Eagle1993

A couple of good points I have seen in other online forums. This is not an approved plan. It is simply an updated plan. Kosnoff twitted an hour ago that he is currently reviewing all 387 pages, a lot of changes with new info. Some council connected individual has stated that there is no deal. They went on to say that this is a proposal that they already gone beyond and there is a lot of stuff not being filed yet. This individual has stated that everyone should wait for an official announcement. So ... it perhaps this is something BSA needed to get out to start a clo

Looking at the plan, I think the survivors got the lion share of National BSA assets. While National BSA appears to keep their HA bases, they gave up other restricted assets and took on additional debt to do so (including ongoing payments to the Settlement Trust). I think this is pretty risky for National BSA, but it is what it is. At the council side, I think you will have to wait to see the council by council settlement details. It appears that the settlement is about 1/3 of the total unrestricted assets of all councils combined. That said, some councils may be paying nearly 100% of

We should know soon. I'm not sure if the status is a detailed look or a % of the total amount.

Cyberchip requires the following: Discuss with your unit leader the acceptable standards and practices for using allowed electronic devices, such as phones and games, at your meetings and other Scouting events. So, it is a unit decision. There is nothing in the Scout Handbook or Troop Leader handbook that I have ever seen that bans cell phones. Our unit allows cell phones for photos (and have for years). We also added the option to use phones for scouting applications (such as looking up merit badge books, info, etc.) and weather reports. It is a tool like a knife, r

TCC & BSA appear to have reached a comprise over the restricted assets & HA bases. BSA agreed to reduce the minimum amount of unrestricted cash/investments from $75M to $25M. Fund a $80M Note (which has the payment schedule I documented above) So that is how they got to the ~$130M. A loan with a payment schedule and selling off $50M of investments. With this deal, HA bases will remain with BSA. However, BSA will exist more in debt (add $80M to the JPM debt) and with far fewer assets (both at National & LCs).

Ok ... that loan to the settlement trust will be paid annually the total of : $4.5M plus $3.50 for every scout in BSA as of Dec 31 from the prior year $50 for every scout that went to a HA base the prior year $50 for every scout above the initial business plan excluding ScoutReach $150 for every scout going to a HA base above the business plan Hmmm ... this looks to me, that BSA better not grow above their business plan. IF they do, they will be paying a TON to the settlement.

Aggregate

It appears BSA took out a loan from Arrow WV to help pay for the settlement. Local Counicls now must provide $300M is cash and $200M in appraised land. many other changes…

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/75cad6f2-cc34-4b0c-896f-0d26815b1189_5368.pdf

Revised plan have been filed. Good time to start a new topic, see link below.

They should have dumped Summit. It looks like BSA may exit bankruptcy with no assets (including no endowment) other than 4 HA Bases and $500M in debt. When they increase annual fees to $150 each scout (Scouts Canada numbers), realize that $75/scout is likely paying the interest on the $500M in loans.

Actually... if you look at BSA's last monthly statement below. Their Restricted Liquidity Balance is $135M. They just increased their offer (per WSJ) by $135M. I wonder if they are giving up 100% of their Restricted Liquidity ... it could just have been by chance these number match ... but I wonder if BSA is finding a way to keep their HA bases. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/2f5112e6-d8c5-4fe3-b63b-dab01932cba9_5180.pdf

BSA previously provided $115M, so not its $250M. So where is the additional $135M coming from? The only thing I could think is that National has agreed to give up on some restricted assets. What is the most likely path to get to $135M incremental? What was listed as restricted: (https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/868464_1.pdf) $40M cash $70M LC Collateral $82M Investments $7M OA $63M All HA Bases $53M Donor Restricted Contributions $6M Misc Summit Assets $8M Annunity $345M Summit Note Now these were the v

Perhaps a minor look at the talks. Century Request to Hold June 17 meeting It appears the insurance companies are out of the loop and BSA/Coalition/TCC are working on a plan (Century states a non-consensual plan will be sought). BSA also hired a law firm to handle their insurance companies. Kosnoff is tweeting as if a plan is coming soon. He is lowering the bar on expectations.

