Chapter 11 Announced - Part 6 - Plan 5.0/TCC Plan TBD

[MYCVAStory 687]

8 minutes ago, ThenNow said:

Uh huh. Mess-R-Us. Bring a bib and a splat mat. 

Good point "might seem like a mess" is my biggest understatement yet.  

[SiouxRanger 490]

23 hours ago, T2Eagle said:

We need to be very very careful about questioning the veracity of someone putting themselves forward as a survivor.  We wouldn't tolerate anyone questioning the credibility of the posters who have come forward on these forums as survivors.  We shouldn't --- and won't --- accept it about others.  

There are tens of thousands of survivors, that certainly means there are just as many divergent and honestly held opinions on what the best course of action should be.

I understand appreciate your post.  My position on supporting Survivors has been stated several times.

But, there is a huge qualitative difference between posters analyzing data from court pleadings, news articles, tweets, texts, press conferences, town hall meetings, and such, and, an anonymous statement in support of a position that attorneys will net $400 million in fees, especially considering that the bona fides of that block of attorneys is considered to be highly suspect.

This is not an easy nut to crack, for I am not willing to take the position that the Anonymous Survivor should reveal his identity, but unless the Coalition can present a Survivor who is willing do so, (Of how many thousands of clients and can't find ONE???), the statement of the Anonymous Survivor has no value.

 

Folks, I could claim to be a survivor.  Allege all manner of awful.  Swear or solemnly affirm that I am telling the Truth.  My profile could be fiction.

And CONDEMN the Coalition recommendation.

 

And what would you have from all of that?

 

NOTHING.

 

 

[ThenNow 1373]

9 hours ago, SiouxRanger said:

the statement of the Anonymous Survivor has no value.

As a legal mind, I think what you are saying is it has no probative value. It has value, just as a Doe child sexual abuse complaint must be given the benefit of the doubt (though a much higher bar to file a case...I know. We don’t need to run that rabbit.) As to whether it sways or influences you on the truth and veracity of the statement, that’s a different matter. 

My point in highlighting it was to point out the ridiculously transparent (and strategically foolish) move to forward someone who is anon, banging the BSA drum SO LOUDLY and then slot him as lead-off in your survivor testimonies. Their slip is showing, if you will. That one “oops!” by the Coalition of Abused Attorneys for Payoff laid bare the desperation in their plea and their enmeshment with BSA for their own financial gain. IMNSHO, of course.

[elitts 464]

I apologize because I'm sure I could go back and dig up this info, but I dread the amount of time it would take.

 

What was the estimate of time-barred vs non-barred claims and what does the averaged $/victim look like if all the time barred claims are figured at the "quick-pay" amount?

[MYCVAStory 687]

Just a reminder...

The next Town Hall of the Official Committee of Tort Claimants' (the “TCC”) in the Boy Scouts of America bankruptcy cases will be held on Thursday, October 21, 2021, 8 pm (Eastern)

View Full Notice

Zoom link: https://pszjlaw.zoom.us/j/82272826295 (no registration required) 

or by phone: 888-788-0099 (toll free), Webinar ID: 822 7282 6295

To be discussed at this Town Hall:

• Trust Distribution Procedures

• Hartford Settlement and Local Council Settlement

• Solicitation Materials and Voting Ballots

• TCC’s recommendation on how to vote

[ThenNow 1373]

7 hours ago, elitts said:

What was the estimate of time-barred vs non-barred claims and what does the averaged $/victim look like if all the time barred claims are figured at the "quick-pay" amount?

That’s the $65,000 question, I believe.

[PeterHopkins 62]

On 10/19/2021 at 11:08 AM, johnsch322 said:

Has anyone wondered why BSA was and is so willing to cut a sweetheart deal with the insurance companies?

My understanding is that it was to avoid litigation in which The Hartford would claim it had no obligation at all, because the BSA violated the terms of the policy,

[Muttsy 137]

1 hour ago, ThenNow said:

That’s the $65,000 question, I believe.

Actually, it’s not even a question. Go here and check out the award estimation calculator https://boyscoutssexualabuse.com/estimated-recovery-calculator/

[ThenNow 1373]

43 minutes ago, Muttsy said:

Actually, it’s not even a question. Go here and check out the award estimation calculator https://boyscoutssexualabuse.com/estimated-recovery-calculator/

We’ve looked at that. I believe he was asking for the quick and dirty math (the only brand I do) after breaking out the 58,000 odd “time-barred”, tossing each $3500 and having the balance of fellas divide the kitty evenly. I believe...

I’m not even sure of the number of closed state claims, but I use that number in my little brain. Why? Because it stuck there after being slung from a now unknown source. (I tink the number he seeks is baked into the iconic, pop cultural question referenced above.)

Edited October 22, 2021 by ThenNow

[johnsch322 524]

3 hours ago, PeterHopkins said:

My understanding is that it was to avoid litigation in which The Hartford would claim it had no obligation at all, because the BSA violated the terms of the policy,

Well that precedent of not violating has already been established in cases that had been settled that included insurance payouts.

[PeterHopkins 62]

1 hour ago, johnsch322 said:

Well that precedent of not violating has already been established in cases that had been settled that included insurance payouts.

Nevertheless, if The Hartford doesn't come out of the Bankruptcy with a get out of jail free card in hand, it will be making that argument in the state courts, even if it is just a negotiating posture or delay tactic. They got the BSA to take the bait. If the claimants in this case continue using the same attorneys, many of them appear to be the sort that will take it as well.

[Eagle1993 2160]

5 hours ago, PeterHopkins said:

Nevertheless, if The Hartford doesn't come out of the Bankruptcy with a get out of jail free card in hand, it will be making that argument in the state courts, even if it is just a negotiating posture or delay tactic. They got the BSA to take the bait. If the claimants in this case continue using the same attorneys, many of them appear to be the sort that will take it as well.

I believe this was discussed during a townhall or even on one of our threads here.  The strategy the TCC would recommend following based on prior cases (for insurance companies that don’t settle) would be:

1) The settlement trust would take a few of the best legal cases they would have and sue the insurance companies in state court.

2) Insurance companies would likely lose and could lose big (based on their experience in other CSA cases).

3) Negotiations would be ongoing as more cases would be brought.

4) Eventually there would be a much higher negotiated settlement. 
 

The number floating around for Hartford is $8B in liabilities.  I doubt they give that with strong language and table pounding.  However, if they see the trust is willing to sue them in state court they may be willing to significantly increase their offer.   
 

Right now, there isn’t much incentive to maximize their offer as the Coalition and BSA are looking for a speedy deal. 

[InquisitiveScouter 1653]

49 minutes ago, Eagle1993 said:

speedy

Hasn't that train left the station??? 😜 

[ThenNow 1373]

49 minutes ago, Eagle1993 said:

Right now, there isn’t much incentive to maximize their offer as the Coalition and BSA are looking for a speedy deal. 

And that’s, “the rest of the story.” Maybe that is the story.

Also, my wife, with all her years and experience in insurance and risk management, often tells me she wants a number and she wants certainty. How much cover, how much reserve, how likely and strong is the claim and the batch (if applicable), and when do we expect this to be determined. That has great value to the insurers. I’m a no-nothin, so I can’t say what it’s worth to them here, but a lot more than Peter Anker is letting on.

[ThenNow 1373]

9 minutes ago, InquisitiveScouter said:

59 minutes ago, Eagle1993 said:

speedy

Hasn't that train left the station??? 😜 

Yes, and it left in a hurry.