Eagle1993

This guy seems legit. He has a $4 quadrillion plan for China and other countries and is apparently and advisor for Obama and Trump. I hope the judge approves his request.

FYI… The $100M from councils is coming from deferring payments to the pension plan. As the pension plan is well funded, councils will instead make payment on the $100M note.

Not sure if it is the same person. This individual already graduated college after some impressive internships and projects. He currently works as an embedded SW engineer at Qualcomm.

My understanding of some of the complaints from Kosnoff, COs & Insurance companies ... they believe the current plan is to: get a settlement now from BSA and BSA LCs by letting the BSA off easy have the court ignore proof of claim process ... basically assume everything is legit allow the trust to butcher the COs & Insurance Companies long term. Kosnoff seems to think that the insurance payout will not be nearly as large as is being claimed and there is a ton of money left in LCs that is being ignored. I believe he thinks the Coalition is going for the quick settlement because many lawyers took out high interest loans from hedge funds to pay for advertising and other companies to aggregate claims. These loans are starting to come due and/or have high interest rates so law firms that took them out want to pay them off quickly, regardless of the result on their clients. Therefore, the Coalition, driven by a need to close on a settlement to pay off these loans, are agreeing to a lower than desired (by some other firms) payout from LCs. Since the Coalition represent 60,000 claimants, the TCC has to work with them to get the best deal possible. So, a bit odd, but Kosnoff, COs & Insurance companies are all on the same side. Basically, don't approve this quick settlement. I use "quick" as relative. Also, I am not claiming any of this, I am just attempting to summarize my understanding of some of the objections.

We recently had a camp out where there were no activities planned during the day. Just camp and figure it out. During the day, the scouts went on a hike, bike ride and had fun in camp. When we asked the adults at the next meeting how the outing went, another leader who was present complained that we didn’t have enough activities. This was from someone with no youth scouting experience. The PLC liked the outing and had no concerns or complaints… they had fun. Many adults seem to think that if you don’t have an agenda of activities and advancement then the outing wasn’t fully useful.

BSA didn't allow gay scouts until 2013 .. so I have a hard time understanding how they were PC for 20 years.

Kosnoff will try and drag this out if possible. Could he appeal the discovery ruling?

They realize this is probably the last major opportunity to kick around and the BSA. Given that TL prohibits gays I would never let my son join nor would he want to (just as I would never support any organization that would exclude people based on race).

I think it could. LCs, as a whole, are contributing $600M. That is 1/3 of their net unrestricted assets. We are already seeing LCs planning on possibly selling what they claimed as restricted assets to fund the $600M. I expect if all LCs had look back windows, their payout would be much closer to 2/3 or 3/4 of their net unrestricted assets … probably another $600M or so. I would hate to see that, but there are many LCs claiming no camp sales will be required for them to fund the settlement… so their seem to have assets they are not forced to sell right now. I think the question is … are claimants better off rejecting this deal and fighting for a larger LC contribution or accepting what has been offered. If most claimants are only seeing <$10K total do they think there isn’t much to lose by rejecting the deal? We will see…

Just heard from a council… they have to sell all of their camps to cover the cost. Not official yet, so I’m holding out hope. Another council is selling their offices and camps and will purchase a cheap warehouse where they plan to have a permanent PWD track, climbing wall and a area for indoor tent camping. This next month is about to get real rough as we see the impact of $650M. It will be especially rough knowing that HA bases were protected while LC camps are being discarded left and right.

Some law firms coming out against the plan. Kosnoff Tweeted it is DOA, claimants will reject it. I don’t think it really means it is dead, but they are looking for a lot more info in the coming documents. I think this just shows that we may not be 100% closed on a deal yet. https://www.washingtonpost.com/dc-md-va/2021/07/02/boy-scouts-settlement-abuse-victims/

I found this interesting... So, the way I read this, if any local council or organized BSA is sued by a claimant, the trust will be responsible to cover the costs and losses of the LC/BSA.

Actually LCs did increase as they are taking in a $100M note. (iii) a $100 million interest-bearing variable-payment obligation note (the “DST Note”) issued by a Delaware statutory trust on as soon as practicable after the Effective Date.

I expect nearly 100% accept, so I wouldn’t be surprised if that $600M is closer to the final actual number. The limited rumors I have heard (probably fourth hand) is that the LC yes/no to the settlement is along the lines “BSA is going to make them an offer they can’t refuse.” Yes, a LC can refuse the offer, but good luck to the SE or that council in the future. Perhaps it isn’t that bad, but the pressure is definitely on.

Each LC was given a $ amount. My guess is that if 100% of LCs sign on it will be well north of $500M. The $500M is the minimum number (probably assuming x% decline). TCC may know which LCs have already said yes.

Insurance company pre-emptive request to cancel July 20 hearing. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/67a7e046-be35-4050-bd0c-ccdbc228bfc2_5461.pdf

The document is 40GB with 39GB of "please, please, please" followed by "vote for this".

3. Require changes to how the payouts will be calculated. Lower the peak for some, increase the baseline for others. I tend to agree that this will be the max $ out of the BSA, but I could see an argument that if you want the majority to vote for it, and most are looking at 1% of their claim being paid out, they may reject the deal. So, it could be claimant lawyers arguing with TCC over the Trust payout calculations.

I do wonder if you don't sign on the settlement, would you have the option of suing the LC (and their insurance company) in the future if SOL lookback windows change. For now, you could vote against the deal unless they change the payout percentages.

They must know it is being submitted today. Does a RSA mean there is a "general" agreement on a plan that can be submitted for a vote (at least between BSA, Ad Hoc Council Committee, TCC and the Coalition))?

We have far too many councils given our numbers. GSUSA has more scouts and half the number of councils. What to reduce overhead costs… merge councils. Keep districts relatively untouched. I would love to see a 1 to 15 or 1 to 25 ratio between SEs and DEs. Right now it seems like we have too many SEs and not enough DEs.

To me, the test of this is if states change SOL windows in the future and then someone sues their LC which did not go bankrupt. How can the National Bankruptcy shield litigation of an LC that did not go through a bankruptcy procedure when laws in that state change? If I were a victim, I would probably not take a low settlement amount and reserve my right to sue the LC directly in the future (and their insurance company) pending any SOL change. I think this is where the US Bankruptcy Trustee is questioning the structure of the entire deal (that includes coverage for LCs).

They are in Ch11 .. nothing is optimal. They said they would be out of cash and may have to liquidate if they don't exit by end of summer. Take a look at the cash flow again. They only lost $1.76M in cash before the $20M (last year they lost over $5M and had far less bankruptcy expenses ... so they are managing cash better in 2021 than 2020). They have $72M cash right now. In 2020 they burned through $42M in June - August ... lets assume the same cash burn. Leaves them with $30M in September with no further transfers from their endowment. In 2020 they were actually ok on cash September through end of year (and that was a bad year for registrations). I have a hard time seeing them burn $72M+ in cash June - August.

Short summary ... they will NOT run out of cash by September, or October or even early 2022. I think they are showing $3.16M of income from HA bases; however, it is not clear the expenses.

https://apnews.com/article/only-on-ap-health-coronavirus-pandemic-7afeb2667df0a391de3be67b38495972