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Eagle1993

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Everything posted by Eagle1993

  1. They are in a different claimant class. Each claimant class has to vote yes, by at least 66%. UMC churches votes would not be counted with the sex abuse survivor votes. I believe they would fall under general unsecured claims, but perhaps convenience. They will definitely not fall under direct abuse claims which will likely decide the path of this bankruptcy. 2010 Credit Facility Claims 2019 RCF Claims 2010 Bond Claims 2012 Bond Claims Convenience Claims General Unsecured Claims Non-Abuse Litigation Claims Direct Abuse Claims
  2. This topic is to discuss the legal bankruptcy case against the BSA. The 2nd amended, 5th plan is currently going through voting of all parties. The current plan can be found here: https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/b69d49f8-8dab-4023-9ab9-ba341c6340d2_7832.pdf Voting is currently underway by each of the claimant classes below. The expectation is that each class must approve the plan (>66% of votes cast must say yes) for it to be considered. Most of the focus will be the "direct abuse claims" which total around 84,000 and the primary focus of the ba
  3. Ok .. I'm going to freeze this topic and create a new one. 130 pages is more than enough. Here is the new thread.
  4. FYI ... I moved a few comments to the other thread to keep this one focused on the legal aspects of the bankruptcy. Link below.
  5. This is venturing far from bankruptcy so we may need to move some comments. This is a very limited screen shot. Who knows. Perhaps by pervert they mean gay. Perhaps the first incident BSA became aware of, they put him on this list. Would need more info to truly know.
  6. The judge has been very reluctant to delay this hearing … I also think it’s interesting she wants to see the vote. My guess… if it is not near 95% approval she kills this version of the plan. Every case I am seeing with large claimant classes seem to get to at least 95% and even then sometimes the plan is rejected/changed. Judge indicated she read Purdue ruling and corrected the Hartford lawyer who quoted the judge incorrectly (about a prior ruling). Sounds like she didn’t tip her hand based on what I am reading. BSA says the plan is completely dependent on non debtor re
  7. What do you mean by this? The $100M does not go to BSA it goes to claimants. What does productive use mean to you? Checking to see how claimants spend their money? Just a bit confused. I doubt anyone contributes much to a claimant fund. I have very high doubts they come close to $5M. People interested in BSA will more likely donate to the BSA not the fund. Fundraising would get reallly messy.
  8. UMC just offered $30M. They also agree to work on YPT and help fundraising with councils to hit $100M more to the settlement. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/72e4dc04-9e45-4184-abc7-cd8c5c6595b3_7884.pdf
  9. Unless they charge Scout Executives I doubt it. In the past, with respect to the Catholic Church, and the Mich AG has targeted the actual individuals not leadership. In addition, this is a small number vs the claims.
  10. Purdue Pharma now officially being brought up on the Docket. Note that there will likely be a new case to reference soon as another District Court blasted nonconsensual non debtor releases (calling them nonsense). 00ea8d61-4406-4e26-8710-51a7af2d0ee0_7863.pdf (omniagentsolutions.com) The TCC is asking the judge to not delay confirmation, other than allowing 1 more week for discovery. ... Note that if the TCC thought this was headed to an approval, I bet they would want to delay confirmation hearings. This may be a sign ... The TCC is asking the judge to have a two step Conf
  11. Bankruptcy court is supposed to find that balance. I would argue, if this was a National BSA bankruptcy only, and the settlement stayed within those bounds, we would see that scale more clearly. 1) BSA must be allowed to exit bankruptcy with a 5 year business plan that is achievable. 2) Claimants must approve the plan. I expect it would be much easier for all sides to find that balance. Now, by including LCs and COs and then their insurance coverage ... that scale becomes a 9-dimensional array and likely requires a degree in high energy physics to figure out. If there
  12. Exactly. Another topic going around the lawyer/legal professor Twitter universe is how BSA's LC contributions are structured. Specifically, a Georgetown Legal Professor is questioning how LC funds are being comingled. He is saying this is actually a case that isn't messy and they (BSA) should easily be able to divert funds from a LC to their specific claimants. The professor is also questioning the insurance settlements. The insurance, as written, has a per incident cap (many times $1M) but no aggregate cap. However, now through their settlement they have an aggregate cap whic
