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Venturing Program

Meet people from other Venture Crews and discuss program.

624 topics in this forum

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  1. "Lone Venturing"

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  2. "new" to Ventures program

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  3. 1 Ship vs. 3 Ships

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  4. 5 new crews, egads

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  5. A change for good?

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  6. A New Voyage Begins

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    • Century has filed a motion against the TCC, the FCR, and the UCC for burning through over $100 million with nothing (much) to show for it. And they are angry. Under the current Compensation Order, estate professionals are paid 100% of their requested fees every three months. The Debtors, TCC, UCC, and FCR have all failed to exercise any oversight of fees. The appointment of a fee examiner has not amelioratedthe issue of disproportionately high fees in this case. This massive spending occurred largely in the absence of litigation. A shocking number of professionals are billing at top-of-the-market rates without any regard to the proportionality of the services rendered. The enormous rates and the incredible number of lawyers are out of sync with othersexual abuse bankruptcies. The TCC and Coalition professionals are generating enormous duplicative costs. The estate has been billed for over $1 millionfor parties to prepare their fee applications. What does Century want? Hold back some of the fees at least for now until a final settlement or closure is reached.  
    • On the contrary, it demonstrates it pretty clearly. Remember, there are two claims here. The first is that BSA controls the LCs OPERATIONS. The second is that BSA controls LCs PROPERTY. The property argument is incredibly strong and is why this meeting happened. In short: 1) BSA charters each LC annually and can revoke those charters at any time. In other words, LCs exist at the will and the whim of BSA National. 2) Immediately upon terminating a LC charter, ALL LC assets get turned over to National. This is in both the Bylaws of BSA National as well as the LCs. 3) Therefore, while for day to day operations the LCs exist/are independent, ULTIMATELY their assets belong to National. So, the threat (or message) to LCs is this: A) Cooperate now with TCC and hand over the properties. B) Don't, have the court order BSA to terminate all LC charters, the LC assets are turned over to BSA, and the BSA will be forced to turn them over to the Settlement Fun. Or, as was put in a recent court filing. Now, the point is NOT that people are looking for Chapter 7. But that threat is out there and they want to make it clear to the LCs: turn it over now
    • From this negotiator's standpoint, making the other party aware that, "I know what you got in the bank, Jack, so don't try to evade or jack me around in this negotiation," is a big, big deal. That alone is important for the LCs to realize. The TCC wasn't getting full disclosure so they hired some heavy hitters and created their own full asset disclosure statement(s). "So, BSA and LCs? You can't hide what we already know, folks. Lookie here? We got your digits. Let's talk about how to get you a release of future liability, yes?"
    • Peakaboo! For all of you that just look at the "what's new" page, it looks like @Eagle1993 corralled that other thread about how superior Latin is, or whatever it was, and put it back here. You can continue here.
    • As requested, move some comment from this thread to the Chapter 11 one.  This topic can continue to discuss Respondeat superior. Note ... no comment was deleted, they were just moved.  
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