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


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This is Doug Kennedy, a member of the TCC.  First, I want to thank all of you for your comments over the past 18 months.  Your comments and those in other forums, whether I disagree with them or not,

A few months ago, one of the posters here offered some great advice I thought.  Type what you intend  to say. Set it aside for a few minutes and look at it again before you press "post". Does it

Normally I wouldn't discuss user issues, but given his profile pic and signature I'm going to make an exception: Regardless of the impression given by his profile picture and signature line, Cyni

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34 minutes ago, johnsch322 said:

The TCC says they have not attended mediation talks because they have not been informed of date and times.  Is this true and would it be legal to not inform them?

Per the mediator this is true.  I don’t see why it wouldn’t be legal. Judge didn’t seem to object.   I think the BSA can work with any party they see fit as it is their plan.  

The way I see this.  The bankruptcy court is there to call balls/strikes and ensure everyone follows the law.  The mediation is there to help parties to work to a plan… it isn’t required.  The FCR and TCC are official parties representing groups of claimants.  It’s BSA’s job to come up with a plan that will get all classes approval.  They can use whatever tools they want to get to that plan.   

One can question the BSA, but I expect they simply want to focus on pleasing the Coalition and hope that they will deliver the votes.  If the coalition fails to get the yes votes, BSA will have to reconsider their tactics.  

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45 minutes ago, Eagle1993 said:

One can question the BSA, but I expect they simply want to focus on pleasing the Coalition and hope that they will deliver the votes.  If the coalition fails to get the yes votes, BSA will have to reconsider their tactics.

From my view point that it seems like a dangerous proposition for the BSA to put all their eggs in the coalition basket.  With the attacks on the coalition as to the veracity of their claims even by other claimant attorneys it sure looks like something that might well back fire on them.  I wonder if anyone in the BSA is having second thoughts?

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32 minutes ago, johnsch322 said:

From my view point that it seems like a dangerous proposition for the BSA to put all their eggs in the coalition basket.  With the attacks on the coalition as to the veracity of their claims even by other claimant attorneys it sure looks like something that might well back fire on them.  I wonder if anyone in the BSA is having second thoughts?

This is the kind of question that Cynical Scouter would have had an opinion on and been able to parse out some scenarios. People didn't always agree with him and he admittedly would sometimes wield his pen more like a scythe but his insights were always instructive. It was good to see ThenNow back, however briefly. Wish CS would return as well. The forum is lifeless without them. IMHO.

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47 minutes ago, johnsch322 said:

I wonder if anyone in the BSA is having second thoughts?

Ha. “Second Thoughts” is the name of the soup du jour on this Hell’s Kitchen menu:

Kosnoff - Dang. Why did I start the Coalition, again? D-oh!!

The Stang & Lucas - For the love of Pete, what happened with the email list serve?!

BSA C-Suite - I didn’t say, “FIRE MICHAEL JOHNSON,” you ninny! I said, “HIRE CHARLES BRONSON!”

Coalition Attorneys - I signed how many proofs of claim? Dang it. Someone show me those Proofs of Claim, rapido!

Judge Silverstein - I knew I should’ve gone on Covid sick leave. I just knew if.

Closed State Survivors - Mom, dad, why did we move from California to Alabama when I was 10, again? 

BSA Attorneys - Weren’t we going to raise our hourly rates on February 17, 2020? Did someone forget to do that?! Bring them to me NOW!

TCC - Who forgot to give the other mediation parties our digits? Are those emails going into the Junk file or wha? Are phone lines down? I knew we shoulda switched to fiber optic...

Survivors - Would someone, ANYONE, remind me why I decided to do this again? Check with my therapist to see if masochism is in my diagnosis? I better do another assessment this next session. 

David Buchbinder - And to think, I was fully vested in the pension program on 1.1.2020. 

Jessica Lauria - I have no regrets. Look at who I married in the midst of this. I’m set to infinity and beyond, thank you very much. 

