Jump to content

Chapter 11 announced


mashmaster

Recommended Posts

USC has a $5B endowment.  They can pay this without bankruptcy or selling buildings and firing anyone.  I think that is the big difference.   BSA has made large payouts in the past $19.9M to a single victim.  I think the current situation has more to do with the mass claims and limited assets instead of who the actual victims are.  

  • Upvote 1
Link to comment
Share on other sites

5 minutes ago, Eagle1993 said:

USC has a $5B endowment.  They can pay this without bankruptcy or selling buildings and firing anyone.  I think that is the big difference.   BSA has made large payouts in the past $19.9M to a single victim.  I think the current situation has more to do with the mass claims and limited assets instead of who the actual victims are.  

Yup. I understand. 

As to the last point, I was highlighting that the $$ figure achieved by the plaintiffs’ side may in part reflect who they are and who USC knows they are, if you get my drift, as we used to say. If not, I’ll snow again. :) 

Link to comment
Share on other sites

On 3/20/2021 at 6:35 AM, ThenNow said:

It occurs to me that this Council, Glacier's Edge, serves WI and IL, both closed states. They are also the source for being "committed to meeting our social and moral responsibility to equitable compensate survivors of past abuse."

Link to comment
Share on other sites

10 hours ago, Eagle1993 said:

USC has a $5B endowment.  They can pay this without bankruptcy or selling buildings and firing anyone.  I think that is the big difference.   BSA has made large payouts in the past $19.9M to a single victim.  I think the current situation has more to do with the mass claims and limited assets instead of who the actual victims are.  

Assuming parts of the endowment aren't restricted.

Link to comment
Share on other sites

8 minutes ago, ThenNow said:

Notice of Hearing on estimation motion. 5/19/21.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/884164_2475.pdf 

That is interesting as it is AFTER the Disclosure Statement Approval Hearing.  So essentially, after BSA's updated settlement offer.  That makes me think the estimation will have more impact on the insurance claims than on the BSA offer.

Any idea when info will come out from the mediation session to be held tomorrow - Thursday this week?  I wonder if it will give a key reading on how assets will be confirmed as restricted (or not) and which LCs are (are not) participating.

I have my PLC meeting today and we are discussing high adventure trips in 2022 and 2023.  At this point I will be telling them that I recommend avoiding the National BSA bases ... but I really hope I don't have to tell them all BSA bases are off limits.  It would be great to know as planning can take years for the bigger trips.  I'm trying to read the tea leaves....

 

Link to comment
Share on other sites

11 minutes ago, Eagle1993 said:

Any idea when info will come out from the mediation session to be held tomorrow - Thursday this week?  I wonder if it will give a key reading on how assets will be confirmed as restricted (or not) and which LCs are (are not) participating.

I have no clue. Someone else may have an idea, though. I would think it greatly depends on what is accomplished, if anything, and whether confidential follow-on conversations are required to reach some measure of agreement.

  • Upvote 1
Link to comment
Share on other sites

30 minutes ago, Eagle1993 said:

That makes me think the estimation will have more impact on the insurance claims than on the BSA offer.

If they don't talk about the estimation at the mediation sessions that would be sorta mind blowing. Again, I'm in the shadow of darkness within a cave in the woods.

PS - I've been advised to keep my expectations right about ankle level, if that says anything. 

Edited by ThenNow
Link to comment
Share on other sites

Because of the confidential nature of mediation there should be little news of the proceedings the next three days.  The TCC will be holding its April Town Hall on Thursday April 8th.  I suspect there will be some discussion then to the extent possible.  Remember, mediation has been on-going and will be continuing so while the next three days are more "intensive" they aren't the start or end of the process and confidentiality rules will continue.  Town hall starts at 8PM on the 8th.  Link is https://pszjlaw.zoom.us/j/84324072960  

TCCBSA.COM for links to past meeting recordings.

 

  • Thanks 4
Link to comment
Share on other sites

There have been several rejects to the BSA plan filed by various lawfirms.  See one example below.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/884597_2497.pdf

I've noticed an interesting trend.  All include this information:

Quote

The Disclosure Statement does not include in its liquidation analysis the
properties of the local councils. Under the Debtors’ governance documents, a local council’s
property reverts to the Debtors if the local council’s charter is not renewed. In a Chapter 7
liquidation of the Debtors, the Chapter 7 trustee presumably would not renew any local council
charters. Since the properties revert to the Debtors, the liquidation analysis must include the
liquidation value of all local council real and personal property. 

So, it seems clear that on the claimants side, the belief is that given out BSA is structured, if national liquidates, it will mean the liquidation of the entire BSA assets (all councils). I(This is only one side of the legal argument I am sure, but it does indicate ALL councils could be at risk, regardless of their individual claims or SOL laws).

Link to comment
Share on other sites

On 3/12/2021 at 12:44 PM, RememberSchiff said:

Speaking of which, has the 2021 BSA Report to the Nation been delivered to Congress?

36 U.S. Code § 30908    Annual Report 

Not later than April 1 of each year, the corporation shall submit a report to Congress on the activities of the corporation during the prior calendar year.

Recall last year 2020

https://blog.scoutingmagazine.org/2020/02/28/these-13-outstanding-scouts-will-deliver-the-bsas-report-to-the-nation/

Delivered virtually. I do not know if a video is available but here is two page report. 

There is no explanation of membership reduction or mention of the Chapter 11 bankruptcy.

https://blog.scoutingmagazine.org/wp-content/uploads/sites/2/2021/03/RTTN_8.5x11.pdf

 

  • Thanks 2
Link to comment
Share on other sites

17 minutes ago, RememberSchiff said:

Delivered virtually. I do not know if a video is available but here is two page report. 

There is no explanation of membership reduction or mention of the Chapter 11 bankruptcy.

I'm sure it must have just slipped their minds.  :unsure:

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
×
×
  • Create New...