Jump to content

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


Recommended Posts

  • Replies 1.9k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

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

Posted Images

20 minutes ago, Eagle1993 said:

There is a screenshot in the docket above where an individual submitted a ballot to K.R. that they selected Reject and the receipt from K.R. states Approve.  If true ... wow.

Ruh Roh, Raggy...

Link to post
Share on other sites

FWIW....TCC Town Hall tonight.  

PLEASE TAKE FURTHER NOTICE that the Tort Claimants’ Committee will hold a virtual town hall meeting on December 9, 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 because the questions and any answers may be publicly visible or subject to discovery in the Debtors’ bankruptcy case. PLEASE TAKE FURTHER NOTICE that this Town Hall will include: Topics Extension of Voting Deadline Communications with the TCC and its Counsel, Mediation Update, TCC’s continued goals of (1) more money for the trust, (2) independent governance of the settlement trust, and (3) meaningful youth protection.

  • Thanks 2
Link to post
Share on other sites
1 hour ago, MYCVAStory said:

...PLEASE TAKE FURTHER NOTICE that this Town Hall will include: Topics Extension of Voting Deadline Communications with the TCC and its Counsel, Mediation Update, TCC’s continued goals of (1) more money for the trust, (2) independent governance of the settlement trust, and (3) meaningful youth protection.

As to point (3), perhaps the TCC has information on the Survivor Working Group from the BSA and Coalition? For example, has the group met?

 

Edited by RememberSchiff
Link to post
Share on other sites
5 hours ago, RememberSchiff said:

As to point (3), perhaps the TCC has information on the Survivor Working Group from the BSA and Coalition? For example, has the group met?

 

Given the current sensitivity around mediation I suspect all parties will be VERY careful about what is said between groups "privately."  The Judge booted a mediator this past week.  I wouldn't want to be in her sights for breaking mediation confidentiality!

 

  • Thanks 1
  • Upvote 1
Link to post
Share on other sites

Big winners in the Boy Scouts bankruptcy? Attorneys, who could walk away with $1 billion.

https://money.yahoo.com/big-winners-boy-scouts-bankruptcy-100024259.html

"Boy Scouts of America estimates the bill for their professionals, plus those hired by the official creditors’ committees, could be more than $205 million by the end of the year. That’s approaching the amount Boy Scouts said it would contribute to a trust for survivors: $219 million."

On 9/23/2021 at 6:16 PM, RememberSchiff said:

IMHO,  BSA National will reach an inflection point where their legal expenses* exceed their victims' trust contribution before they run out of money.

My $0.02,

*legal expenses starting back in 2018 when BSA hired Sidley Austin

The above link also has these sections:

Boy Scouts’ fees higher than USA Gymnastics, Catholic dioceses cases

Venue shopping one example of bankruptcy loopholes

Infighting drives more activity, resulting in more billable hours

:blink:

Edited by RememberSchiff
  • Sad 2
Link to post
Share on other sites
3 hours ago, RememberSchiff said:

"Boy Scouts of America estimates the bill for their professionals, plus those hired by the official creditors’ committees, could be more than $205 million by the end of the year. That’s approaching the amount Boy Scouts said it would contribute to a trust for survivors: $219 million."

Glad I read this article before eating breakfast...

  • Haha 1
Link to post
Share on other sites

Most of these costs would have been avoided if BSA did a national bankruptcy only.  Including COs & LCs made it incredibly complex and unique.  Add in 84,000 claimants and the process grinds.

I think a big solution is eliminating the ability to include non debtors under bankruptcy.  Unfortunately, the horse has left the barn here.

  • Upvote 3
Link to post
Share on other sites
1 hour ago, Eagle1993 said:

Most of these costs would have been avoided if BSA did a national bankruptcy only.  Including COs & LCs made it incredibly complex and unique.  Add in 84,000 claimants and the process grinds.

To say this has become obscene strains the word’s ability to convey its meaning. From the Latin it is, effectively, “abominable.” The theory is our word comes from the combination of “in front of” and “filth.” 

To top it off, it turns out my attorney read the article, too. He just emailed me. Wants to up the baseline hourly to $8 and demands I agree to lift the cap. I can’t win. There was an e-signature button, but I was afraid to press it for fear if I did my already-cast ballot would turn to a “Yes” vote. Life is goofy. And scary. And expensive. 

Edited by ThenNow
Link to post
Share on other sites

Worth remembering, the TCC's lead firm agreed AFTER being retained to give back 10% of its fees to a Survivor's trust.  It's something, and not matched by the professionals from any other group.  I know, I too wish I had a different career choice at this point but still....

Link to post
Share on other sites
2 minutes ago, MYCVAStory said:

Worth remembering, the TCC's lead firm agreed AFTER being retained to give back 10% of its fees to a Survivor's trust.  It's something, and not matched by the professionals from any other group

Yup and the article even mentioned it.

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