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Eagle1993

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Posts posted by Eagle1993

  1. 16 minutes ago, CynicalScouter said:

    New mediation report https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/562a5663-2140-4815-a2c4-13de110eedda_5287.pdf

    Cancel June 11 altogether.

    The Mediators, having conferred today with certain of the Mediation Parties, including the Debtors, the Ad Hoc Committee of Local Councils, the Tort Claimants’ Committee, the Coalition, the Future Claimants’ Representative and insurers, suggest that the status conference scheduled for Friday, June 11, 2021, be cancelled to permit discussions among the Mediation Parties to continue without interruption.

    This has all 3 Mediators on the signature line.

    It really feels the are close.  I don't believe there would be time to exit this in failure.  Then have TCC/BSA present updated plans.  Obtain objections/support for those plans.  Hold a couple of hearings.  Then a plan for vote.  Wait for the results.  Review the results and finally approve the plan by September (or October or possibly even November).  What is the point.  They need to exit mediation with an agreement from TCC & the Coalition.  The only other option at this point would be liquidation and I don't see that as a viable path.

  2. 42 minutes ago, CynicalScouter said:

    I don't think it is that BSA won't honor it IN THE LONG RUN. I think the point is that National and the LCs walk away from the bankruptcy now IN THE SHORT TERM, and the COs will be covered by insurance for future legal claims in the regular tort system down the road.

    I think the big shock to our long term COs was BSA stating they were not covered by BSA insurance prior to 1976.

    https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/213bd53f-b44f-45c9-97fc-246bcb7ca06b_4108.pdf

    Quote

    Chartered Organizations are not additional insureds or co-insured under the Hartford policies issued to BSA prior to 1976. The Hartford policies issued to BSA in 1976 and 1977 are ambiguous as to whether Chartered Organizations are additional insureds.

     

    • Upvote 1
  3. 1 minute ago, CynicalScouter said:

    Could the following plan a) go to a vote and b) be approved with ballot language to the effect of:

    1. BSA will put in $XXX million
    2. Local councils will put in $YYY million (or better still, a list of how much EACH council puts in, so ABC Council puts in $1 million, DEF Council puts in $2 million)
    3. ALL insurance rights are placed into the Settlement Trust (which is almost verbatim the current language of the plan), specific amounts TBD?
    4. This plan does NOT pertain to COs and they are NOT listed as "Protected Parties" or "Released Parties"?

    I could also imagine that they either are settling on the restricted assets (which means BSA giving up the OA$ and some HA bases) OR are agreeing to binding arbitration.  I do not see the TCC giving up the fight over the hundreds of millions of BSA restricted assets through mediation.

    • Upvote 1
  4. 1 hour ago, CynicalScouter said:

    Please take notice that at the direction of the Court, the hearing originally scheduled for June 11, 2021, has been adjourned, and will go forward only as a status conference.

    Kosnoff Law

    "This bankruptcy may go down in history as the only instance in which the judge never made a single, solitary ruling.  Survivors would have been better served by a used side by side refrigerator with a broken ice maker and wrapped in a black robe."

  5. 10 minutes ago, CynicalScouter said:

    And the court agrees: the June 11 event is now only a status conference https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/faeb7741-2d46-4c37-b696-d10629348ddd_5285.pdf

    Please take notice that at the direction of the Court, the hearing originally scheduled for June 11, 2021, has been adjourned, and will go forward only as a status conference.

    This definitely sounds like they are finalizing a settlement to cover National BSA and Councils ... or at least a framework of a settlement.  BSA was clear, they need to exit by end of summer.  We could argue if that was 100% true, but it was clear they were burning cash and running out.  If BSA is now asking for an indefinite delay ... that can only mean they realize that a mediated settlement is the only closure path.  I expect the plan would still go to a vote ... but no need to fight within court.

    I wonder if the HA bases are in discussions and if the LC settlement is more along the lines of a council by council payout.  It will be interesting to see the final deal.

  6. 15 hours ago, The Latin Scot said:

    Either way, now I'm a bit confused , mostly because much of the content of this thread is, frankly, veering off-topic. Ironic, as so much of what has been posted has been part of an effort to legitimize this discussion about the Church as being "about Scouting," though now it seems to be about YPT, or mandated reporting ... just what exactly is this discussion supposed to be about? and how much of it has strayed from that topic? 

    This thread started in the bankruptcy thread with a post about the LDS relationship with BSA and a statement that the LDS is more at fault than BSA and should contribute a large amount to the settlement.  It quickly veered in a deeper discussion about LDS reporting practices and after a few pages of posts, I thought it would be best to pull the discussion out of the bankruptcy thread (as it had little to do with bankruptcy) and make it its own topic.  Part of that goal was to allow those who were not following the bankruptcy thread to realize what discussion was taking place and take part (if they desired).

