I don't know much about RIG yet, but I do know that situations like this generally present great buying opportunities. Everyone is focused on the headlines, but this situation will most likely play out over years and litigation will drag out for over a decade. Look at Exxon Valdez. That was still in court in 2008. RIG is now selling for about 7 times earnings. Yes, earnings will take a hit, but it will be temporary and it will be forgotten at some point, and you have a chance here to pick up a quality company selling at a price that assumes, when you discount future cash flows, that it will NEVER GROW AGAIN.Not going to happen.
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