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

[Eagle1993 2161]

UMC just offered $30M.  They also agree to work on YPT and help fundraising with councils to hit $100M more to the settlement.  

 

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/72e4dc04-9e45-4184-abc7-cd8c5c6595b3_7884.pdf

Edited December 21, 2021 by Eagle1993

[ThenNow 1373]

9 minutes ago, Eagle1993 said:

UMC just offered $30M.  Details pending

Their congregations comprise, what, 17+% of the COs? I’m not asking for a comparison of net assets, but how does that percentage compare with the previous mark held by the LDS? 

Edited December 21, 2021 by ThenNow

[ThenNow 1373]

16 minutes ago, johnsch322 said:

I try to think about how I can help others.  How can my voice, my pen and my words be used to help other survivors? I cannot answer myself at this point of time but hopefully an answer will come to me. 

Some thoughts:

1) If BSA emerges, there will be a search for survivors to work with the organization to consult on Youth Protection. Can all of us bear or care to do that work? Definitely not. Just one prospect;

2) Commit time and charitable contributions to one of a number of excellent organizations caring for sexual abuse survivors and/or engaging in serious research and advocacy. (Remember this is a global crisis); 

3) Find organizations in your area that provide care and support to survivors. Perhaps there is a “hands on” way to be an old warrior coming along side another;

4) Speak with a behavioral health clinic to see if they have a support group. I’ve found just being a part, especially someone as insightful and passionate as you, can be a great blessing and benefit to a group. If you can’t find one at the local clinic/hospital, see if they will start at least a pilot program;

5) Watch and see what BSA does or doesn’t do on YP, and communicate your displeasure if it is not adequate or up to the standard we know it needs to attain; and

6) Monitor SoL/Child Victims Act efforts and see if you can lend a hand. CHILDUSA and CHILDUSA Advocacy are at the forefront of these efforts.

A few idears to percolate in your thinker.

[MYCVAStory 687]

2 hours ago, Eagle1993 said:

UMC just offered $30M.  They also agree to work on YPT and help fundraising with councils to hit $100M more to the settlement. 

To be a bit more specific because the non-denominational devil is always in the details:

·        This is an an agreement to try to raise $30 million from various Methodist entities.

·        Of that amount, $2.5 million will be used to pay defense costs when the Methodists are sued.

·        $2 million must be paid within 6 months after the plan effective date so long as the confirmation order was not stayed or appealed.

·        Methodists will have 3 years to raise the remaining $28 million.

·        Methodists will work with BSA to encourage other chartered orgs to collectively contribute another $100 million to the settlement trust.

So....the largest existing chartered org is going to TRY and raise 27.5 million, less than 10% will be provided within 6 months, the remaining will take three years.  The 100 million is a fundraising "campaign".  What IS guaranteed are the UMC releases.

 

[johnsch322 524]

15 minutes ago, MYCVAStory said:

To be a bit more specific because the non-denominational devil is always in the details:

·        This is an an agreement to try to raise $30 million from various Methodist entities.

·        Of that amount, $2.5 million will be used to pay defense costs when the Methodists are sued.

·        $2 million must be paid within 6 months after the plan effective date so long as the confirmation order was not stayed or appealed.

·        Methodists will have 3 years to raise the remaining $28 million.

·        Methodists will work with BSA to encourage other chartered orgs to collectively contribute another $100 million to the settlement trust.

So....the largest existing chartered org is going to TRY and raise 27.5 million, less than 10% will be provided within 6 months, the remaining will take three years.  The 100 million is a fundraising "campaign".  What IS guaranteed are the UMC releases.

 

So what happens if they do not reach the 100 million goal?

[Eagle1993 2161]

11 minutes ago, johnsch322 said:

So what happens if they do not reach the 100 million goal?

Nothing.   

[T2Eagle 902]

5 hours ago, ThenNow said:

Clear as mud just got muddier? The panel’s ruling is not yet available. I look forward to reading it. As the attorneys said in the article, this is headed to the NC Supremes. Once they rule, we’ll have a much better idea.

https://www.documentcloud.org/documents/21165443-nc-safe-act-ruling-dec-20-2021

Unless you're a NC constitutional scholar I'm not sure the ruling gives you much predictive insight.

The question, as I understand it, is how closely a line of NC cases dating to 1933, which say that the legislature cannot retroactively take away vested property rights (as opposed to fundamental constitutional rights), applies specifically to SOL defenses, which are considered "vested" rights.  Further, does that line of cases both apply to SOLs and is it closely enough tied to the specific language of the NC Constitution to prove to a court that the law meets the burden of being facially unconstitutional "beyond a reasonable doubt".

