Sunday, July 25, 2010


Remember that $20 billion BP escrow fund?

by Larry Geller

Ken Feinberg said today he hasn't been able to start writing claims checks because BP PLC has not yet deposited any money into the $20 billion escrow fund it promised to create.

Feinberg, who was appointed last month to administer individual and business claims stemming from the oil spill, held an early morning town hall meeting in Bayou La Batre on Saturday before meeting with the Press-Register editorial board in downtown Mobile.

Feinberg said he doesn't have the authority to force BP to deposit the money, and that he can't start making payments until it does.

"I don't want the checks to bounce," he said.    [Press Register (AL), Feinberg says BP hasn't put money in escrow account yet, 7/24/2010]

The article reports that BP is making other payments outside of the escrow fund.

See also: “$20 billion escrow account” may be great deal for BP because it isn’t $20 billion at all (6/17/2010)



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