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Chapter 11 announced - Part 3 - BSA's Toggle Plan


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1 hour ago, Eagle1993 said:

Here is the file with all council assets detailed by the BSA.  It also includes camp by camp value plus details how many claims are NOT time barred.  Just search any council.

BSA - Proposed Amended DS (omniagentsolutions.com)

 

There is a ton of info in this document. It includes a plan to continue to increase fees through 2025. Focus on increasing online programs for Cub Scouts. Targeting girls to increase membership.  No Jambo in 2022.   Financial data, etc.  even those not interested in bankruptcy could find some info regarding the future of BSA.  

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Forums work well in many ways, but it is probably not the best way to discuss the difficult feelings of this bankruptcy while also discussing the impact to child sex abuse survivors.  However, there a

The mental fallout from my abuse was mostly dormant prior to the current lawsuit. It would still torment me in idle moments. Or at night sometimes when I lay in bed trying not to blame myself after so

I would like to not lock the thread but we seem to be in a rut that we need to get out of before any progress can be made. Here are some observations that might help. First, human dignity is the

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Per shared document... looks like updated HA base valuations.

Philmont value... $153M

Sea Base... $29M

Northern Tier ... $8M

Summit Note $43M

The note from Summit is over $300M but they appraised Summit and looked at note and it’s value is only $43M.

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9 hours ago, Eagle1993 said:

details how many claims are NOT time barred.

Based on this document, 24,308. Still, 2-3x the expected number at the outset. Also, this doesn't mean the other 82,458 somehow disappear from the creditor/claimant ledger or vaporize as if they didn't happen. 

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9 hours ago, Eagle1993 said:

Here is the file with all council assets detailed by the BSA.  It also includes camp by camp value plus details how many claims are NOT time barred.  Just search any council.

BSA - Proposed Amended DS (omniagentsolutions.com)

 

Questions:

Is there agreement or a bench decision which assets are restricted?

Does this new plan answer the pressing question of how much money/assets are committed to the Trust? It seems a potential pool of local council assets and insurance policies and good luck fishing.

If the motion to send this third plan out for a vote is denied, how will the exclusivity deadline be effected?

:unsure:

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31 minutes ago, RememberSchiff said:

Questions:

Is there agreement or a bench decision which assets are restricted?

Does this new plan answer the pressing question of how much money/assets are committed to the Trust? It seems a potential pool of local council assets and insurance policies and good luck fishing.

If the motion to send this third plan out for a vote is denied, how will the exclusivity deadline be effected?

:unsure:

Schedule appears here... this will take the rest of the year, perhaps longer.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/2e4fa3fc-bdfe-4582-9bac-60034eb0ef27_21.pdf

May 28 - Disclosures due

June 30 - Document Prodcution

Jul 30 - Fact Discovery cut off

Aug 20 - Expert Testimony Discovery

Sept 24 - Expert Discovery cutoff

Oct 8 - Dispositive deadline

Nov 17 - Witness list

Nov 17 - Pretrial Conference

TBD - Trial

 

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2 hours ago, RememberSchiff said:

Questions:

Is there agreement or a bench decision which assets are restricted?

Does this new plan answer the pressing question of how much money/assets are committed to the Trust? It seems a potential pool of local council assets and insurance policies and good luck fishing.

If the motion to send this third plan out for a vote is denied, how will the exclusivity deadline be effected?

:unsure:

So far there are no bench decisions on assets and the TCC is still questioning the validity of what the BSA says is restricted.  

Money/assets are exactly as you stated " potential pool of local council assets and insurance policies and good luck fishing'". 

If the plan is turned down by the judge she will then rule on the exclusivity.  If exclusivity is denied to the boy scouts then we will see most likely two competing plans.  I believe that the TCC most likely has one waiting in the wings.

This is also the week the TCC is supposed to give the BSA a plan to give to each individual local council on their assets and what they need to (in the TCC's opinion) to contribute.  According to the TCC it will leave each council with two years of operating cash so they will be able to survive.  It will also include what each individual LC's potential exposure is.