  13. I'm not sure that it would matter, but someone who read the 142 pages of the overturn ruling could comment better. Let's assume 100%. The issue is the Slackers who didn't declare bankruptcy. So, why should someone in a year or two be prohibited from suing them if the individual was not part of the bankruptcy case. If the Slackers want to personally benefit from protections granted in bankruptcy, then they should declare bankruptcy. I don't disagree most claimants will look at $ and speed. YPT is probably down the list. The reason I think BSA should have it higher has more to do w
  14. The Michigan AG now has 5 open cases into BSA claims, charges may be coming soon in 1. Nessel: Five investigations looking into Boy Scouts of America claims (detroitnews.com)
  15. To be clear ... I should have said ... "It is critical for a BSA plan to be approved..." I personally don't believe this plan is going to survive appeals. I agree with you that this plan should be rejected. BSA's current focus seems to be (in this order): Protect high adventure bases Minimize local council payments Speed to confirmation Provide protection for charter organizations Maximizing claimant % approval Risk of overturn in appeals process Youth protection changes I think their priorities should be: Risk of overturn in appeals proce
  16. Purdue Pharma update Note that an appellate judge rejected the bankruptcy plan. Purdue has mentioned it will appeal. There is a twitter thread discussing how long it would take to undo the ruling. Estimates are in the 9 month range. So ... the Purdue possible time (Bankruptcy approved in Sept 2021, overturned in Dec 2021. Best case for Purdue, the overturn ruling could come in September 2022 (1 year after the initial bankruptcy plan was approved)! So ... think of this ... if BSA's plan is approved in February and then overturned by an appellate judge, it may be Feb 2023 to g
  17. BSA has filed an updated version of the 5th amended plan this past Saturday. At first glance, it is primarily about the Century deal. However, it changes definition of abuse and a few other topics (including the Charter Orgs). I haven't read through it fully yet. Note that it sounds like the various groups already know where the vote is today (8 days until the deadline). Media likely have some idea of where it is headed. Finally, there are questions being raised as to how a single claimant class can have a vote right now when the plan is changing. Some would have voted before an
  18. I expect both would be decided by state courts. First, the CO would likely ask for the case to be dismissed saying they were not liable as they followed BSA policies. If that didn’t work, then I expect the CO would then sue the BSA insurance company if they were not helping/providing coverage. I’ve seen many examples where churches/etc sued insurance companies for not covering them in CSA. These are just a couple of guesses but I agree the issue is complex.
  19. I think @vol_scoutermay be correct ... one cannot dismiss the chance that net/net, the current plan may end up giving the average claimant the highest settlement. I also think @vol_scouter is correct in that it will be tough to get a much larger settlement from LCs across the board. Perhaps some LCs can provide an increase, but if the need is 2x or 3x ... at that point, LCs will probably just rather take the risk in state courts. If there is an LC by LC discharge option, and that money goes to the specific council claimants, there is a chance some stay within the National bankruptcy.
  20. I agree, but there are state councils who filed objections to the plan referencing the steps I listed. I don't see this happening and BSA can completely avoid the question by staying in Chapter 11. If they enter Chapter 7, this will become a question that will have to be answered. The court will need to follow applicable law. They call balls/strikes. They must ensure BSA has a business plan that can succeed WHILE getting agreement from creditors. I'm not sure what I wrote that stated the court is fighting the BSA. Now ... to be fair .. the DOJ is absolutely fighting this plan, but t
  21. One strategy, which the court hasn't really ruled on, is the following path. 1) Keep fighting National BSA until they simply cannot afford CH11 and they then volunteer to go CH7. 2) Court appoints a group of trustees to run BSA. Their job, just like all Ch7, is to maximize value for all claimants. 3) That group of trustees then pulls 100% of charters from all LCs. 4) Per LC/National charter agreements, once a charter ends, all LC assets are turned over to National. 5) Bankruptcy court liquidates the entire organization, and has 10B or so in assets. First ... I do
  22. I don't see this going CH7. I could see this going BSA National CH11.
  23. The issue is the elimination of all liability will require payment of near bankruptcy levels for each LC. If they are not willing to do that, I question if any court is willing to accept the plan. My other question ...would a LC by LC release be an option? Those LCs that contribute enough could get releases (and those funds would be directed to claimants from those councils). To me, the NY LCs are likely going to go immediately to bankruptcy, so perhaps they would be more willing to settle now. Welcome to Scouter.com!
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