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BP Compensation News
- Over 150 Claims Found Eligible and Paid
- Multiple Incompleteness Denials Overturned
- Focusing on the New Accounting Rules
- Overwhelming Majority of Appeals Won
- Millions Recovered from BP
Client Claim Examples
Here are a couple of examples of different businesses who qualify under the BP settlement.
Revenues May Have Increased, But You May Still Be Eligible for Significant Compensation
- One gas station with a convenient store in northern Louisiana showed a $16,000 increase in income on their tax returns from 2009 to 2010. However, after our team analyzed this client's monthly sales and use tax returns and their monthly profit and loss statements, we were able to prove that this client experienced a loss between May and December of 2010, as compared to prior years. BP has offered over $175,000 to this client.
- A bicycle retailer located in Florida had 2009 revenues of $1,922,547 and 2010 revenues of $2,428,270. (An increase of over $500k.) Based on the compensation formula in the Settlement Agreement, however, we were able to file a claim for almost one million dollars.
Why Can You Recover Damages Even if Your Revenue Increases?
The reason is that the compensation formula takes into account your business' "variable profits", which is defined in the Settlement Agreement, not according to GAAP accounting standards. Also, the formula applies a Claimant-Specific growth factor that captures incremental profits that might have been expected to be generated in 2010 in the absence of the spill, based on your business' revenue growth in prior periods. Finally, a variable margin multiplier may be applied depending on the circumstances.
Call us at 1-800-379-4033 for a copy of the settlement and to discuss your claim.