At this point filing a multi-million dollar lawsuit against OceanGate will be like trying to extract blood from a stone.
What tangible assets do OceanGate really have left to pay Nargeolet’s estate? Their CEO (the maverick aerospace engineer who thought he was ‘revolutionizing’ the submarine industry by cutting corners) is dead, their only active submersible imploded, their reputation has been tainted by the fact that they’ve been selling billionaires what is effectively a carbon fiber coffin waiting to implode, and any angel investors have probably pulled out harder than a porn star on the verge of climax.
Even then, they may not even have a case. IANAL but in an age where every single tech and gaming company has been pushing through class action waivers and forced arbitration clauses in their Terms of Service, I get the feeling that any attempts at suing OceanGate will be thrown out of court by the waivers each passenger had to sign.
There is a sense of irony in people celebrating this disaster on social media because it means “five less billionaires in the world.” No, this is potentially a massive L for us commoners, because it shows just how much corporate greed can destroy lives. If the rich can be screwed this badly by an unregulated corporation, imagine what corporate giants can do to people who can’t afford lawyers.
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At this point filing a multi-million dollar lawsuit against OceanGate will be like trying to extract blood from a stone.
What tangible assets do OceanGate really have left to pay Nargeolet’s estate? Their CEO (the maverick aerospace engineer who thought he was ‘revolutionizing’ the submarine industry by cutting corners) is dead, their only active submersible imploded, their reputation has been tainted by the fact that they’ve been selling billionaires what is effectively a carbon fiber coffin waiting to implode, and any angel investors have probably pulled out harder than a porn star on the verge of climax.
Even then, they may not even have a case. IANAL but in an age where every single tech and gaming company has been pushing through class action waivers and forced arbitration clauses in their Terms of Service, I get the feeling that any attempts at suing OceanGate will be thrown out of court by the waivers each passenger had to sign.
There is a sense of irony in people celebrating this disaster on social media because it means “five less billionaires in the world.” No, this is potentially a massive L for us commoners, because it shows just how much corporate greed can destroy lives. If the rich can be screwed this badly by an unregulated corporation, imagine what corporate giants can do to people who can’t afford lawyers.
Movie pitch - to pay all its lawsuits, OceanGate launches one final desperate mission to the wreck of the San José.