Should I go on?

Edited by ThenNow
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1 minute ago, ThenNow said:

Ha. “Second Thoughts” is the name of the soup du jour on this Hell’s Kitchen menu:

Kosnoff - Dang. Why did I start the Coalition, again? D-oh!!

The Stang & Lucas - For the love of Pete, what happened with the email list serve?!

BSA C-Suite - I didn’t say, “FIRE MICHAEL JOHNSON,” you ninny! I said, “HIRE CHARLES BRONSON!”

Coalition Attorneys - I signed how many proofs of claim? Dang it. Someone show me those Proofs of Claim, rapido!

Judge Silverstein - I knew I should’ve gone on Covid sick leave. I just knew if.

Closed State Survivors - Mom, dad, why did we move from California to Alabama when I was 10, again? 

BSA Attorneys - Weren’t we going to raise our hourly rates on February 17, 2020? Did someone forget to do that?! Bring them to me NOW!

TCC - Who forgot to give the other mediation parties our digits? Are those emails going into the Junk file or wha? Are phone lines down? I knew we shoulda switched to fiber optic...

Survivors - Would someone, ANYONE, remind me why I decided to do this again? Check with my therapist to see if masochism in my diagnosis? I better do another assessment this next session. 

David Buchbinder - And to think, I was fully vested in the pension program on 1.1.2020. 

Jessica Lauria - I have no regrets. Look at who I married in the midst of this. I’m set to infinity and beyond, thank you very much. 

Should I go on?

And what to my wondering eyes should appear... 

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4 minutes ago, johnsch322 said:

Please never stop!!

I’m not sure I can top that. It’s already a classic. I might frame it in memory of my life in the BSA Chapter 13 Pit of Despair. Still, I’m only mostly dead...there’s still time, however. 

Edited by ThenNow
Oops! That may have been prescient?
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Plan Supplement Documents (620 pages as lettered Exhibits below)

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/9e63149b-24cd-4cf1-b209-74d0d9854bbd_7515.pdf

A. Amended BSA Bylaws (as proposed Nov 30,2021, changes still under consideration)
B. Assumed Contracts and Unexpired Leases Schedule
C. Rejected Contracts and Unexpired Leases Schedule
D. Form of Document Agreement
E. Name of Creditor Representative
F. Reorganized BSA Directors and Officers
G. Form of Leaseback Requirement Agreement
H. Names of the Initial Members of Settlement Trust Advisory Committee
I. Name of the Initial Special Reviewer
J. Draft of Hartford Insurance Settlement Agreement
K. Draft of TCJC Settlement Agreement
L. Form of TDP Expedited Distribution Release
M. Form of TDP Conditional Chartered Organization Release
N. Form of TDP Non-Conditional Chartered Organization Release
O. Form of TDP Final Determination Release
P. Form of Restated 2010 Bond Documents
Q. Form of Restated 2012 Bond Documents
R. Form of Restated Credit Facility Documents
S. Form of Restated Security Agreement
T. Form of Foundation Loan Agreement
U. Form of BSA Settlement Trust Note
V. Form of DST Agreement
W. Form of DST Note
X. Revised Expected Local Council Settlement Trust Contributions (originally filed as Exhibit C to the Disclosure Statement)
Y. Blackline of Revised Expected Local Council Settlement Trust Contributions to Exhibit C to the Disclosure Statement

 

Edited by RememberSchiff
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17 hours ago, ThenNow said:

Ha. “Second Thoughts” is the name of the soup du jour on this Hell’s Kitchen menu:

The Stang & Lucas - For the love of Pete, what happened with the email list serve?!

Coalition Attorneys - I signed how many proofs of claim? Dang it. Someone show me those Proofs of Claim, rapido!

Closed State Survivors - Mom, dad, why did we move from California to Alabama when I was 10, again? 

