MYCVAStory

2 hours ago, CynicalScouter said:

RSA = restructuring support agreement I believe?

Yes.  It basically means the parties are saying "We agree with this in principal and with the critical items.  Now we'll work on getting it ready for a vote."  It does NOT mean that it's a done deal however.  Parties  including insurers can still object.

Apparently the TCCBSA website mixed up the day/date for the next Town Hall.  It's been corrected and is Wednesday this month:

NOTICE OF VIRTUAL TOWN HALL MEETINGS HOSTED BY THE OFFICIAL COMMITTEE OF BOY SCOUT ABUSE SURVIVORS

The next TCC Town Hall will be held on Wednesday, June 30, 2021, at 5pm PDT/8pm EDT. 

Zoom link: https://pszjlaw.zoom.us/j/88993247600 (no registration required)

or

Join by phone: 888-788-0099, meeting id 889 9324 7600

To be discussed:

• Status of Boy Scouts disclosure statement
• Status of negotiations with the Boy Scouts, local councils, chartered organizations, and insurers
• Other motions pending before the bankruptcy court
• The plan confirmation process

5 minutes ago, gpurlee said:

Pretty impressive powers of prediction - almost to the day. Any thoughts on this week's Powerball?

I'm the wrong guy to ask for predictions.  I'm still waiting for my stock in Betamax, Enron, and Delorean Auto to come back.

2 hours ago, johnsch322 said:

I am not sure it was a TCC lawyer who said that but rather a member of the TCC. I just reread the FAQ that the TCC put together and it isn’t exactly clear why one would need a lawyer though I do have one.  My understanding is that once the settlement trust is established that would be when a lawyer would be most helpful. I would like to hear some real expertise on this. 

The TCC has stated that this is a highly personal decision based upon many factors.  In States where victims may pursue cases against their abuser because the Statute allows it it's critical to have a case filed before any deadline AND an attorney specializing in abuse cases.  As well, if this goes to a trust to be sorted out for some the complexity may necessitate having legal expertise.  Again, it depends on the individual AND trust distribution plan.  I'll reserve comment on what is an "appropriate" fee or percentage to pay and only say that ALL financial agreements between clients and attorneys are negotiable.  What's "standard" is only so as long as it's accepted.  The most important point to all of this is that the TCC's attorneys/professionals and Coalition's counterparts represent those entities and NOT individual claimants.  Individual claimants MUST retain an attorney if they so choose for their individual situations.

FYI...Town Hall:

NOTICE OF VIRTUAL TOWN HALL MEETINGS HOSTED BY THE OFFICIAL COMMITTEE OF BOY SCOUT ABUSE SURVIVORS

The next TCC Town Hall will be held on Thursday, June 30, 2021, at 5pm PDT/8pm EDT. 

Zoom link: https://pszjlaw.zoom.us/j/88993247600 (no registration required)

or

Join by phone: 888-788-0099, meeting id 889 9324 7600

To be discussed:

• Status of Boy Scouts disclosure statement
• Status of negotiations with the Boy Scouts, local councils, chartered organizations, and insurers
• Other motions pending before the bankruptcy court
• The plan confirmation process

On 6/26/2021 at 10:56 AM, johnsch322 said:

The TCC has been extremely quiet.  Any idea about the next town hall?

 

Vegas odds say the next one will be Wednesday 6/30.  Stand by.

44 minutes ago, ThenNow said:

All well and good, given the code and absence of any objection, but that just seems absurd to me.

Well, here's more than you probably want to know below.  I'd guess that the attorneys representing a majority of claimants and have been involved with mediation would say that they are making a substantial contribution by getting to a settlement that the majority would vote for.  Please don't make me explain the thinking of attorneys beyond that!  It IS something that is objected to but the cost of the objection could add  the fees if the objection didn't prevail.  At any rate, here's the code in part from: https://www.jonesday.com/en/insights/2012/06/construing-substantial-contribution-under-section-503b3d 

Administrative-Expense Priority for Making a "Substantial Contribution"

Section 503(b)(3)(D) of the Bankruptcy Code grants administrative-expense priority for the "actual, necessary expenses" incurred by a creditor, among other entities, in making a "substantial contribution" in a case under chapter 11. In addition, section 503(b)(4) of the Bankruptcy Code grants administrative-expense priority for "reasonable compensation for professional services rendered by an attorney . . . of an entity whose expense is allowable under" section 503(b)(3)(D) and "reimbursement for actual, necessary expenses incurred by such attorney." As explained by the AmFin court, these provisions are an "accommodation between the two objectives of encouraging meaningful creditor participation in the reorganization process and keeping administrative expenses and fees at a minimum to maximize the estate for creditors."

