ATPG on a rise..but why?
Right around the BP oilspill, I purchased sharesof ATPG as part of the ten doubles challenge. And, as one would imagaine, those shares tanked a bit, but today they are on a rise. In investigating the source/cause of such rise, I am left with the conclusion that this rise may be due to the fact that ATPG is making their Titan platform into a limited liability corporation owned entirely by ATPG. Oil and all energy commodities are down today, so assuming this rise in price is somewhat based on reality/rational thinking (I know I have extended myself a bit here), this is the only basis I can find for this rise. It seems logical that by converting one of your better floating drilling platforms into an LLC, you as a company protect yourself from a BP disaster as you remove responsibility of a disaster away from yourself and leave it solely on your drilling paltform, which could file for bankruptcy after a drilling disaster occurs. By filign for bankruptc, the drilling platform LLC does not have to pay reparations and the main company is unscathed. All this seems logical to me, but since I am new to this industry and the legalites associated with it, I was wondering if my logic is correct. Any other insights?
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