Jump to content

Chapter 11 Announced - Part 4 Revised Plan


Recommended Posts

36 minutes ago, Muttsy said:

Yes I do. It’s called state court and the guys and gals with pitch forks are called trial lawyers and yes it’s hot because the HVAC in those decrepit courthouses are always bad.

If that were to happen then consider this, the States where there are open SOLs would allow cases to proceed.  Awards would be given to those who prevail, insurers would appeal indefinitely, but the real issue would be settlements.  When the open States wipe out all the exposure for victims in "closed" States there would be ZERO left if/when States change their SOLs.  Oh, and the same thing would happen to cases in open States that don't get settled in time before policy limits are reached.   The mission of the Trust is to try and secure the most possible and distribute it "equitably."  I Know the "equity" part is a third-rail.  I'm not debating that.  It's just important to understand at this point the impact of letting anyone sue who they want.

  • Upvote 2
Link to post
Share on other sites
  • Replies 1.6k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

@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.

Posted Images

I have been reading these posts with great interest....  I still don’t understand how I, living in a closed state, have any incentive to vote for this plan.  Yes, I know there is the $3500 option or the .01% I could possibly receive from any determination from the court appointed trustee which could be about $1500.00 minus the 40% lawyer cut.  I have spent tons more than that on counseling.... and basically trying to keep myself together.  I still don’t think this was helpful in any way or worth digging up the horrific memories.  I realize that money won’t make it all better but finally seeing some justice I thought would be helpful.  Now if I could just stop blaming myself.  Plus the thought of the insurance companies and my church being able to wiggle out of any responsibility makes me nauseous.

  • Upvote 1
Link to post
Share on other sites
9 hours ago, Muttsy said:

Kosnoff is right. The mass tort hedge funds using lawyers as fronts is what is driving this thing known as the Coalition. I'd love to see the loan agreements these lawyers signed with these Wall Street hedge fund loan sharks. 

Century was on to something months ago demanding to see these disclosures. These loan docs would make the mob blush. 22% APR; 24 month balloons coming due shortly. This "deal" stinks because it is being driven by panicked lawyers who are in hock up to their eyebrows on borrowed money that financed their TV ad campaigns and law firms. How does a two lawyer law firm like Slater, Slater Schulman get the dough to finance a TV campaign that enabled them to sign up 14,000 clients in three months???

Wow.  I'd like to know if this is real?  A settlement motivated by loans coming due and hedge funds wanting results. 

Nice write up @Muttsy

Link to post
Share on other sites
7 hours ago, MYCVAStory said:

It's just important to understand at this point the impact of letting anyone sue who they want.

Just so my post isn’t misinterpreted, I wasn’t saying I’d like to see or support the rejection of the plan in favor of a state court shoot out and race for the cash. I was just sure Muttsy was locked and loaded to give his view of where the judge would tell us all to go. I couldn’t resist the lob.

I’m coming to the conclusion that I have even less control than I thought I did a month, which wasn’t much. Since Deal 4.0 was announced, it’s also becoming clear that I have almost no idea how this is going to play out. I don’t like being out of control and vulnerable to so much uncertainty. I try to lighten it up with humor, however meager my attempts. “Nobody told me there’d be days like these. Strange days, indeed.”

  • Upvote 1
Link to post
Share on other sites
Posted (edited)
5 hours ago, Bronco1821 said:

I have spent tons more than that on counseling.... and basically trying to keep myself together.  I still don’t think this was helpful in any way or worth digging up the horrific memories.  I realize that money won’t make it all better but finally seeing some justice I thought would be helpful.  Now if I could just stop blaming myself.  Plus the thought of the insurance companies and my church being able to wiggle out of any responsibility makes me nauseous.

As I just posted, I don’t have a clear line of sight on what the heck is going on here. At one point, it seemed like it would be straightforward. As the judge failed to rule and impose some order on the process, it seems like it devolved from there. Now, it feels like no one knows what to make of this, if they are completely candid.

I will keep beating this drum, to what end or good I don’t know. The re-traumatization of this process for victims is so hard to accurately state and more so to understand if you’re not in our seat. Vulnerability. Someone else holding the advantage and seeming to take ours. Looming uncertainty. The high likelihood of more pain. Crushed expectations and very few who want to listen. Fewer who can understand. Decision makers busy decision making as we huddle in the corner of our tents. I hate that it can’t be voiced to a broader audience. It’s not just about the effectiveness of this or that path to some award, it’s about the horribly convoluted and confusing process. As I’ve said, I am fairly tuned in and I had no clue it would look like this 16 months after the announcement. My therapist is about ready to burn something down. She asked for Tim Kosnoff’s contact information, but I thought better of it.

Hang in there, brother. I hear you and am praying  for you. I hope that’s okay. If not, I’ll send good thoughts.

Edited by ThenNow
  • Upvote 1
Link to post
Share on other sites
4 hours ago, fred8033 said:

How does a two lawyer law firm like Slater, Slater Schulman get the dough to finance a TV campaign that enabled them to sign up 14,000 clients in three months???

And why does the advertising copy and content of the video ads look so similar to that used by other firms? Benevolent sharing of material for the common good? I don’t think so.