The Bankruptcy Code neither defines "substantial contribution" nor sets forth criteria to be used in determining whether a substantial contribution has been made in a chapter 11 case. The issue, therefore, of whether a creditor has made a "substantial contribution" is a question of fact, with the moving party bearing the burden of proof. Most courts narrowly construe what constitutes a "substantial contribution" in a chapter 11 case, and most have taken the position that substantial-contribution claims, like other section 503(b) claims, should be strictly limited. The principal test is that there must be actual and demonstrable benefit to the estate and creditors.

6 hours ago, Muttsy said:

Does this section mean what I think it means. Did BSA buy the Coalition’s votes for 10 million dollars?

In bankruptcy proceedings it is not uncommon for recognized mediation parties to "bargain in" certain fees as a part of a settlement.  The code actually allows for reimbursement of fees if substantial contribution to achieving a settlement by a party can be demonstrated in the eyes of the court.  If all parties agree then the court will usually allow it.  Ahhhh....the business of bankruptcy....   I think saying the BSA "bought" votes is over-reaching however and would require not only the TCC and  Federal Bankruptcy Trustee to look the other way but all other parties who would have to agree to not file an objection.  The BSA couldn't deliver that.  If you have a young son/daughter interested in law school have a conversation with them that starts like this..."You know, I've heard bankruptcy attorneys get paid pretty well at a certain level...."

2 hours ago, johnsch322 said:

How does the trustee get the non settled insurance company's to pay into the settlement?

An excellent question.  Here's my guess.  This is about to become ALL about the insurance and I wouldn't place my money on the Hartford "deal" (or better said Insult to Victims) even lasting too much longer.  So, how then to get the insurance companies to settle?  Well, that's where the trust comes in.  There are cases that are "slam dunks."  Horrible acts of abuse, States with viable SOLs, complaints about the abuser that weren't pursued, you get the idea.  If the Trust allows them to go forward and the insurers start to get judgements against them they have to pay.  If they pay enough then it becomes more advantageous to settle.  EVERYTHING in insurance is Time Value of Money.  Does this mean that every victim will be able to tell the trust "no thanks" and go pursue their own cases?  No.  The Trust is responsible for managing this process and against which insurers so that some will quickly realize it isn't worth it.  Does it also mean that those cases that go out to apply pressure will wipe out the available insurance proceeds for everyone else?  No, the Trust would more than likely negotiate terms ahead of time.  Will this take time?  Yep.  The insurers will put up defenses and even try to settle before making a more "global" offer.  At some point though the dam breaks for them and they want out.  Welcome to the business of bankruptcy.  It takes time.  I'm sure the TCC knows that victims want to know what's coming next.  Waiting to see if it announces a Town Hall meeting this week at TCCBSA.COM

6 minutes ago, yknot said:

It can't keep happening. 

Exactly.  Full Stop.

6 minutes ago, Eagle1970 said:

I feared all along that there wouldn't be much money, given the number of claimants.  I say claimants because how in the world could a victim proof of loss be blank, yet valid?  I remember every disgusting detail of my abuse.  And, while the insurers will still have to settle out (which may take years) it appears that fear was well-founded. 

When all is said and done, there is nothing that can heal the damage the BSA and its camp employee did to my entire life.   Trust issues, 2 divorces, relationship issues--none of this can be undone and acting as if a pittance will somehow compensate me is nothing but an insult.  I'm not so sure you could buy a badly used car with the amount we may receive.  And for those who are represented to the tune of 40-50%, it is even more of a gut punch after all the talk of sizable recovery.

I don't want this to come down only to money, like a nominal class-action settlement.  If they are allowed to continue on, I would like to see the BSA memorialize the victims as part of this process.  I'm not sure if that is a place I could visit or a portion of the Charter that acknowledges us and assures it could never happen again.   I'm not a veteran, but I have seen how cathartic the Vietnam Memorial has been to those who were touched by the war.  Maybe something somewhere.  I was looking for closure and see none.  Years after I had done my best to bury the damage, this process ripped open the wounds again.  And I feel empty.

