“A previously unreleased memorandum by the Congressional Research Service outlined ways that a bankruptcy filing by BP could disrupt the cleanup and compensation.
The letter…stated that economic and environmental claims would fall into line behind the company’s secured creditors as ‘nonpriority, unsecured claims,’ leaving much of the continuing cost of cleanup, in all likelihood, to the federal government. With a judge’s approval, the company’s assets could even be sold and its liabilities left behind.”
