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


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3 minutes ago, CynicalScouter said:

The FCR/Coalition has proposed a new revised letter to claimants.

 

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/9e6bec25-c79e-44c4-9305-119362586c17_6441.pdf

They lowered from $1.8 to $1.7B and changed "promptly" to "provide" and removed reference to full recovery.  They also removed the term "billions".  Looks like minor changes/corrections.

Edit:

I love the redlines ... makes checking on changes very easy and quick!

Edited by Eagle1993
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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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1 hour ago, Eagle1993 said:

So Hartford will only initially pay in $137M until there are no further appeals?  Also, Hartford does pay into the general fund, it doesn't look like their payment is allocated to Harford claimants only.

Is the $137M held in trust / not-spent?    OR will it be used as up-front cash to continue funding the legal process?  Or, to reimburse cash already invested?  I fear one group paid first and when everything falls thru, there is neither money to refund nor any value to the victim.  I also fear contingent earnings reimbursed more like expense sheets (aka ... you get 30% after we deduct our business expenses) 

I suspect it will be somewhere in-between.  Held in-trust by the trust, but with a very high overhead spend rate that somehow helps advance the legal cases.  

This is a high-risk settlement.  It can fail for many ways.  It seems wrong to up-front cash like this.  ... When do incentives become bribes?

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54 minutes ago, TheRealDK said:

... and seeing significant changes and transparency in the BSA's youth protection practices and reporting so that the abuse of the past stops and the public knows how safe their children are now and in the future without the secrets of the past continuing.  ...

Well said.  At some point, it doesn't ring entirely fair as your statement throws mud just like coalition thru mud at TCC.  What real changes to YPT?  If there is a reasonable change, I'm sure BSA will adopt.   No one is arguing for weak YPT.  YPT has drastically changed and nothing like it was 30/40/50 years ago.  This just seems like posturing to justify a different argument.

Everyone is trash talking and working to subvert each other.  The whole process is a tragic farce.  

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5 hours ago, ThenNow said:

I want to apologize to any of my fellows who are represented by the Coalition firms. My intention is not to attack you or their work for you. All I see is what they are doing publicly (press), in court (hearings) and via their filings (OmniAgent Docket). Taken as a whole, I cannot help but react as I am, given the apparent self-interested motivations of counsel, the willingness to undermine the TCC, their efforts to get the estate (BSA/victims funds) to pay their attorneys, all topped off with the histrionics I’ve witnesses. I hope all goes well for you and all of us, but I am unable to keep quiet at this point. I feel they have attacked me by attacking my family. I have a strong penchant to “protect the blindside.”

No need to apologize. I was a member of the Coalition but terminated my relationship with them. I find it disgusting they are using our pain and suffering so they can amass millions of dollars while their clients get paid pennies on the dollar. Their attack on the TCC is even more damning.

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There seems to be much "unsettled" in this settlement plan.

For example,

"Who is the Settlement Trustee?
The proposed trustee is Eric Green..."

Proposed, at this juncture...?

If the U.S. Trustee is also on our forum, please post and instead of my usual $0.02, I will provide 2 aspirin.

Edited by RememberSchiff
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31 minutes ago, fred8033 said:

OR will it be used as up-front cash to continue funding the legal process?  Or, to reimburse cash already invested? 

This is my concern.  If BSA agrees to a BSA-only settlement, they will be funding the claimants' future lawsuits against the CO's.  It would be the ultimate betrayal.  

 

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4 hours ago, Eagle1993 said:

Moreover, pursuant to the Plan, and subject to the extent approved by the Bankruptcy Court, the granting a motion filed pursuant to sections 363(b), 1129(b)(4) and 503(b) of the Bankruptcy Code, Bankruptcy Rule 9019, or otherwise applicable bankruptcy and non-bankruptcy law, the Debtors w

And the newest version is out

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/23973daa-dbb2-40ff-b031-05f390ea1f6c_6443.pdf

Century is going to still be upset that the mention of the Coalition fees are still in.

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BSA operating report

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/d6efad20-6268-4028-b79c-41973a37cb27_6448.pdf

The endowment is gone, zeroed out.

They have not raided the retirement benefit trust but that looks like it is next (66 million)

Total Ending Unrestricted Liquidity - BSA 142,414,000

Total Ending Unrestricted Cash Balance - BSA 75,881,000

Edited by CynicalScouter
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Net Cash Flow Before Endowment Contributions

Funding Sources (Endowment Contributions)

Total Ending Unrestricted Cash Balance - BSA

Unrestricted Endowment Balance

Unrestricted RBT Balance

Total Estimated Ending Unrestricted Liquidity - BSA

2/7/2020

$14,114,000

$0

$114,868,000

$53,804,000

$65,283,000

$233,955,000

8/31/2021

($11,939,000)

$0

$75,881,000

$0

$66,533,000

$142,414,000

 

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11 minutes ago, CynicalScouter said:

If anyone wants to give notes from the TCC Townhall (or we can wait for video tomorrow)?

1. We’re pissed x 82,500;

2. How DARE the Coalition attorneys moan and weep about their pain and tireless efforts and how hard this is for them...FOR SHAME and GIVE US A BREAK;

3. We didn’t wait DECADES to be abused again by a race to the bottom Plan or attorneys who stand to make $425M as the Plan is currently configured;

4. We don’t like this Plan one bit, but we can’t give advice until the Plan goes out for Solicitation...stay tuned. Videos and much information to come soon + more Town Halls;

5. If you think you need an attorney, now is that time;

6. This plan is 10 cents on the dollar - Tier One Claim base value is $600,000. Under this Plan, you may get $60,000;

7. Jim Stang, et al, are NOT anyone’s attorney other than the TCC as an entity;

8. TCC is fighting for you and “No more Mr. Nice guy(s)!”;

9. Stay strong and stay tuned; and 

10. See #1, above.

That’s what I’m putting under my pillow tonight

Oh, yeah.

11. The Disclosure Statement is coming to a mailbox (or attorney’s mailbox) near you. Don’t look for it before Oct 15, though. They’re busy printing 82,500,000 pages (1000 per unabridged edition). 

Edited by ThenNow
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1 minute ago, SiouxRanger said:

Leave No Trace compliant?

BSA wanted to only send a web link, at most a USB but the US Trustee objected as many may not be able to access the web or prefer paper and by law paper is default.  BSA said it would be too expensive ($3M to print and mail) and the US Trustee said if BSA cannot afford to follow the law, perhaps they should reconsider the chapter they are filing under.  

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1 minute ago, Eagle1993 said:

BSA wanted to only send a web link, at most a USB but the US Trustee objected as many may not be able to access the web or prefer paper and by law paper is default.  BSA said it would be too expensive ($3M to print and mail) and the US Trustee said if BSA cannot afford to follow the law, perhaps they should reconsider the chapter they are filing under.  

I was doing the print job math when it was mentioned that the Plan was over a thousand pages.  Whew! 

165,000 reams of paper.  (I worked in a print shop decades ago.)

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