Your points are excellent and feelings understandable.  The very sad fact of this whole situation is that the BSA has put all victims into a bankruptcy process and not a justice process.  This has been about business and not justice and for many that hurts the most.  One thing to consider is that the TCC has mentioned that as part of this there will be "non-monetery issues" to address after the dollar amounts have been settled upon.  The TCC has specifically said that as a part of the BSA restructuring it is focused upon the IV Files so that abusers are known and not able to be a part of other youth-serving organizations, and changes to the BSA Youth Protection program.  Given tat the TCC is made up of nine victims I'd be surprised if they have forgotten about these issues.

Just a comment or two, the BSA plan is a "placeholder" that it needed to file to stay in synch with the court docket and make progress toward bankruptcy emergence.  Don't assume it's the product of wide-scale agreements.  Like past plans, the other parties will now comment and object or support all or parts.  While he has a large number of victims as clients, Kosnoff is not a mediation party.  If the TCC wanted to accomplish a global settlement with all the insurers by now it could have, at fractions of pennies on the dollar.  If a plan transfers the insurance policies to a Trust it puts the trust in charge of litigating to maximize all insurance proceeds it can on behalf of victims.  The fact that the TCC and Coalition aren't speaking suggests that they are working closely.  If the past holds form, now that the BSA has filed a plan the TCC may schedule its next Town Hall soon.

8 hours ago, ThenNow said:

I’m also very curious to learn the TCC’s view, since they have not yet signed on. At these numbers, if this is global, we’ve gone from $6100 to about $9000. WooHoo. Phhhtttt. I believe in our TCC and pray for a better outcome than this.

We'll all have to be careful about the "headlines" when they appear after some sort of deal has been struck.  This has a LOT of nuances but the media will take some amount, divide it by 82-85,000 victims and the sum will become the headline "BSA settles with Victims, Each to receive X."  It's so much more complex.  The funding that goes into any trust will come from not only the BSA/LCs but also COs and INSURERS.  The insurers don't seem interested in a global settlement TODAY and won't roll over easily or quickly until they must.  A LOT of the TCC's work right now must be wrapped up in the construction of all the processes that will continue after the BSA emerges.  Then, it becomes a balancing act of gaining funds in a timely manner and avoiding an unnecessary litigation circus.  We should actually be heartened that the TCC isn't feeding into any media feeding frenzy to make its points.  This is billions of dollars at play and playing cards VERY close to the vest is a lot better than mistakenly allowing someone a peek because you said too much.  That said, it IS agonizing for all victims and hopes are so easily dashed.  Anyone who has lived in a State where every year legislation to change Statutes of Limitations never made it out of committee knows the pain when hopes are dashed.  Victims, whether they consider themselves survivors or on the road to survivorship are some of the strongest people on the planet.  If the insurers believe this is a group that will roll over easily then it will be a Trust's duty after it takes the baton from the TCC and Coalition to make it clear that the insurers may be grossly underestimating the fight and resolve of this group.   Remember,   "Justice delayed is justice denied."  If only this was about justice.    Alas, it isn't, it's bankruptcy so it's business.  The BSA made that choice for all victims when it filed.

31 minutes ago, MYCVAStory said:

Here's to better days soon.

And for now, that means the BSA is the responsible party for having/filing a confirmable plan.  If it wants out of bankruptcy on the schedule it already communicated then perhaps a plan will be filed in the next day or two.

7 hours ago, ThenNow said:

Anyone have any 'what's the skinny' mediation info on the down low?

It's probably pretty safe to assume that to a certain extent "No news is good news."  This is the largest bankruptcy related to sexual abuse in history.  Factor in CO's, LC's, future claimants, and the largest piece of the equation the insurers and the complexity is great.  Every victim had hopes for the parties with financial exposure to be lining up checkbook in hand.  That quickly vanished.  So now it's a lot of sweating the details and everyone should all be reminded that if it's a BSA-only or BSA and LC-only settlement then the litigation against insurers will continue for potentially a long time since time is on their side.  Welcome to the bankruptcy process.  As well, welcome to the speed of the judicial process.  Even those victims in States that were statute-friendly would be seeing their cases crawling through covid-impacted courts.  So for many this process that's crawling along will still result in faster resolution or any sort of resolution at all if the abuse occurred in a statute unfriendly State.  The TCC has reluctantly reminded claimants that this is "business"  and wishes it weren't so.   Safe to assume that the lack of updates and hearings means there's some sort of progress.  For victims waiting for any sort of resolution after decades of hopes on hold it's understandably hard to be patient.  Here's to better days soon.

