[StBernard] Feinberg releases new criteria to determine Final Payment and Interim Payment Offers

[Westley Annis]

Feinberg releases new criteria to determine Final Payment and Interim
Payment Offers

 

The Administrator of the Gulf Coast Claims Facility Ken Feinberg released
his draft proposal Wednesday which will define how final settlements for
spill damages and payments for future losses will be calculated. The draft
proposal can be viewed in full by clicking here:
http://www.gulfcoastclaimsfacility.com/methodologylanding.php
<http://www.gulfcoastclaimsfacility.com/methodologylanding.php> . 

 

Feinberg said his office consulted with experts over the past several months
who have studied the present and future condition of the Gulf, and with
individuals and businesses affected. Experts hired by Feinberg's office said
the Gulf of Mexico should make a projected recovery of 30 percent by the end
of 2011 and a 100 percent recovery by the end of 2012 with oyster harvesting
taking a bit longer to return to pre-oil spill conditions.  

 

According to the newly released methodology, eligible claimants approved for
a Final Payment will be paid two times the actual documented 2010 losses to
compensate for all past and anticipated future losses. The only exception is
for claimants with 2010 losses of $500,000 or more, whose calculation will
be determined on an individual basis. Feinberg also determined that
individuals and businesses engaged in harvesting oysters will likely require
a longer recovery period. Accordingly, their Final Payment Offer will be
equal to an amount four times the actual documented losses in 2010. 

 

Any claimant who disagrees with the GCCF's approach regarding future payment
calculations or who is not ready to accept a Final Payment Offer, may chose
the option of accepting Interim Payments while awaiting further evidence of
Gulf region economic recovery. 

 

Additionally, the draft proposal released today states any Final Payment
Offer will be reduced by compensation already received in Emergency Advance
Payments from BP, the GCCF and other offsets. 

 

The GCCF said future losses factor used in determining Final Payment Offers
may be modified going forward as more information becomes available
regarding Gulf Coast economic recovery. The future losses factor used may be
increased or reduced accordingly as more information becomes available. 

 

The GGCF is inviting all claimants and other interested parties to respond
to the new draft proposal. The public comment period will be open from
Wednesday, February 2 through Wednesday, February 16, 2011. Written comments
received during this time will be made publicly available on the GCCF's
website, www.gulfcoastclaimsfacility.com
<http://www.gulfcoastclaimsfacility.com/> . Following review of the response
to the new criteria, the GCCF will adopt final rules for adjudication and
payment of all Final and Interim Claims. To make a public comment, either
email the GCCF at info at gccf-claims.com <mailto:info at gccf-claims.com>  or
mail your comment to:

Gulf Coast Claims Facility
Kenneth R. Feinberg, Administrator
P.O. Box 9658
Dublin, OH 43017-4958.

 

Additionally, St. Bernard residents with claims questions may contact Jen
Belsom at jbelsom at sbpg.net or 504-444-6249.