This morning the New York Times picked up on a story we broke in our original reporting last week, namely that BP is at risk of becoming insolvent due to their ever increasing liability as a result of the Deepwater Horizon oil disaster.
Though it doesn't go into the level of detail we did, the article is worth a read, as it takes a more acquisition oriented perspective as well as talks about the precedent of the once seemingly invincible Texaco filing for Chapter 11 bankruptcy in 1987 as a result of a billion dollar jury verdict. As we reported last week, BP's Clean Water Act liability is going up at a rate of at least 1% of their current market cap every 2 weeks.
Keith Olbermann also broached the topic last night. Clip after the jump.
For BP, the wagons are circling and the market's watching.
