In the words of Jeff O’Bryant, a restaurant manager from Miramar Beach Florida, “I received $14,000 in emergency payments and have been offered a measly $7,500 as a final payout. That is supposed to cover losses through 2013? Our losses have cut deep and will be felt for a long time. The $7,500 will cover taxes and a mortgage payment. This won’t nearly be enough to avoid foreclosure.”
A scant three days ago, the average amount of an accepted final payment from Feinberg’s GCCF was at $11,000 dollars, but now, as of March 7th, the average has dropped to $6,800 dollars. By Feinberg’s own estimation there is roughly $15 billion dollars available in BP’s escrow fund, yet so far he has offered up only $64 million dollars in final payment money.
Makes a guy wonder how the negotiations are going between Feinberg and British Petroleum, you know, to determine how much his law firm will be paid for the next three months to administer the fund.
And even though the average on final payments will doubtless fluctuate over the coming months and probably begin to climb at some point, I’m guessing that the claimant, or the business that gets paid more than Feinberg for administering this mess will be the rare, rare exception and certainly not the rule…
Have a nice day.