3 minutes ago, CynicalScouter said:

Yes, which is why I'm very interested to see if TCC/FCR (maybe Coalition?) adds into the ballot packet a statement to the effect of "This in our opinion is the best BSA can offer." or even something as far as "We encourage a yes vote."

The TCC has stated that it fully expects to have a statement included in any packet related to a vote.  This is pretty standard bankruptcy procedure.  I would assume that it will make its position well known and available for viewing as well.  Remember though that in cases of this size victim attorneys often vote on behalf of their clients since they represent them and it's the client's responsibility to cast his/her vote separately or in consultation with the attorney if represented.  

I spoke a little too soon.  The TCC Town Hall meeting Thursday has been postponed.  Given the mediation and court date ongoing/upcoming it's probably safe to assume that there's enough in flux for the TCC to wait until there's something more definite to report.

In case you don't have anything to do Thursday night, a reminder from the TCCBSA.COM website:

NOTICE OF VIRTUAL TOWN HALL MEETINGS HOSTED BY THE OFFICIAL COMMITTEE OF BOY SCOUT ABUSE SURVIVORS

The next TCC Town Hall will be held on Thursday, June 10, 2021, at 5pm PDT/8pm EDT. 

Zoom link: https://pszjlaw.zoom.us/j/87519715926 (no registration required)

or

Join by phone: 888-788-0099, meeting id 875 1971 5926

To be discussed:

• Status of Boy Scouts disclosure statement
• Status of negotiations with the Boy Scouts, local councils, chartered organizations, and insurers
• Other motions pending before the bankruptcy court
• The plan confirmation process

FYI, add another State to the list of those that are opening "Windows" for lawsuits to proceed: https://katv.com/news/local/arkansas-law-to-benefit-sexual-abuse-cases-against-boy-scouts-of-america

This is why Councils in States where there's no legal path forward for victims at the moment should be fighting hard for a permanent injunction and not play the "it doesn't apply to me so why should I have to pay" game.  In discussion for a long time, Louisiana was used as a State where the laws would NEVER change.  Well, not so much and now 1,350 BSA claimants, if they are 21-55 have a litigation path if a permanent injunction is nor a part of any agreement.  Tick-tock States where the laws are still prohibitive.

13 minutes ago, DavidLeeLambert said:

(@MYCVAStory , feel free to correct me if the $6,000 was just the TCC's estimate of the artwork, oil-and-gas leases, and cash.) 

That's basically correct but it doesn't matter.  It included the sum of all values on artwork.  The artwork, which is made up of Rockwells and a lot of other artists has MAJOR issues.  First, any time you dump a lot of an artist on the market you decrease the value because of the increased supply.  If you hold it off the market and sell gradually then you incur storage and selling fees.  The best solution is to sell it all to one collector.  The problem then is that it will be at a significant discount.  Oh, and the value of Rockwells, right now as you can imagine they are declining if there's a significant Boy Scout component because they are "tainted" by all of this.  So, cash is king and realistic valuations on artwork, leases, and potentially camps is queen.  Apologies for the misogyny.

21 minutes ago, CynicalScouter said:

In any such scenario,  the victims attorneys have to in effect argue to their clients that they should take the offer ($7000? $8000?) because there is nothing left for BSA to give. That means the Coalition I guess? But even then, getting to 2/3rds? I just don't know.

While it is of great concern to many on this forum, and for obvious yet different reasons, the BSA and LC assets are only one piece of the pie and probably the smallest.  The biggest is the insurers.  Claimants will have to consider the "whole" pie.

7 minutes ago, Eagle1993 said:

Flashing lights ... we may be close here...

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

34 minutes ago, Muttsy said:

Hard to imagine the Coalition lawyers settling out without the official committee.

There's an old saying, "Friends are people who hate the same people."  How ironic it would be if one of the best things the BSA has done for survivors to this point is try to stonewall both groups representing those survivors and in so doing bring those groups closer and their demands higher due to the new-found unity.

1 hour ago, Eagle1993 said:

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?

Absolutely not true.  As I understand and have full confidence in its validity, The TCC's professionals and State court counsels have been in Chicago, TCC present via Zoom.  All have been fully participating along with other mediation parties and will tomorrow as well.  Beyond the court date Friday if it occurs the TCC has a  regularly scheduled Town Hall meeting next Thursday to update survivors and interested parties.  Link will be posted at TCCBSA.COM