The Patrol Method
Lessons and questions of Scout leadership and operating troop program
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LATEST POSTS
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That's not how bankruptcy works. When a bankruptcy is final, that entity is essentially dead and it's replaced by a new entity of the same name but with no liability for anything that happened before the bankruptcy. So even if other states remove the time limits on suits, they would have no recourse against the post-bankruptcy BSA. (the Councils might be a different matter) The only way I've ever heard of to get money out of a post-bankruptcy entity is to argue that they did something fraudulent during the processing of their bankruptcy that means the bankruptcy proceedings should be re-opened. The only times I've ever heard of that happening it's been when some person or company actively hid a debtor. -
The average payout of Catholic Church bankruptcies is ~$680K per plaintiff. Using that average, it would be a $65B settlement if 95,000 claims or $3.4B settlement if 5,000 claims. Either number far exceeds the total assets of the BSA, even if insurance companies pay half.. For the BSA, they are in much better shape with option 2 above. They should offer their best offer they can while still existing and fighting to hold as many assets as possible … but should stay out of fighting individual claims. Why waste legal fees and add to bad press when the end results will likely remain the same. -
At first I thought this might be good news for the BSA, but my fear is that it simply drags out the bankruptcy. It almost doesn’t matter if it is 15,000 or 85,000 ... the BSA only has a fixed amount of assets and most will be lost with either number The big money might be with the insurance companies. They historically have paid 20 - 80% of the total claims. BSA won’t have billions, even after selling HA based, but the insurance companies will. I expect they the insurance companies will also see this case as the first of many coming from the look back law changes. So they will fight every claim, even if it takes months to years. In the meantime, BSA will continue to hemorrhage cash. I hope the BSA can settle and let the insurance companies fight the claims separately.
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Our council spent the year making some long needed repairs and improvements to camp facilities. They are planning to be open for the summer. -
By CynicalScouter · Posted
Plan Z of course being Zombie Apocalypse which has moved from "laughable" to "well, maybe"....
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