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LATEST POSTS
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By CynicalScouter · Posted
I just read this a third time. If they get this letter in, the plan's toast. The BSA and the Coalition are going to fight tooth and claw not to let it in, of course. -
By CynicalScouter · Posted
The current BSA plan is around $1.88 billion. "10 cents on the dollar" = $18.8 billion -
By CynicalScouter · Posted
So, doing the math here. The LCs are contributing $500 million (plus the $100 million note, but I put that aside for a second). The TCC has now come out with a specific number they expect from the LCs: "over a billion dollars" more. That would put the LC contributions that the TCC finds acceptable at least at $1.5 billion (again, I am putting the note aside a second) $1.5 billion / 82,500 = $18,181.81 It means, ROUGHLY all councils will have to TRIPLE what they are putting in the pot. That would, generally, move the AVERAGE LC contribution of assets from the 14-16% range to more than 42-48% range. -
By CynicalScouter · Posted
TCC latest filing includes their official letter to be included in the solicitation urging that victims reject the plan. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/ccb69c72-6cc4-49ce-9153-1f417e8943fb_6365.pdf Key quotes (bold in original) "The Official Tort Claimants Committee (TCC) in the chapter 11 bankruptcy of the Boy Scouts of America (BSA) urges survivors to vote to reject BSA’s Plan. The Plan is grossly unfair to the 82,200 survivors who were sexually abused as children. In the TCC’s opinion, survivors may receive less than 10 cents on the dollar under the current BSA Plan." That "10 cents on the dollar" thing is going to be huge. "The key flaws in BSA’s Plan include: BSA’s Plan includes settlements with Local Councils that leave them with over a billion dollars of cash and property in excess of what their current need to fulfill the mission of Scouting. Under the terms of BSA’s Plan, Chartered Organizations do not pay a cent for broad releases for more than 40 years of sexual abuse claims (1976-2020). Instead, Chartered Organizations receive a release of their sexual abuse liability in exchange for a transfer of their interest in insurance policies purchased by the BSA and Local Councils. BSA’s Plan includes a settlement with The Church of Jesus Christ of Latter-Day Saints (TCJC) that is completely insufficient to pay for claims for which it has liability. The Hartford Insurance Company (Hartford), the only settling insurer to date, is paying a small fraction of the coverage it is contractually obligated to provide." Other key passage: what happens if plan gets rejected? "If a sufficient number of survivors vote to reject BSA’s Plan, then the possible outcomes include (i) BSA’s case may be dismissed and survivors may be free to pursue claims against BSA, Local Councils, Chartered Organizations and other parties subject to applicable statutes of limitation; (ii) the Court may appoint a trustee for BSA; (iii) the TCC (or other parties) may submit an alternate plan to reorganize BSA; or the BSA may amend its Plan and seek to resolicit votes to accept or reject such amended plan." -
Please don’t delete my last post. I was submitting nearly simultaneously.
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