A CPA’s view of the GCCF…
In a column for KeysNet.com, a CPA relays his experiences with the GCCF, and what you will find is a professional organization working with the highest of ethics, a strong sense of mission and unimpeachable fairness, consistency and compassion for the aggrieved Gulf Coast.
Oh wait, Feinberg didn’t write this column.
This one was written by Larry Kendzior and what he tells of is frustration with an arbitrary system, one filled with error, false promise and unsatisfied claimants headed to court while Feinberg goes to the bank.
“When the emergency advance payment program ended in November 2010, however, my experience is that the purse strings got significantly tighter. Not only were documentation standards much higher, but the amount of payments has fallen steadily since.”
“Several of my clients have documented claims in excess of $100,000. A few have been paid; most have been denied, or the GCCF has offered to settle for a nominal sum. Based upon recent experience and reading of correspondence from the GCCF or Ken Feinberg, the person appointed by BP to manage the $20 billion settlement fund, it appears that BP is only paying claims that would be valid under the Oil Pollution Act and are fully documented beyond a shadow of a doubt.”
“Don’t be lulled into thinking that you’ll get a check just because GCCF representatives at local claims offices have prepared or reviewed your claim. Many claims handled this way have been denied after review by the central facility in Ohio.”
This is the system Feinberg feels “vindicated” about, and has worked largely as it was intended too…and that may very well be, but I doubt the people of the Gulf Coast felt when Ken Feinberg signed on, the goal of the GCCF was for them to be paid, maybe? Kind-of? We’ll see?
Uh…no, you’ve been denied.
Read the column:
Have a nice day.