BP Claims: Under Review
BP Claims: The Fox and the Hen House
We have seen an uptick in BP Claims offers being made to Individuals and Business`s in the last week, however we have also seen a large number of denials of BP Claims that looked like they should have been paid. If you read this blog you know we follow the BP Claims process very closely. Though we did see offers come in to a few in the construction field, and the fishing industry, many of the other Individual and Business BP claims were denied for a lack of paperwork, or proof of loss. Other offers that came in were traditionally a little less then half of what was being asked for, some were just absurd and look as thought they are heading towards litigation.
It`s really a shame that many people were again told your claim is under review for 7 months, only to find out it was denied. The BP claims process has been mishandled from the beginning by Ken Feinberg and BP. Mr Feinberg wanted you to believe he was independent, it took a court ruling from Judge Barbier to stop him from saying that. A recent report blasted Obama for not taking a more active role, and leaving Feinberg in charge. The BP Claims process very much reminds me of the old adage the fox is guarding the Hen House.
BP Business Claims: Has your Company Lost overall Value
“All businesses are valued based on a number of factors, but the factors that matter the most are cash flow and risk,” For smaller businesses, cash flow is typically defined as a form of adjusted profit, like Seller Discretionary Earnings. The BP claims process has no clear cut methodology for the consideration of a Business`s overall loss of value.
Evaluating a BP Business Claim for loss of value may involve multiplying the adjusted profit of the business times a multiple. For example, assume a fish processing plant nets $1 million in profit per year, and then assume fish processing plants sell on an average of three times the profit. This company would be worth an estimated $3 million. Now assume that post-oil spill, this same company is expected to net only $250,000 per year for the foreseeable future. The value of the fish processing plant, based on an income approach, is now three times $250,000, or $750,000, a loss in business value of $2.25 million dollars.
Forensic accountants involved in the BP Claims process often use this formula, coupled with other formulas to figure the true loss of a business that was damaged by the Oil Spill. The more documentation that can be gathered to support your BP Claim, can help you substantiate your loss. Many experienced BP Claims Attorneys have Forensic Accountants on staff.
BP Claims and what to do Now
With BP trying to mitigate it`s damages and it`s overall lack of consideration to those affected, it is my personal opinion that the best thing you can do is to find a good lawyer who has had success against BP, or at least understands the GCCF process and has gotten their clients paid. We have connected with those attorneys, and they have gotten results for people and their BP Claims.
If you Google BP Claims the first ad you will see is a paid ad from BP,
Visit BP’s Claims Page & Learn How To Make A Claim Without A Lawyer
So lets think about this, the company that has left the majority of Gulf Coast Residents in economic collapse, say`s you can make your claim without a lawyer, and you can, And you can wait to hear hear the words “under review.” This should actually be BP`s slogan, Your claim is under review, while your house gets foreclosed on, your business is forced to close, your car is repossessed, your family disintegrates, the kids are forced to live with Grandma and Grandpa, and there is no food in the fridge.