ATP Oil And Gas Files For Bankruptcy, CEO Blames Obama
Now
that the "alternative energy" industry is in shambles following one
after another solar company bankruptcy, as the realization that at
current prices, alternative energy business models are still just too
unsustainable, no matter how much public equity is pumped into them,
more "traditional" companies have resumed circling the drain. First, it
was Patriot Coal, which finally succumbed to reality a month ago. Now it is the turn of ATP Oil and Gas, which filed Chapter 11 in Texas last night.
And sure enough, in a world in which nobody is to blame, and everything
is someone else's fault, the CEO promptly made a case that he is
blameless and it is all Obama's fault. According to Forbes:
"The founder and chairman of [ATP Paul Bulmahn] wants the world to know
that the Obama Administration—and its illegal ban on deepwater drilling
in the wake of the BP disaster—is to blame for the implosion of his
company. Not him. “It is all directly attributable to what the government did to us,” he rails. “This Administration ha http://www.zerohedge.com/news/atp-gas-and-energy-files-bankruptcy-ceo-blames-obama
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