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Subject:  Re: And the battle begins Date:  11/2/2011  9:49 AM
Author:  RoyalScribe Number:  571 of 1287

Hi Jim,

I completely agree with you on the big unknown here which is the effects a judgement in favor of BP will have on the contract laws. I am going to look further into this to see if there had been a precedent for this type of suit before. The only thing that pops to mind in terms of breaking contracts would be the auto bailouts (if I am remembering them correctly). Am I incorrect in saying the contract between the bond holders and the company was broken when the government, for all intents and purposes, told them they had to take hair cuts on their bonds, rather than allowing the company to enter bankruptcy and claim the assets?


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