    I think this topic has run its course.  If someone wants to start a new topic about who is mandatory reporting, etc. that is fine.   

    • Thanks 1
    • Upvote 2
  7. There is now an approved alternate to Cyber Chip for Scout & Star Ranks.

    This Personal Safety Awareness may be used in place of the Cyber Chip requirement for the Scout and Star rank.  If used in place of the Cyber Chip requirement for a rank, Scouts are encouraged to inform their Parent or Guardian and unit leader of the replacement prior to viewing the videos.

    https://www.scouting.org/training/youth-protection/scouts-bsa/

     

  8. 3 minutes ago, CynicalScouter said:

    Which is an interesting grouping in that it left out the FCR and the insurance companies. Put aside the FCR for a second (they may have just not been worked up enough to either support or actively oppose a 1 week delay), the fact that the insurers are not "consenting" could be a BSA/TCC/Coalition/LC deal. That looks an awful lot like a global deal.

    I saw that as well.   I'll also say Kosnoff is not screaming on Twitter about this ... more like they are apparently close to a deal.

    I won't believe it until I see it ... but perhaps the BSA leadership is correct at the NAM, they are close to a deal.  BSA really doesn't have an alternate as they are burning through cash right now.  Mediation may be the only way to close this out quickly.  We will see....

  9. 1 minute ago, MYCVAStory said:

    Remember, attorneys hate the courtroom because of the unpredictability.  A continuance may only mean "We don't need you right now Judge."

    That is true.  The delay could give TCC and others the ability to say they tried mediation to the fullest extent and it is time to allow other plans. 

    • Upvote 1
  10. 16 minutes ago, ThenNow said:

    Not reading the letters and/or cherry-picking and highlighting that "several indicated they want the BSA to survive is cowardly and not judge-like imho.

    I thought the same. She could have just left it at how sad the letters were.  I read a lot of the letters, most do not say she needs to save the BSA ... so I was surprised she picked those.

    I was wondering if she was attempting to send a signal where she was headed.  I just wonder if the Coalition thought ... let's try and get the best "voluntary" offer from the BSA before they get a ruling from the judge.   If the judge continues exclusivity, I think that is a sign she is headed to approving the BSA plan. 

    • Upvote 1
  11. In terms of this case, the judge has been very supportive of everyone, but has been very apparent she wants BSA to survive long term.  When she mentioned the letters, she said she couldn't read them all, but she emphasized that several indicated they want the BSA to survive.  She seems more focused on BSA's survival than maximizing a payout for claimants.

    I've also followed the USA Gymnastics bankruptcy and that judge has ripped the Olympic committee and said dig deeper.  There is a major tone difference.  She has never said that to the BSA.  

    While cramdowns never happen, I would not be shocked if she allows a vote on the current BSA deal and if it rejected, takes their Plan B as is and closes out the bankruptcy.  If she does anything else, she risks having the end of BSA on her hands and from everything she says, she doesn't want her name attached to the end of the BSA.  Perhaps the Coalition and others see this as a real threat as well, which is why they are working to improve BSA's deal.  There is a strong chance that there is no other option available.  

    Tomorrow we will see (perhaps today if there is a last minute deal). 

    • Upvote 1
  12. BSA's latest financials

    https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/2f5112e6-d8c5-4fe3-b63b-dab01932cba9_5180.pdf

    They gained $4.4M over the month of April 2021 in available cash.  In 2020, they gained $1.2M.  Now the details

    in 2021, we are seeing higher income from HA bases (+$2M), Supply (+$3M) and transfers from investments (+$11M) than 2020.

    On the cost side, payroll is up ($3M),, trade AP is down ($0.7M), and a combination of other expenses & capex increased ... so total non bankruptcy expenses are higher in 2021 ($4M).

    Bankruptcy expenses are up by $9M

    So expenses up $13M, income up $16M shows an increase over April 2020 for net by $3M.

    I think the concern here is the transfers from investments.  I cannot imagine that continues indefinitely.

    Plus ... in 2020 we didn't have HA bases very active, now we will have have the higher C&B to cover it.

    Now .. May 2020 we lost $5M.  That is with lower C&B and much lower bankruptcy rate.  

     

  13. 5 minutes ago, yknot said:

    It was pretty awful. I kept waiting for the cat face filter to pop up.  

    I've started and stopped writing my thoughts several times.  I do think our leaders love the movement, but I don't think they are the best face for scouting right now.  

