Monday, August 9, 2010

Florida Real Estate Developer Sues Halliburton well-versed by Gulf Spill

Due to the BP oil spill. ,the major landholder in the Florida Panhandle is anguish enormous losses.

St. Joe Company, a real estate developer in Florida that possess 577,000 acres of land in front of the Gulf Coast, filed a ensemble against Halliburton Co. on Aug. 4, asking for more than $1 billion in injures. St. Joe filed the grievance against the oil services company, it said, because Halliburton, which helped to construct the oil well, "ignored multiple warning signs" that the rig was unsafe and could have help to avoid the disaster.

St. Joe said in the protest that Halliburton's work encase the well in cement was not properly managed, "allow oil and gas to escape the well, which caused the catastrophic blowout."

St. Joe claims the fallout from the spill has consequences in lost business at its resorts. The company has suffered an enormous diminish in its stock price which fell by 40 percent shortly after the explosion and a $1 billion drop in market capitalization.

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