ScouterDavid

JBWest - can you post the actual story. that website wants me to pay and log in to view the story.

I got mine last Saturday. Basically says "BSA's plan is effective".

I believe this was expected.

My understanding is that if BSA files Chapter 7, it is essentially over for survivors, meaning no payouts for anyone. The pension plan would be taken over by the PBGC and hundreds of millions of dollars would be sought by the government. It is also my understnading that the government is first in line for any assets. Finally, since the plan is a single employer plan, every LC could be held liable for the pension underfunded shortfall. A complete disaster for scouting in general if BSA has to file Chapter 7. I'm not an attorney so if someone has better informaiton, please correct me.

You know, it really feels like this will never end. Approaching 3 YEARS in bankruptcy! Now the District Court has the case. What's next? More appeals, more courts, more time? If it ever goes to the Supreme Court, the wait will increase even more.

Here's the document - it's 567 pages. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/8f10f273-8247-42b4-8079-9e80c1fefe8a_10316.pdf

Most LCs couldn't financially handle one or two claims without going bankrupt.

Possibly, although fall recruitment is when the most cash comes in. Any delay just drains money from the trust. So sad. The only ones getting anything out of this are the lawyers.

The LCs aren't really kicking in an extra $100M. That only applies IF the pension plan is overfunded. After the latest market turbulence, it isn't and the $100M will be going to the pension plan, NOT the trust fund.

I think the BSA pension plan is a single employee plan, meaning that the NC and LCs and jointly and individually liable for the pension plan liability shoud it fail. that would be catastropic for LCs and the government doesn't care - they would just wnat the $$.

I belive the pension plan is a single employer plan, so EVERY LC could be held liable for the pension plan funding. If this were to happen (PBGC takes over hte plan), it would surely bankrupt multiple LCs. Truly a disaster.

I think you are correct when you said "There is truth that liquidation could mean everyone gets nothing." If BSA liquidates, the pension plan crashes and the PBGC take it over. The liabilities of the plan is over $1.3 billion (I think) and as I understand it (could be wrong), the government is first in line to get assets. The SBR appraised for maybe $45 million and BSA owes around $225 million. Chapter 7 would be a disaster.

With a non profit bankruptcy, the court has two obejctives - settle the claims and make sure the organization survives Chapter 11, assuming the mission is still relevant.

It's regarding the sale of the National Distribution Center in Cahrlotte, NC. BSA is selling it and then leasing it back. Proceeds go to the trust fund, subject to certain limits, depending on the amount of cash BSA has as of the effective date (I think).

It's from the BSA National Fundation. I believe the amount is $55 million.