The story was reported by the Wall Street Journal. The law, which helped the owners of the Titanic limit their liability following the 1912 disaster, caps liability at around $27 million. Transocean filed its petition in the Southern District of Texas in Houston. Portfolio.com, a business blog, commented on the report. Among its most trenchant observations: “Over the years, [Transocean] has been more adept at financial engineering than at safety engineering.” More from the blog: Given the billions of dollars in damages in clean up costs that will pile up, it is fair to calmly ask, are they kidding? No, they appear to be for real….The current value of the Deepwater Horizon is $27 million, the company will argue. The pre-accident value was $650 million. Well, that sounds perfectly reasonable. There may, however, be another traditional maritime sanction that could apply here. It’s called walking the plank.
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