Tag Archives: BP Settlement multipliers
BP Settlement Calculations.
Many people are having a hard time understanding the BP Settlement multipliers, we will try to help you understand your baseline payment under the BP Settlement.
Mind you this is just how you figure your baseline there are other factors and multipliers that will be added to complete your Settlement equation. There are various multipliers for various types of claims and the zones those claimants inhabit.
BP Settlement Zone A Example
Here is how you would find your baseline under the BP Settlement for a Zone A Business under the BP Settlement. Take 3 consecutive months or more from 2010 after the Oil Spill, take those same months in 2009, 2008, and 2007 and create an average. You can use 2009, 2009, and 2008, or 2009, 2008 and 2007.
So lets say you used 5 consecutive months in 2010 after the spill and you made 100,000.00. You then take the same 5 consecutive months for 2009 and 2008, and came up with an average of 175,000.00, therefore you had a 75,000 loss for 2010.
The RTP or Risk Transfer Premium is 2.5 which means your multiplier is 3.5, so take 3.5 X 75,000.00 and your total is 187,500.00, that is your baseline loss, there are multiple ways to increase that number under the BP Settlement, but it gets pretty complicated.
There are several different zones and Multipliers for different areas and types of claims.
Environmental and other concerns
Report after report has been coming out showing how disastrous the effects of corexit and oil have had on the environment and on us. The data is just flat out not pretty. A diver that had two of his colleagues commit suicide and he has seizures after diving through contaminated water after being assured by a BP executive it was safe.
The death and illness of the blue crabs and the Dolphins of Barataria Bay are front page news. We are seeing the affects of the Oil Spill everywhere.
One of the biggest concerns I have is the link to high blood pressure we keep hearing about, especially from the Oystermen and women who spent their lives in now contaminated water.The calls we have been getting are horrendous and come far to often these days. High blood pressure can lead to Heart Attacks and Strokes as well as death, please get checked out. We have heard that members of the National Institute of Health are coming in to investigate and we look forward to hearing the results.
Our BP Settlement Team
Well it looks like we will be adding a few new members to the Team soon.We have told you since beginning that our Team would evolve as needed. As we figure out the BP Settlement we are finding all sorts of fantastic ways to help you in areas that under the GCCF rules we could not.
There are some really great things coming for you, and they will be a great benefit for you, and help you get the most out of your BP Settlement.
We are not Attorneys and we can not give you legal advice, what we can do is tell you the truth, as wee see it, and isn`t that all we all ever wanted to know from the start of this catastrophic event.
Our licensed BP Settlement Claims Adjusters charge 7.5%-15% for helping you with your claims.
Attorneys are available upon request.
We will help you with your BP Settlement.
The BP Settlement and the end of the GCCF
The BP Settlement should have preliminary approval on Wednesday of this week, on the whole it does do the most amount of good for the most people, however the BP Settlement could do more. It could address the people that were victimized by Quick pays, it could pay people that are upstream from the fishermen such as the processors and give them better BP Settlement multipliers. The BP Settlement under Judge Barbier could truly make it right for so many people.
This will be Patrick Juneau`s swan song, in many peoples opinion. The BP Settlement will be ran by Judge Barbier and administered by Patrick Juneau, it is called the BP Court Supervised Settlement. The BP Settlement promises transparency and quick payouts. You do not need an Attorney to be a part of the BP Settlement, though some websites out there tell you, you do, they lie.
The BP Settlement and the Gulf Coast Claims Facility
The Gulf Coast Claims Facility will be replaced by the new BP Settlement Fund. We have heard from Managers of the Gulf Coast Claims Facility that they will be leaving their jobs on June 1st to be replaced by the new staff that will be running the BP Settlement on June 4th. The infamous days of the Gulf Coast Claims Facility are almost over, leaving Ken Feinbergs reputation ever tarnished. The Delay, Deny, and Defend tactics they used were unconscionable, forcing people to take quick pays or lowered final pay outs, just to save BP money, need to be addressed in the BP Settlement, or BP Class Actions will most definitely come into play. There are people now organizing Class Actions for people who took Quick Pays, how do I know because we are one of them.
The GCCF was an Abomination
Never in the history of a disaster such as this was an organization allowed to run rampant and to take advantage of so many. Over 200,000 people took the Quick Pays, people were promised Interim Payments, but instead got bombarded by Quick Pays. The GCCF knew that many people were starving and facing foreclosures.
I never did understand why President Obama and the leaders in the Banking Industry did not put a freeze on foreclosures in the most affected areas. Instead debts piled up and the GCCF took advantage of their own Delay tactics, and as bills piled up for many, and they moved closer to the brink, they began to break out the Quick Pay schemes. People were economically forced to take them and we ALL know this as a fact.
People were told numerous times that the GCCF had lost their paperwork, only to find that often the paperwork was simply mislabeled and put somewhere else in their file, another Delay tactic.
The GCCF went on to lie to major Attorneys in the Oil Spill litigation and told them to take in all the BP Claims they could and put them into the Bulk Upload, this allowed the Attorneys to register the clients and the heads of the GCCF said they would pay these clients even though limited paperwork was on file at the GCCF.
Many people thought there claims had been filed, indeed they were, but they were not payable, we know this because we have talked with the people processing them at Brown Greer and they were laughed at and denied. It seems the GCCF would use these people as targets for Quick Pays as well. We have often heard of people that filed with Attorneys would be approached by members of the GCCF waving 5k or 25k in front of them. These people never even filed claims individually with the GCCF. It is our belief that the GCCF used the many clients that were entered into the Bulk Upload as a contact list, to hit people that were disadvantaged by the whole Bulk Upload scheme so they could be hit by Quick Pays.
It seems as though the GCCF would tell one group one thing, and another group something else, which lead to confusion and aggravation and fewer BP Claims getting paid. People signed off their rights to further sue BP, just for a quick infusion of cash. The BP Settlement has the opportunity to right the many wrongs of the Gulf Coast Claims Facility.
How can we Help you with your BP Settlement.
We have connected with Licensed Claims Adjusters that have worked in this sort of Claims arena for years, they charge 15% for your standard claims and 7.5% for large loss claims. They can help with any BP Claims you may have.
Attorneys are used when needed for the BP Settlement, but there are strategic times and types of claims that they should be called upon. There are most certainly some BP Claims that demand using an Attorney, and when needed they will be. Attorneys traditionally start at 25%.
WE WILL HELP YOU WITH YOUR BP SETTLEMENT.