Deep Horizon/BP Oil Spill Bank Claim Update

Financial Institution update letter

What a difference a day makes!

The deadline to opt out is behind us now. Excluded cases are now the only new cases that can proceed outside the class. As of 11/1/12 only 2300 cases had “opted out” although it is believed that a large number of claims would file petitions at the last minute since 11/1/12 post-marks were the only deadlines.

DEADLINES: As of 11/2/12 there are ONLY 78 DAYS TO MAKE PRESENTMENT. While 78 days is the maximum, practically speaking ALL PRESENTMENT SHOULD BE MADE BY 11/30/12.

 

The court at the last status update conference held, among other things, not to extend the opt out date of 11/1/12. This is not big news and does not affect excluded claims. Over 1 billion dollars has been distributed according to the new settlement. If you are a bank or other excluded class this does nothing for you.

The court encouraged an individual analysis of specific facts in deciding whether to opt out or not and that many attorneys were encouraging the opposite which was viewed with displeasure that was apparent.

The court took notice of the holidays 2/25/13 is the new trial date after Mardi Gras. This trial may affect you, but your requirements under the OPA remain. An updated letter on this follows this "brief" update.

The final pre-trial conference was moved to 1/18/13.

Our position remains that you should file presentment, wait 90 days and then file suit by April 20, 2013. This is required by the OPA and there is no reason to believe that BP will ignore this requirement, in fact, there is every reason to believe this requirement will be critical to the size of your claim.

 

The banks and mortgage brokers that are going to have claims will be classified differently:

1) Those that went out of business after the spill

2) Those that lost specific business

3) Those that lost contracts

4) Those that lost revenue. The 2007-2011 income model will be used by us initially since it closely tracks the settlement.

5) These damages are not exclusive and ever effort should be made to determine how losses were sustained.

Businesses will be able to utilize a number of different models in order to show the value of the business that was lost, as well as any income from prior years Businesses that went out of business after 2011, and those which went out of business in 2009 and in 2010 before the April 20, 2010 oil spill will have a more difficult time showing causation.

Businesses that showed that they would qualify under the class action settlement are going to be much more likely to recover, as compared to those that would have to come up with a separate model in order to settle their claims.

Obviously, those financial institutions on or close to the coast are going to have a much easier time recovering, and those that have already had partial recoveries are going to need to rely on the losses of either the individuals or the entities which did not settle because they will have individuals and entities which did settle.

One example of the foregoing would be where a mortgage company took a quick settlement which did not fully compensate them, but where the individual, mortgage broker, or owner did not settle so that they would have some sort of claim remaining that they would want to pursue under the circumstance.

CALL TO ACTION:

1) If you want representation, contact us immediately.

2) Fill out a presentment document as soon as possible using the pdf form (you may e-mail for our prior e-mail providing instructions)

3) Work with your organizations to group together so that a settlement can be negotiated as a class or group of similarly situated claimants. We can help!

4) Stay informed, docket your “real” and “practical deadlines.

5) YOU MUST FILE YOUR PREESNTMENT DOCUMENT AND THEN WAIT 90 DAYS AND THEN FILE SUIT ALL BEFORE 4/20/13 to fully protect your claims!

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Filing a BP Claim Check List: "Even if you were denied" (tm):next deadline 11/1/12
see our website for details

1. Go to www.gmfpc.com; call or come to our office

2. Select “A Guide to Oil Slick Litigation” form

3. Call to make a short initial appointment to see if you qualify

Gregory Friedlander & Associates, P.C.
11 S. Florida St.
Mobile, Ala. 36606-1934
(251)4700303
fax: 888.441.2123
isee3@aol.com
www.gmfpc.com
alternate e-mail: frzmn1@gmail.com
for court-use only: greg@gmfpc.com
(760)569-6000//575859# conference number
skype:frzmn1