  • Upvote 1
Link to post
Share on other sites
10 hours ago, MYCVAStory said:

When the open States wipe out all the exposure for victims in "closed" States there would be ZERO left if/when States change their SOLs. 

Yep. It becomes a race for the courthouse door, first come, first paid. And if there's nothing left by the time your case gets to the court? Too bad.

 

Link to post
Share on other sites
7 hours ago, Bronco1821 said:

I still don’t understand how I, living in a closed state, have any incentive to vote for this plan.  Yes, I know there is the $3500 option or the .01% I could possibly receive from any determination from the court appointed trustee which could be about $1500.00 minus the 40% lawyer cut.  

Because the alternative is what, exactly?

Under the plan, if you are in a closed state, you could get up to 10% of your claim's value. So, if it is $1 million, that means $100,000.

The alternative is you get nothing because the plan fails. If you are in a closed state, that means you then have have to hire a lawyer and somehow fight in court to have the statute of limitations somehow waived (fraudulent concealment, whatever). Even if you can do it, that will be years from now.

Link to post
Share on other sites
2 hours ago, ThenNow said:

The re-traumatization of this process for victims is so hard to accurately state and more so to understand if you’re not in our seat.

And here's the other concern: the re-traumatization is not over. Any victim who thought (or were told) they would be able to just file the Proof of Claim last November and be paid out is sadly in for a rude awakening (unless they take the $3500 not-questions-asked payout).

Even in the best case scenario, there will be a new document the victims have to fill out asking for even more details about the abuse and its impact. And the Settlement Trustee (or the people he hires) will conduct interviews and ask for more information. Etc.

Link to post
Share on other sites
11 hours ago, MYCVAStory said:

PLEASE do not accept that.  The TCC SPECIFICALLY said that their analysis was not part of mediation and did not share the dashboards as part of it

The point is that we'll know in the next week or so exactly how much each cooperating council is paying into the Settlement. There's no need for me to ask my council today when I can just wait and find out then as well as finding out all the other councils.

Link to post
Share on other sites
Posted (edited)

The insurance companies have filed new docs regarding their previous efforts to have the July 20 hearing postponed to give them time to review things.

And they want to know why Eric Green is the Settlement Trustee.

Quote

For example, the Plan calls for Eric Green to be the Settlement Trustee for the trust to be created to resolve the Abuse Claims; yet, the Disclosure Statement includes no disclosure of the fact that this Court disapproved his appointment as a mediator in this case because of his close relationship with the FCR, nor any  disclosure of how and why Mr. Green has been chosen for this role.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/76971764-d131-4c5b-85f7-310e833051dc_5512.pdf

They are also indicating BSA will produce Mosby on July 9 but BSA is delaying others and are not allowing Ownby to be deposed.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/fa070d16-8b6a-48b8-a937-00b6edeae8a2_5514.pdf

We also get to see the Coalition's responses to some of Century's  discovery demands

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/fa070d16-8b6a-48b8-a937-00b6edeae8a2_5514.pdf

In short, it looks as if Century is demanding to know who is paying the Coalition, what loans were taken out to fund it, any and all documents and emails between the Coalition and the BSA, etc.

The Coalitions response was to reject entirely any/all requests from Century.

Edited by CynicalScouter
Link to post
Share on other sites
13 hours ago, CynicalScouter said:

And this was part of the negotiation, because the argument cuts the other way: why should an abuse victim in a closed state get money to which he has no legal claim under his state laws? Etc.

 

Because BSA encouraged me to file a claim with talk of taking care of victims.  All I heard at that time was that it is a bankruptcy claim, so SoL is not an issue.  Not so much.

Link to post
Share on other sites
9 hours ago, Bronco1821 said:

I have been reading these posts with great interest....  I still don’t understand how I, living in a closed state, have any incentive to vote for this plan.  Yes, I know there is the $3500 option or the .01% I could possibly receive from any determination from the court appointed trustee which could be about $1500.00 minus the 40% lawyer cut.  I have spent tons more than that on counseling.... and basically trying to keep myself together.  I still don’t think this was helpful in any way or worth digging up the horrific memories.  I realize that money won’t make it all better but finally seeing some justice I thought would be helpful.  Now if I could just stop blaming myself.  Plus the thought of the insurance companies and my church being able to wiggle out of any responsibility makes me nauseous.

Agree 100%.  I could have written the same words.

  • Upvote 2
Link to post
Share on other sites
Posted (edited)
18 minutes ago, Eagle1970 said:

Because BSA encouraged me to file a claim with talk of taking care of victims.  All I heard at that time was that it is a bankruptcy claim, so SoL is not an issue.  Not so much.

That is correct but not only because they encouraged you to file a claim. They did it because they intended to bar your claim forever and pay you nothing. They did not want the chance that your abuse state could pass a window or a discovery statute. Just since Feb 20, 2020 the bankruptcy petition filing date, several more states either passed victim friendly laws or extended their existing laws. AR, LA, AZ, NY, ME

Talk about fraudulent concealment. 

Edited by Muttsy
Link to post
Share on other sites
Guest
This topic is now closed to further replies.
×
×
  • Create New...