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CynicalScouter

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Everything posted by CynicalScouter

  1. CynicalScouter
    Here, I'll show you what an answer looks like: No, I do NOT believe that pennies on the dollar is just compensation and I am strongly in favor of getting victims the best possible compensation which, again, pennies on the dollar is NOT. There. That's an answer.
  2. CynicalScouter
    Since at this point I have no idea what threads we are or are not allowed to talk about the bankruptcy and the council camps, I'll post here. This is what Stang had to say and
  3. CynicalScouter
    Just a meta-note here: There is going to be hundreds, I dare say THOUSANDS of discovery requests in the next 90 days. As a reminder of how the process of discovery works (generally). There's usually four types of discovery: Interrogatories: Please answer the following questions to the best of your knowledge. Requests for the production of documents: And "document" is broad. Email, text, note scribbled on a cocktail napkin. Requests for admission: Like interrogatories (and sometimes this gets blurred) but more yes/no. Do you admit or deny that you....Etc. Depos
  4. CynicalScouter
    And the fact that he is still dodging the question tells you what his answer is. You've made your point, and his silence and dodging has made his position clear and how he feels about victims being offered pennies on the dollar by BSA.
  5. CynicalScouter
    Since at this point I have no idea what threads we are or are not allowed to talk about the bankruptcy and the council camps, I'll post here. This is what Stang had to say and
  6. CynicalScouter
    So the TCC has said that it believes the $500 Local Council contribution isn't enough. I am JUST using the BSA's LC balance sheets as of February (it was noted in a hearing that the LCs have made at least $80 million more due to the bull market since then). LCs had Unrestricted Net Assets 1,870,754,935 Restricted Net Assets 1,432,473,515 Total Net Assets of 3,303,228,450. So, let's do the math. $500 million is 26% of unrestricted net assets and 15% of Total Net Assets The TCC is ready to come in and demand $1.5 billion in part because they contend 1) The
  7. CynicalScouter
    This is going to be key. Even at a mere $500 million, several councils merged and lots of councils have put camps and other property on the seller's block. Just wait until Plan 5.5. fails, overwhelmingly, and the TCC comes back to the LCs demanding $1.5 billion. My guess: councils start to bail out of the deal and take their chances in court or hope the statute of limitations never reopens.
  8. CynicalScouter
    You did not answer the question:
  9. CynicalScouter
    Yes, they all did pages 299-303 https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/da60d7ce-df85-45e9-9737-4dd1a5d50014_6445.pdf EXHIBIT C EXPECTED LOCAL COUNCIL SETTLEMENT TRUST CONTRIBUTIONS
  10. CynicalScouter
    I'm curious to see the answer to this question. Pennies on the dollar isn't fair when everyone else is walking away, at worst, with 75%.
  11. CynicalScouter
    All 250+ councils have signed on
  12. CynicalScouter
    Yeah, BSA is really, really clear: it isn't coming back to 2 million and they'd be shocked if it reached 1 million.
  13. CynicalScouter
    And LDS left in 2020's numbers. And BSA has even said it doesn't expect to get to 1,000,000 until 2025 at the earliest. That's not conjecture: that's what they reported to the court as part of their 5 year projections. It's never coming back to the point where you need all these camps, built for a time when you had triple if not quadruple the number of scouts. The camps are getting sold because BSA and the LCs need to pay and because frankly not all of them are needed anymore. Exactly. Even BSA is saying they won't get back to 1,000,000 until 2025 at the earliest.
  14. CynicalScouter
    Yep. Look at the disclosure statement: ALL other classes of voting creditors are getting 75%+ https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/da60d7ce-df85-45e9-9737-4dd1a5d50014_6445.pdf All other voting classes (Class 3A, 3B, 4A, 4B, 5, 6, 7, 8 and 9) are much better Class 3A, 3B, 4A, 4b, and 5 = 100% recovery Class 6 (GENERAL Unsecured claims) 75-95% Class 7 Non-Abuse Litigation Claims = TBD - these are the wrongful death and personal injury claims against BSA Class 8 (Direct Abuse Claims) = 10-21% of $7 billion which, as noted, is an ABSURDLY low estimat
  15. CynicalScouter
    My own experience with court transcripts and transcriptionists in general is: you pay for speed. If you want same day or day after, expect to pay huge premiums. If you are willing to pay for "normal" processing (7-10 days) it is substantially less expensive.
  16. CynicalScouter
    Here's the problem: AIS consists of three lawfirms. Two of those firms (AVA and Kosnoff) are NOT affiliated or part of the Coalition. The third is. Thus some of these claimants are getting claimed by BOTH camps.
  17. CynicalScouter
    I will also say this: I know my council is absolutely furious to see that there are councils who are getting away with paying out tiny percentages of their assets while my council is on the higher end of the percentage spectrum. I think a lot of this may be the TCC coming in COUNCIL BY COUNCIL and saying "Heart of Virginia, you are fine, Cascade Pacific, no way" etc.
  18. CynicalScouter
    Yep. The average is 14% or less. So to use the example: $100,000 and only gave $14,000. Judge then allows you to keep the land. Fair? Just? Equitable? Nope. Nope. Nope. The LCs are going to have to convince the victims. The current offer ($500 million + $100 million note) is not even close. TCC has said it is looking at $1.5 billion or more.
  19. CynicalScouter
    I would argue it isn't a compensation plan. It's an insult.
  20. CynicalScouter
    Then the judge will decide if the LCs really need these. And remember: the victims get the vote. If the LCs keep holding out, they'll never, ever get this plan approved. The victims have the power here to vote yes or no. So you don't need to convince me or the judge. You need to convince the 82,500 victims that the LCs are being honest about "what IS and IS NOT needed for the current scouts." Good luck with that.
  21. CynicalScouter
    Except it is. The BSA and LCs are claiming that certain camps are vital to the mission of Scouting and that they can NOT operate without them. That has legal ramifications as part of a bankruptcy: assets that are deemed essential to the continuing operation of a debtor or in this case third-party non-debtor cannot be touched in a bankruptcy. The LCs, for example, at one point absolutely insisted there were NUMEROUS properties that were "restricted" and therefore could not be sold. Sure enough, they were. Funny how that worked out. The TCC is going to make the case, and very well
  22. CynicalScouter
    Exactly. This is simply refusing to compensate victims and claiming that EVERY camp is absolutely necessary and EVERYTHING has to be off the table. 14% contributions (on average) from LCs and they want to claim that is "substantial" contributions? Note the word "substantial" is the word used in the bankruptcy code as to whether or not a debtor or others seeking to be relieved of claims that they have to reach. No judge is going to look a 4-14% contributions as "substantial". Those camps are getting sold one way or the other.
  23. CynicalScouter
    For those of you tracking the related Purdue Pharma case (in which third-party non-debtor the Sackler Family was allowed to be released from claims) the U.S. Trustee objected and filed an appeal. The U.S. District Court has now issued a TRO (on a Sunday) to prevent implementation of the plan pending appeal.
  24. CynicalScouter
    Kosnoff raises an excellent point. It isn’t that the BSA plan needs to fail. It needs to catastrophically fail. That provides the TCC all kinds of leverage later on.
  25. CynicalScouter
    Do the gross financial mismanagement five years ago my council Lost it’s only camp. We are still here. We are still alive. We are still providing scouting. it can be done.
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