We freeze ours and they seem to last pretty well. While GSUSA states girls sell their cookies, my past experience is that parents sell A LOT of cookies in the office. I can't tell you how many flyers I see from parents. With many working at home, I'm sure those office sales dropped way off. My daughter sold hers online but didn't go door to door so sales were down. I like what our BSA council did for popcorn. They created door hangers to allow Cub Scouts to go door to door without interfacing with adults and thus, avoiding the Covid risk. Then people could call/contact the sco

My guess is that Kosnoff is bluffing a bit… I have a hard time imagining lawsuits against a PTA for bake sale proceeds. That said, I could see this turning into the asbestos lawsuits going forward that seem to be unending over the last decade. As laws change or COs are found to have insurance coverage or decent assets they will be sued.

It could depend if they show by individual CO. While there are large groups of COs, typically each local CO is a single unit (for example, xyz Elks Club would mean 1 unit). Kosnoff is making it clear that in addition to national BSA, local councils and insurance companies, he is looking at suing the BSA legal team for malpractice (I guess that they spent too much and some of the fees should go into the trust) AND every CO he can. He just mentioned ... "large and small churches, civic orgs, VFWs, Elks, Eagles, PTA's ad infintum." So ... if this is shown at the individual CO level,

This does not seem common from my experience; however, it did happen to my Troop as a youth shortly after I aged out. A new COR for our Troop decided to take our Troop funds and put it in their general fund. Any money we would need would then need to be approved by the Church. Any fundraiser would go to the commingled fund. Many of us had scout accounts and it was the only way many afforded to go to camp or BWCA. Those were taken. Our Troop disbanded within a year. Here is a FAQ for BSA’s fiscal policy. https://www.scouting.org/wp-content/uploads/2021/05/Fiscal_Policies_and

Are they keeping the June 17, 2021 hearing?

Kosnoff just came out with some numbers. He is estimating that there were actually millions of youth abused in the BSA. BSA admitted they had 8,000 leaders listed in their perversion files BSA previously admitted they destroyed many files in the 1970s and didn't keep records of what they destroyed In 1935, BSA stated they had 2,500 leaders listed in perversion files. Based on extrapolations (assuming rate remained the same), Kosnoff estimates 45 - 50K leaders were removed from the list in the 1970s. AIS indicates 95% of their clients have identified unique abusers,

Regardless of the bankruptcy outcome, no piece of paper will prevent any lawyer from suing COs in the future. I discussed this with a lawyer back in 2020 during Covid. I asked him if someone got Covid at our event and died, who would he sue. He said everyone. Sue the BSA, Local Councils, Charter Organization and individuals. Go for maximum penalties and let the court figure out who will pay. If any organization signs a piece of paper that ties them to BSA, they could be brought into lawsuits in the future. Perhaps they wouldn't be found liable, but they would need to hire lawyers an

One additional tidbit from Kosnoff. He is claiming there are tens of thousands of others who didn't meet the 11/16/2020 claim date that have claims ready. Once the stay is lifted, it sounds like his and other firms are ready to sue COs and LCs with additional claimants (beyond the 84,000). (National BSA is protected if the claims are prior to Feb 2020). Now, he could be bluffing. However, I have seen advertisements running on TV recently to sue the BSA from AVA. At first, I didn't think much of it ... but now I wonder. There is only 1 reason to keep spending on ads.

Kosnoff is out with his update. Is he reading Scouter.com? Basically, he believes insurance companies, non cooperative LCs and all COs will be abandoned by the BSA. I tend to agree. They have appeared to abandon their current plan and have run out of time for any other option. To me ... this sounds like Kosnoff saying that National BSA abandons any hope of protecting COs or LCs (who are not paying large settlements) and also abandons prior deals with Hartford. I think he is 100% correct here. The COs seem to have not been agreeing to the court delays, so i

I think the US Bankruptcy Trustee is raising the same questions. I'm still not 100% convinced a global settlement would pass an appeals process. All it takes is 1 claimant to say, I want to sue my local council for $20M. They are not bankrupt and are legally responsible for my injury. The could sue and then go through appeals. If the appeals see the Bankruptcy Trustee objected, I wonder if that could get the settlement thrown out. I would have been more convinced if local councils never had to pay out directly from prior lawsuits. So if local councils were found liable in the past

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