Survivors - Would someone, ANYONE, remind me why I decided to do this again? Check with my therapist to see if masochism is in my diagnosis? I better do another assessment this next session. 

 

These 4 have run through my thoughts repeatedly.  Especially masochism lol.

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On 11/4/2021 at 10:54 AM, Eagle1993 said:

New report released.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/0fcb0932-c53d-4728-b795-65895a0826df_6901.pdf

Total Ending Unrestricted Liquidity - BSA 145,024,000

Total Ending Unrestricted Cash Balance - BSA 78,496,000

BSA had positive cash flow & didn't touch their remaining trust during the month of September.  Big increases in income from Registrations, Supply & High Adventure. 

I expect we will see positive cash in October as more scouts join the organization.  Then in December/Jan from rechartering.  What will be interesting is that the Methodist Units will not recharter until March/April ... so we will see a late coming surge of recharter payments in 2022.

 

October report released.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/815753dc-61e4-41a7-b808-4cb4a6794e7b_7517.pdf

Total Ending Unrestricted Liquidity - BSA $140,975,000

Total Ending Unrestricted Cash Balance - BSA $74,518,000

So, BSA lost $3,977,000 in cash in October.  There is a bit less income from supply, registrations were nearly equal to Sept.  The big charge?  Bankruptcy.

October = $13.142M

Sept = $6.379M

Remember, October is when they mailed out all of those Size 4 font packages plus probably paid a ton of extra lawyer fees.  

 

 

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Noticed this:

NOTICE OF DECEMBER 2, 2021 VIRTUAL TOWN HALL MEETING
HOSTED BY THE OFFICIAL TORT CLAIMANTS’ COMMITTEE
PLEASE TAKE NOTICE that the Official Committee of Tort Claimants’ (the “TCC”) holds weekly meetings to keep survivors of abuse (“Survivors”) and their representatives informed. The next meeting will be on December 2, 2021 at 8:00 p.m. (ET). The details for the next meeting are below.

PLEASE TAKE FURTHER NOTICE that the Tort Claimants’ Committee will

hold a virtual town hall meeting on December 2, 2021 at 8:00 p.m. (Eastern Time).
Zoom: https://pszjlaw.zoom.us/j/82272826295 (no registration required)
Dial-In by Telephone: 888-788-0099 (Toll Free), Webinar ID: 822 7282 6295. If asked for a “Participant ID,” just press #

PLEASE TAKE FURTHER NOTICE that, pursuant to section 1102(b)(3) and 1103(c) of the Bankruptcy Code, the TCC holds virtual town hall meetings for Survivors of childhood sexual abuse and their representatives Survivors who are not appointed to the Tort Claimants’ Committee to provide updates and access to information about the bankruptcy cases.  The identity of participants shall be kept strictly confidential, but if you ask questions using the
Zoom “Q&A” function, you might want to use your initials or otherwise abbreviate your name

PLEASE TAKE FURTHER NOTICE that this Town Hall will include:

Topics

Communications with the TCC and its Counsel
TCC’s continued goals of (1) more money for the trust,
(2) independent governance of the settlement trust, and
(3) meaningful youth protection.
Voting Deadline and Confirmation Timeline
PLEASE TAKE FURTHER NOTICE that the Town Hall meetings will occur on every Thursday at 8:00 p.m. (ET) using the same Zoom link above and dial in information.  Recordings and transcripts of all Town Hall meetings are posted after they are concluded at  www.TCCBSA.com.

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United Methodist leaders urge congregations to reject proposed settlement with Boy Scouts

United Methodist leaders urge congregations to reject proposed settlement with Boy Scouts – Baptist News Global

In one such North Texas meeting, Bishop Michael McKee told leaders of the region’s 80-church Metro District that the rejection was being pushed for two reasons:

  • Insufficient recompense for the survivors of past sexual abuse by BSA leaders.
  • Increased liability for United Methodist congregations that have sponsored Scout troops, past and present.
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