Muttsy

This is what I discussed in my earlier post about the INA-Century-Chubb restructuring. This is a very BIG deal. I distilled it but I got it mostly right. This letter contains some remarkable new information. One, Chubb is posturing to reneg on its INA Century obligations. If it did that it would devastate its rating and reputation. Two, under the restructuring policyholders approval was required but apparently never obtained from BSA Third, BSA or it’s assignees of the rights to the insurance policies (a post confirmation litigation trustee can sue Chubb) under the PA I

Kosnoff is mistaken. Chubb Fire and Security is not connected to Chubb. Same name, different lineage.

Representative Speier has expressed interest in using her perch as a senior member of the House Oversight Committee to investigate BSA. See her Open letter to colleagues attached. I don't hold much faith in politicians but at least she is making the right sounds. SIGN ON_ Speier Letter to Boy Scouts of America re Reports of Child Sexual Abuse – DearColleague.us.pdf

I have a difficult time seeing how further mediation at this moment can possibly yield a deal or even meaningful progress. Stang was right to oppose it. Just one example of BSA's countless missteps was the Hartford $650M deal. The BSA lawyers did not diligence the fact that Century did not have even a third of the $$ needed to prevent the clawback of 50% by Hartford. It was a sham deal and Hartford is laughing all the way back to the board room. It was such a colossal blunder, it ranks high in the list. And the mediators facilitated it according to the WSJ article. BSA despera

Forwarded to me from a lawyer friend in the know. From: James Stang <jstang@pszjlaw.com> Sent: Saturday, May 22, 2021 9:06 AM Subject: BSA continuance Colleagues, At the mediators’ request, and over the objection of the TCC, the Court has continued the hearing scheduled for this Monday to June 4 at 10 a.m. EST. During last Wednesday’s hearing, the Court urged the parties to continue settlement discussions. The TCC always intended to do so, and in fact continues to negotiate with the Coalition in

Century Indemnity is a Pennsylvania corporation and regulated by the PA insurance commissioner. Century Indemnity has 300 employees across all locations, meaning not that many jobs in PA. Century is a subsidiary of Chubb LTD, which is a Swiss corporation. Chubb reincorporated itself in Switzerland from NY state in 2015. Its principal headquarters are in NYC not PA. When I first examined this fact, I thought that it did so because Switzerland has a corporate tax rate of 8% as compared with a combined US and NY corporate tax rate of 32% (probably a little less that that after the tax

It is highly unlikely Kosnoff would be supporting any deal and is furious that she is continuing to drag the case out by not issuing rulings. He said so quite colorfully last night on Twitter "I Can't Go for That"

With respect to the the TCC $103B claim value estimate, it is probably conservative but it is also academic. The BSA's most valuable asset is the insurance. Some councils participated in its insurance program a year or a few prior to 1984 when the national BSA insurance program became mandatory for all councils. Some of the pre-1984 policies named the local councils, troops and camps as "additional insureds." Before the national insurance program was established LC's maintained their own separate insurance. Much less is known about those policies because the LC's have been unwilling or

As cryptic as the judge's comments and questions seemed, I think she will do the following (generally), because there is no alternative for her. She knows there is no support for the BSA plan A. The toggle plan means cram down and she knows she cannot cram down a plan over the objections of 95% of the victims, either politically or legally. A cram down has never been done in a sexual abuse bankruptcy and she won't do it here. First, Kosnoff's/Abused in Scouting's campaign to encourage its 17,000 clients to write to the court has been impactful even if the judge redacted portions of them.

I’m new here. The discussions are high level. I’ve read through everything posted. A couple of posts have stuck out. First, the toggle plan makes no logical sense. As noted by others, how does BSA go forward without the LCs and the COs? They will be buried in litigation and in their own Ch 11’s. Windows or not, there is no escape. For example, MI councils are beating their chests about the cases being defensible on SOL in MI. 1600 cases and there will be more under the toggle. How will they defend thousands of lawsuits any more than BSA could defend against 84,000? Second, how does BSA op