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LATEST POSTS
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By CynicalScouter · Posted
https://theintercept.com/2020/12/21/boy-scouts-abuse-scandal-film/ -
By CynicalScouter · Posted
Except those trademarks may be the ONLY thing that they can't sell. Why? 36 U.S. Code § 30905 grants the "Exclusive right to emblems, badges, marks, and words" to Boy Scouts of America ("National") In order for the bankruptcy court to order the sale of the trademarks, the court would have to (in effect) overturn an act of Congress and somehow find 36 U.S. Code § 30905 not binding? Unconstitutional? I do NOT see that happening. What I've said since the beginning is this: National (the corporate entity created by Congress) survives with $0 assets and whatever Congress granted them rights to (namely the "emblems, badges, descriptive or designating marks, and words or phrases the corporation adopt[ed]") So Eagle Scout survives as belonging to Boy Scouts of America. But the HA bases? OA accounts? Desks and chairs? Norman Rockwell paintings? Paperclips at Headquarters? All liquidated. And then, they turn on the Councils and COs. -
Agreed ... This article, with only 5,000 claims, was estimating the fund would be on the order of $5B. Assuming insurance would have to cover 70%, BSA would need to come up with $1.5B. I can't imagine BSA not liquidating with 95,000 (or 85,000) claims. It's over for National. I fully expect 100% liquidation. Sell everything, including trademarks (good bye Eagle Scout). The lawyers will collect their fees and move on to COs & Councils. At Stake in Boy Scouts’ Bankruptcy: $1 Billion in Assets, or Much More - The New York Times (nytimes.com) Very sad .... I hope I'm wrong, but I'm just waiting to hear the news. -
I'm not sure this is true. My understanding is that the pensions would go to the PBGC who would then be an unsecured creditor, competing with all of the remaining unsecured creditors. Treatment of Pension Plans When an Employer Is in Bankruptcy (friedfrank.com)
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By CynicalScouter · Posted
Great! Only a mere 85,000 left! Total BSA liquidation (including sale of all HA bases and liquidation of the OA account) = ~$677,000,000 $677,000,000/85,000 = $7964. They are going after Councils and COs. Guaranteed.
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