If the insurance payout was $401M then that establishes the value of the platform at the time of loss. The $27M estimate became meaningless the instant the insurance company put a value on the rig. Indeed I'd think tax authorities and the SEC might be interested in asking why an asset worth $401M was booked at only $27M.
With all due respect I think you missed it. Insurance was paid on some proportion of the value immediately
before the explosion and fire, $401M. Whereas the Limitation of Liability Act of 1851 limits liability to the value
after the explosion and fire, $27M.
Help keeping up with the nightmare in the gulf. A fine collection of links, articles and collected information:
http://www.theoildrum.com/node/6463
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