Wednesday, August 27, 2008

Petroleum Puveyor's Profit Payout . . . .

Per The Globe and Mail today:

Exxon to pay out 75% of Valdez damages
August 27, 2008

SEATTLE — — Exxon Mobil Corp. [XOM-N] has agreed to pay out 75 per cent of a $507.5-million (U.S.) damages ruling to settle the 1989 Exxon Valdez oil spill off Alaska, the Anchorage Daily News reported on Tuesday.

Citing both Exxon and the plaintiff's lawyer, the Anchorage Daily News said the oil giant will release about $383-million for distribution to the nearly 33,000 commercial fishermen and others who sued Exxon after the worst tanker crash in U.S. history.

Gee, I hope it doesn't hurt the company's profit margin too much.

After all, they are in a very unique position for world corporations.

Shall we all break out the tissues for the tears that will be shed by the Board and shareholders?

Somehow, I think not . . . .

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