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Chapter 11 Announced - Part 4 Revised Plan


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12 minutes ago, CynicalScouter said:

Regarding Hartford: BSA wants out of the deal, but if the judge decides to require the Hartford deal (because BSA signed that deal) is part of the settlement, then the RSA falls apart.

RSA says LCs are paying $500 million. The TCC Zoom says $600 million.

Each LC was given a $ amount. My guess is that if 100% of LCs sign on it will be well north of $500M. The $500M is the minimum number (probably assuming x% decline). TCC may know which LCs have already said yes.   

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@CynicalScouter Thanks from me and frankly, surely everyone, for tracking on the status of National's bankruptcy pleadings, and the procedural steps, past and pending, in the Bankruptcy case. And your

Okay. Enough. If you aren't talking about court proceedings then drop it.  It would be a shame to lock this thread now.

A few random observations from watching this bankruptcy unfold over the past several months: The focus has clearly been on protecting the national organization first and then the local councils.

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1 minute ago, Eagle1993 said:

Each LC was given a $ amount. My guess is that if 100% of LCs sign on it will be well north of $500M. The $500M is the minimum number (probably assuming x% decline). TCC may know which LCs have already said yes.   

I expect nearly 100% accept, so I wouldn’t be surprised if that $600M is closer to the final actual number.  
 

The limited rumors I have heard (probably fourth hand) is that the LC yes/no to the settlement is along the lines “BSA is going to make them an offer they can’t refuse.”  Yes, a LC can refuse the offer, but good luck to the SE or that council in the future.  Perhaps it isn’t that bad, but the pressure is definitely on.  

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30 minutes ago, CynicalScouter said:

Regarding Hartford: BSA wants out of the deal, but if the judge decides to require the Hartford deal (because BSA signed that deal) is part of the settlement, then the RSA falls apart.

RSA says LCs are paying $500 million. The TCC Zoom says $600 million.

Actually LCs did increase as they are taking in a $100M note.  
 

(iii) a $100 million interest-bearing variable-payment obligation note (the “DST Note”) issued by a Delaware statutory trust on as soon as practicable after the Effective Date.

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I am having trouble finding the table that they reference tonight regarding the different states statutes of limitations.  They said all the states were grouped into 5 tiers.  Best to worst.  I can’t seem to find that table...any help?

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1 hour ago, CynicalScouter said:

THIS is the Cleary-type reporting I was hoping for. Annual data on how often BSA is failing at protecting youth.

Yes, this has been the stated goal of the TCC since the beginning.  Going forward, transparency for the public AND publication of those who are a danger to the community.

1 hour ago, CynicalScouter said:

Regarding Hartford: BSA wants out of the deal, but if the judge decides to require the Hartford deal (because BSA signed that deal) is part of the settlement, then the RSA falls apart.

RSA says LCs are paying $500 million. The TCC Zoom says $600 million.

Plus 100 mil promissory note.

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17 minutes ago, Bronco1821 said:

I am having trouble finding the table that they reference tonight regarding the different states statutes of limitations.  They said all the states were grouped into 5 tiers.  Best to worst.  I can’t seem to find that table...any help?

All docs to be linked via TCCBSA.COM for those who don't want to deal with the Omni site.

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Schedule 1
Mitigating Scaling Factor Ranges for Statues of Limitation or
Repose as Mitigating Scaling Factors By State
Legend
Tier    Scaling Factor
Open    1.0
Gray 1    .50-.70
Gray 2    .30-.45
Gray 3    .10-.25
Closed    .01-.10

                                                         

State

Tier

Alabama

Closed

Kansas

Closed

Oklahoma

Closed

Puerto Rico

Closed

South Dakota

Closed

Utah

Closed

Wyoming

Closed

ZZ / Federal

Closed

Connecticut

Gray 1

DC

Gray 1

Delaware

Gray 1

Georgia

Gray 1

Illinois

Gray 1

Massachusetts

Gray 1

New Mexico

Gray 1

Oregon

Gray 1

Pennsylvania

Gray 1

Washington

Gray 1

Iowa

Gray 2

Minnesota

Gray 2

New

Hampshire

Gray 2

North Dakota

Gray 2

Ohio

Gray 2

South Carolina

Gray 2

Tennessee

Gray 2

West Virginia

Gray 2

Alaska

Gray 3

Florida

Gray 3

Idaho

Gray 3

Indiana

Gray 3

Kentucky

Gray 3

Maryland

Gray 3

Michigan

Gray 3

Mississippi

Gray 3

Missouri

Gray 3

Nebraska

Gray 3

Nevada

Gray 3

Rhode Island

Gray 3

Texas

Gray 3

Virgin Islands

Gray 3

Virginia

Gray 3

Wisconsin

Gray 3

Arizona

Open

Arkansas

Open

California

Open

Colorado

Open

Guam

Open

Hawaii

Open

Louisiana

Open

Maine

Open

Montana

Open

New Jersey

Open

New York

Open

North Carolina

Open

Vermont

Open

 

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17 minutes ago, CynicalScouter said:

Tier    Scaling Factor
Open    1.0
Gray 1    .50-.70
Gray 2    .30-.45
Gray 3    .10-.25
Closed    .01-.10

So, a CSA claimant who suffered abuse in a Gray 1, Gray 2 and Gray 3 state has a potential multiplier of 1.4. Sweet. I’m in the money. Put me in a new tier above Open, please. 

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4 hours ago, CynicalScouter said:

THIS is the Cleary-type reporting I was hoping for. Annual data on how often BSA is failing at protecting youth.

This is key to improvements. Very important data that, when made public, will require the BSA to make changes. 

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I found this interesting...

Quote

The Indemnification by Settlement Trust provisions set forth in Article IV.I of the June 18 Plan shall be deleted and restated to provide that from and after the Effective Date, the Settlement Trust shall reimburse, to the fullest extent permitted by applicable law, Reorganized BSA and each of the Local Councils for any documented out-of-pocket, losses, costs, and expenses (including, without limitation, judgments, attorney’s fees and expenses) incurred by Reorganized BSA or any Local Council after the Effective Date attributable to the defense of an Abuse Claim that is channeled to the Settlement Trust if the holder of such Abuse Claim seeks to hold Reorganized BSA or such Local Council liable for such Abuse Claim in violation of the Confirmation Order, as set forth in the Term Sheet.

So, the way I read this, if any local council or organized BSA is sued by a claimant, the trust will be responsible to cover the costs and losses of the LC/BSA.

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24 minutes ago, Eagle1993 said:

I found this interesting...

So, the way I read this, if any local council or organized BSA is sued by a claimant, the trust will be responsible to cover the costs and losses of the LC/BSA.

They would also need the trustee to allow them to sue BSA/LC.  

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3 minutes ago, SilverPalm said:

News outlets are reporting that a settlement has been reached after last night's announcement. Is that true? Has this $850M plan already been accepted?

Subject to approval by the court and a vote by the victims. There's a lot of field left to plow, but it is on the path towards a settlement.

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