    You can be older and active.  You can be larger and active.  But the key is active.  If you are running our scouting organization, you should be outdoors and active.  I rarely see our leaders, out in the field, camping, hiking, canoeing, etc.  I would love to see much more social media presence from our individual leaders, highlights scouts, highlighting their own personal adventures that could be attributed to scouting, perhaps some amazing leadership or something.

    I rarely if ever see them.  I didn't know 2 of the key 3 without searching.  Nothing.  No weekly podcast.  No twitter.  No anything.  Where are they?  

    • Like 1
    • Upvote 1
  14. 17 minutes ago, RememberSchiff said:

    IMHO, sharper, enthused, younger people heading an outdoor youth organization would haven take their 4G/5G laptop/phone outdoors for their report. Their audio and video likely would have been in sync too. As to content, well it resembled a performance review prefaced by a BTW we cannot be fired. :unsure:

    My $0.02 and a Scout Salute to Scouting Ireland,

    I keep hearing the program and how we deliver it will be greatly changed after bankruptcy.  After bankruptcy we will rebrand.  Etc.  They have to have some ideas when they keep saying this .... what are their ideas?  What do they mean?  

  15. 22 hours ago, CynicalScouter said:

    That sure as heck doesn't sound like the mediation went well/we are going to see a breakthrough this week and that TCC is going full bore after the LCs.

    From what I have read, the rumor is the TCC is not being included in the negotiations.  Essentially, the BSA has collected a group of claimant representatives >50% and is working with them on a settlement.  There may be some truth as the Coalition agreed to delay the hearing but the TCC objected. 

    Does anyone know if the TCC is actively part of the current mediation or are the being excluded?  I know the target is 66%, but I wonder if the judge would accept >50% yes votes and if BSA has identified a path to yes with 42,001 claimants.  There could be a lot out there that are just looking for a quick payout.

  16. On 8/13/2019 at 1:22 AM, WAKWIB said:

    True!  And maybe I could share this lack of Zeus' integrity with the Scout in this very goofy scenario.  Keep in mind that the original poster of the Zeus comment was doing it in jest.  I seriously doubt that I will ever have to deal with such a situation.

     

    We had. Den leader talk to his den about Greek and Roman gods.  One of the scouts asked why these gods are no longer believed in.  The leader said that well, people stopped believing in those gods and moved on to other religions.  Then the scout asked... what happens when people stop believing in today’s God(s).   Den meeting over.....  

    I think our Faith den meeting created some agnostics.

    • Haha 1
  17. 14 minutes ago, ThenNow said:

    Since I'm not familiar with the other cases or the Michigan AG's motive and politics, I'm very curious how/why this is happening in this time and space. From my experience in other businesses and top level insurance brokerage through my wife, these are often political animals looking for a crusade to win. I'd love the backstory, if anyone has insight. I recognize this could be a 100% justice motivated and that would be great. I guess it doesn't really matter. I'm glad it's being done, yet curious.

    I have to believe MSU and Nasser come to mind.  They cannot be caught flat footed again.  

    • Upvote 1
  18. 12 hours ago, ThenNow said:

    I wonder if seeing Michigan Crossroads at the top of the LC list for most claims caught their attention or if this has been long bubblin' in the percolator. 

    They did the same with the Catholic Church.   I expect they will start with search warrants soon.  You will see pictures of agents going into all scout offices and pulling files out. 
     

    The good news is that I expect leaders and anyone who covered it up to be charged and probably go to prison.   Michigan charged a priest for assaults dating back to the 1970s.

  19. Riddle me this, Batman.  BSA is saying they are out of cash end of August.  They just delayed the hearing which means everything is delayed 2 weeks.  How do they complete this now by the end of August?  
     

    I expect that if the TCC’s plan becomes public, BSA is going to have a nightmare on their hands as it will likely show a large number of council camps sold. They will hear screaming from volunteers who are not aware of what is about to happen. Perhaps, just perhaps this means BSA will really try to settle over the next two weeks.  They do not want that TCC plan made public if they can avoid it. I’m hopeful this means we are getting close to the beginning of the end. 

  20. 1 hour ago, ThenNow said:

    Looks like BSA is negotiating with some but not all victims (or leaks to WSJ are simply not consistent).  

    "The Boy Scouts have made progress in recent days toward a potential agreement with a coalition of law firms that represents the bulk of the victims who have filed claims ... people familiar with the matter said."

    then there is this 

    "... the Boy Scouts are farther apart from a separate official committee of survivors, other people said."

    Who are the major law firms involved and how do you get to >42,000 without the TCC?  Kosnoff is 17,000 and I don't see him making a side deal.  The coalition is 7,000 and they seemed aligned with the TCC.  Either one of the leaks is not true or BSA is working around the TCC, Kosnoff and the coalition. 

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