LONDON, March 27, 2013 /PRNewswire/ -- Legal-Bay, a Leading U.S. Lawsuit Settlement Funding Firm for B.P. Gulf of Mexico Oil Spill plaintiffs, announced today that they have been in talks with several foreign institutional Hedge Fund investors as well as traditional banks to raise more funding capital. Legal-Bay previously announced that they had secured up to US $10MM, specifically for B.P. Settlement Claims, however the company now feels that that amount of money will not be enough. British Petroleum has projected that the economic portion of the settlement will result in about $7Bil of exposure, but Legal-Bay believes that the number will be higher.
"We are seeing large amounts of claims coming in for pre-settlement advances north of $1MM. Speaking to our experts across the Gulf region, they believe BP's estimate to be rather low. We have secured funds for the smaller claims, but we are now in talks –and actively seeking- more foreign hedge funds throughout London and Ireland, Spain, as well as in Brazil and other South American countries for large BP Settlement Funding in excess of US $1mm," said CEO, Chris Janish. "We believe the B.P. settlement in the States represents a rare and unique opportunity where investors can obtain returns north of 40% annually with full collateralization from the B.P. lawsuit claim." The British Oil giant's stock price on NYSE has remained in a tight range of $36 to $46 over the last year, as the three year anniversary of the spill approaches in April.
Legal-Bay has reopened talks with La Caixa Bank in Spain, where the company had been in discussions with a large credit facility two years ago. Legal-Bay has also approached two well know hedge funds in London and Sao Palo about making a large commitment to B.P. Settlement Funding in the U.S.
Lawsuit Funding in America has become very popular with Off-Shore hedge funds that want aggressive returns, with less risk than the traditional U.S. Equities Markets. Qualified foreign investors that are interested in inquiring about U.S. investment opportunities can call Legal-Bay's New York area based headquarters at 877.571.0405 or by emailing the CEO directly at: info@legal-Bay.com.