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4 hours ago, ThenNow said:

Based on this document, 24,308. Still, 2-3x the expected number at the outset. Also, this doesn't mean the other 82,458 somehow disappear from the creditor/claimant ledger or vaporize as if they didn't happen. 

So how do the time-barred cases line up against those abused where statutes have been revised?  The State where my abuse occurred seems to have a new bill every year to eliminate the SOL, that seems to barely fail but certainly could change with one election cycle.

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1 hour ago, johnsch322 said:

This is also the week the TCC is supposed to give the BSA a plan to give to each individual local council on their assets and what they need to (in the TCC's opinion) to contribute.  According to the TCC it will leave each council with two years of operating cash so they will be able to survive.  It will also include what each individual LC's potential exposure is.

These are anticipated to be transmitted on Thursday.  My understanding is that there was a delay to insure that a process was in place to guarantee that they would be received by local councils.

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2 hours ago, Eagle1993 said:

Schedule appears here... this will take the rest of the year, perhaps longer.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/2e4fa3fc-bdfe-4582-9bac-60034eb0ef27_21.pdf

May 28 - Disclosures due

June 30 - Document Production

Jul 30 - Fact Discovery cut off

Aug 20 - Expert Testimony Discovery

Sept 24 - Expert Discovery cutoff

Oct 8 - Dispositive deadline

Nov 17 - Witness list

Nov 17 - Pretrial Conference

TBD - Trial

 

So six months to negotiate an agreement before trial ... or during trial ... or wait for end of trial.  

This could be easily a year out.

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Some other interesting numbers from BSA's plan.

Global Resolution estimate for # of youth members

  • 2021     1,050,000
  • 2022   994,000
  • 2023   978,000
  • 2024  984,000
  • 2025  1,011,000

Toggle Plan estimate

  • 2021     1,032,000
  • 2022   911,000
  • 2023   859,000
  • 2024  866,000
  • 2025  916,000
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More interesting tidbits.  The BSA also included a possible liquidation analysis for 100% of local councils.  Essentially, if the court agrees that all local councils would be liquidated if National must liquidate.

The BSA is showing that essentially, the abuse claimants would get <$400M total between National and all LCs if the entire BSA was liquidated.  That is their best case.  

So BSA is saying their current offer is better than what would be provided if the entire BSA is liquidated.

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46 minutes ago, fred8033 said:

So six months to negotiate an agreement before trial ... or during trial ... or wait for end of trial.  

This could be easily a year out.

I expect the high adventure bases (and other restricted assets) could take years.  Even after that initial trial November 17th ... there will be appeals.  I do hope that after that trial, it may then allow a negotiated settlement afterward ... though parties may wait until after a round of appeals.  I don't plan on knowing if the HA bases remain within BSA until the end of 2022.  We have decided to not go to BSA HA bases in 2022 and 2023 given the risk.

Note that I expect similar battles at councils.  The most valuable camp in the entire BSA appears to be this gem.. https://alpinescoutcamp.org/ ... estimated to be worth $175M and is listed as restricted.  I expect a battle.

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41 minutes ago, Eagle1993 said:

So BSA is saying their current offer is better than what would be provided if the entire BSA is liquidated.

How is that possible?

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2 minutes ago, MattR said:

How is that possible?

I am assuming it's possible because BSA and councils can make several payments into the CSA fund over several years.

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1 hour ago, Eagle1970 said:

So how do the time-barred cases line up against those abused where statutes have been revised?  The State where my abuse occurred seems to have a new bill every year to eliminate the SOL, that seems to barely fail but certainly could change with one election cycle.

Line up in terms of numbers or subject to defenses and, thus, attempts to reduce awards due to the running of the statute(s)? Or, line up in terms of face value?

Yes. Same with my state. I was working with the legislative sponsors prior to COVID locking them out of the capitol. We had planned a summer study session and were literally on the phone the day I was in Delaware for the TCC selection process. Now, it's back in limbo.

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