This one goes to the NC Supreme Court without a doubt.

[qwazse 4344]

57 minutes ago, johnsch322 said:

So what happens if they do not reach the 100 million goal?

 

45 minutes ago, Eagle1993 said:

Nothing.   

Well, 27 million of something is not nothing.

Beyond that, it really depends on how people on the ground feel 3 years hence. Say 50 million is raised. That might be enough to extend the fundraising campaign. Especially if folks see some of those funds being dispersed or put to productive use.

We see this all the time with capital campaigns. A goal might might not be met, but it might be sufficient enough to start work. This then is sufficient encouragement to extend the campaign.

[ThenNow 1373]

Once again, Mr. Buchbinder is my hero. I wish I could post the video of his comments. He even choked up at the end. Wow. 

[Eagle1993 2161]

 

31 minutes ago, qwazse said:

Especially if folks see some of those funds being dispersed or put to productive use.

What do you mean by this?  The $100M does not go to BSA it goes to claimants.  What does productive use mean to you?  Checking to see how claimants spend their money?  Just a bit confused.  

I doubt anyone contributes much to a claimant fund.  I have very high doubts they come close to $5M.  People interested in BSA will more likely donate to the BSA not the fund. Fundraising would get reallly messy.  

[MYCVAStory 687]

34 minutes ago, ThenNow said:

Once again, Mr. Buchbinder is my hero. I wish I could post the video of his comments. He even choked up at the end. Wow. 

At which point everyone moved on like he had never spoken.  A shame.  At least he tried to remind participants that this was about Survivors.

[MYCVAStory 687]

Judge grants a month delay for the confirmation hearing.  Hints that "other legal issues" need to be considered and will allow parties to request that they be addressed.  In other words, she will consider the third-party release issue at the start of a full confirmation hearing.  Voting deadline will NOT be changed.  She'll address any Survivor who wants to change their vote, on an individual basis, but wants to see the vote total first.   New date is February 22 for confirmation.

[Eagle1993 2161]

11 minutes ago, MYCVAStory said:

Judge grants a month delay for the confirmation hearing.  Hints that "other legal issues" need to be considered and will allow parties to request that they be addressed.  In other words, she will consider the third-party release issue at the start of a full confirmation hearing.  Voting deadline will NOT be changed.  She'll address any Survivor who wants to change their vote, on an individual basis, but wants to see the vote total first.   New date is February 22 for confirmation.

The judge has been very reluctant to delay this hearing … 

I also think it’s interesting she wants to see the vote.  My guess… if it is not near 95% approval she kills this version of the plan.  Every case I am seeing with large claimant classes seem to get to at least 95% and even then sometimes the plan is rejected/changed.  

Judge indicated she read Purdue ruling and corrected the Hartford lawyer who quoted the judge incorrectly (about a prior ruling).  Sounds like she didn’t tip her hand based on what I am reading.  

BSA says the plan is completely dependent on non debtor releases … no surprise and they are correct. 

Patterson a lawyer for Zalkin who sounds like specialized in bankruptcy said this is now becoming or is the most complex bankruptcy ever and the channeling releases go farther than Purdue. 

Insurance companies indicated they won’t release payments unless they have releases for LCs and COs. 

[ThenNow 1373]

9 minutes ago, Eagle1993 said:

I also think it’s interesting she wants to see the vote.  My guess… if it is not near 95% approval she kills this version of the plan.  Every case I am seeing with large claimant classes seem to get to at least 95% and even then sometimes the plan is rejected/changed.  

Same, especially given the vote in Purdue

10 minutes ago, Eagle1993 said:

Judge indicated she read Purdue ruling and corrected the Hartford lawyer who quoted the judge incorrectly (about a prior ruling).  Sounds like she didn’t tip her hand based on what I am reading.  

BSA says the plan is completely dependent on non debtor releases … no surprise and they are correct. 

Patterson a lawyer for Zalkin who sounds like specialized in bankruptcy said this is now becoming or is the most complex bankruptcy ever and the channeling releases go farther than Purdue. 

Insurance companies indicated they won’t release payments unless they have releases for LCs and COs.

Add those four paragraphs together and I see a collage of Thunderdome on the horizon. (Nod to Mel as MMax.)

[ThenNow 1373]

Random note. Mrs. Lauria nearly blinded me with her second diamond, but working around in my deft and catlike way, I heard her reference some heinous Twitter activity of late. She said they would deal with it, to which her honor replied, “Call me only if absolutely necessary. Otherwise, keep me outta that quagmire!” I have no knowledge of said Twitter fireworks. The judge didn’t say that exactly, but that’s what I heard, more or less.

Edited December 21, 2021 by ThenNow