor: 12 claims/$6,000.00
- Charters: 229 claims/$494,276.84
- Marine Repair: 15 claims/$5,000.00
- Real Estate Sales: 45 claims/$5,000.00
This is only the start of BP’s legal battles in Florida. BP’s oil slick is now just 6 miles from Pensacola Beach and is expected to impact the shore within days, if not hours.
Tags: BP, gulf, oil spill
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June 1st, 2010
The number 518 may not seem like an impressive integer, but residential homeowners in Florida should be aware of its existence. That is the average number of days that a house spends in foreclosure before it is sold at judicial sale. That is nearly 1 ½ years. The definition of a “Free Rider” is a homeowner who defaults on a note and mortgage, and purposefully refuses to pay any part of that mortgage (or negotiate a modification, short-sale, or deed-in-lieu). The homeowner essentially lives rent free for a substantial length of time in a de facto modification of $0.00.
The Free Rider now uses the money that would have gone to pay the mortgage, homeowners’ insurance, etc. to survive the economic crisis that grips this country (or to run their businesses).
The problem is that the lenders are still not giving the borrowers a lot of options. Modifications, real modifications (i.e. principle modifications to reflect the true value of property), are out of the reach of borrowers. Short sales move haltingly through the system that has been established, and even then, the borrower has to sign a significant deficiency agreement or promissory note. A deed-in-lieu is also not available without a corresponding deficiency agreement. The end of the line, despite the path, is the same for the borrower: ruined credit and, eventually, bankruptcy. The lenders are part of the problem, not part of the solution.
The landscape is starting to look more and more like the days of John Dillinger, “Baby Face” Nelson, and the rest of the notorious figures of the Depression Era. The common denominator is that banks were perceived as the villains, and the individuals who robbed them as heroes to be admired (not unlike Robin Hood). Homeowners have become desensitized to stigma of foreclosure – bad credit – bankruptcy. There is no shame in it when your next door neighbor is rowing the same boat along side of you. So why shouldn’t the Free Riders have free reign?
The only proviso is that homeowners cannot do this alone. Only the assistance of a qualified attorney can prolong the foreclosure process for 518 days or longer. Otherwise, the attorney of the lender, who pursues the foreclosure, is getting paid for getting a judgment as fast as they can. In the end, it’s cheaper for the borrower to pay an attorney rather than the mortgage. The moral of the story is that even a Free Rider cannot ride for free.
They CAN ride for less!
Tags: bankruptcy, deed-in-lieu, foreclosure, free rider, modification, mortgage, note, short sale
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May 30th, 2010
Michael I. Santucci appeared this week on the nationally syndicated Brian & The Judge Show on Fox News Radio to discuss the BP oil spill.
Tags: BP, gulf, oil spill
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May 27th, 2010
Generally, if you believe it can be demonstrated that the BP oil spill has caused you to lose business or income, or you have real estate or personal property damaged by oil from the spill, you may have a claim.
The first step is determining whether you have a claim for damages in one of the two general categories of claims:
Real or Personal Property Damage: damage or economic loss related to destruction or harm of real or personal property. For example, if you own a boat or property that is oiled, the owner or lessee may submit a claim to have the boat or property cleaned.
Loss of Profits and Earning Capacity: damages for loss of profits or impairment of earning capacity due to the injury, destruction, or loss of real property, personal property, or natural resources. For example, shrimpers who cannot operate due to closed Gulf waters will suffer lost profits. Others who could apply for damages may potentially include businesses dependent on the fishing industry, such as seafood processors, packers and distributors, or tourism concerns like hotels, restaurants, fishing guides and charter operators. Any business that can document loss may file a claim.
In the immediate aftermath of the Deepwater Horizon leak, BP has focused great effort on giving short-term financial assistance to shrimpers, crabbers, fishermen, and certified boat operators unable to work. If you fit within this category, you may be eligible for a quite rapid (within 48 hours) claim payment of up to $5,000 for a 30-day period to assist with your damages. After 30 days you would be able to reapply for another short-term payment. Any short-term payments will be subtracted from any long-term damage claims that you may settle with BP.
Tags: BP, gulf, oil spill
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