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Chapter 11 Announced - Part 7 - Plan 5.0 - Voting/Confirmation


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As the time that a vote total approaches, I encourage everyone to repeat the Scout Oath and Law several times to remind us how to treat one another.  There are victims here who wish for the plan

I just finished reading Bates' report.  Now I have a headache.  It's well-written, but a bunch of spin.  So we're too old to deserve a decent settlement?  While I get the sol issue, if a suit is valid

66% is the threshold for a bankruptcy.  However, WSJ was reporting even BSA admitted they needed 75% which they didn't reach.  There are two issues that the 73% causes. One will be with Silverste

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Minor updates to plan

df1f7288-a10b-4167-94ec-63699a871e04_8567.pdf (omniagentsolutions.com)

The interesting section is where councils have changed contributions (look at the blackline).  For example, Denver is now contributing $6M of cash vs a $6M property.  Other councils lowered cash and added property (Heart of New England, Northeast Illinois, etc.).

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16 minutes ago, Eagle1993 said:

Minor updates to plan

df1f7288-a10b-4167-94ec-63699a871e04_8567.pdf (omniagentsolutions.com)

The interesting section is where councils have changed contributions (look at the blackline).  For example, Denver is now contributing $6M of cash vs a $6M property.  Other councils lowered cash and added property (Heart of New England, Northeast Illinois, etc.).

It was left up to each council on how to fund the proposed contribution to the trust.  Our council’s original plan had also been changed.  The total does not change only how it is to be paid.  

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Very upset lawyer today from Roman Catholic Church.  Basically, they are saying insurers are using their (the church's) policies to pay for the settlement.  He said ... just say they are not being used and they are fine and insurance companies are refusing to say that.  

Also, several insurance companies said the term sheets of their settlements are not final due to movement in mediation.  They can't be specific on changes.

Insurers stated it is unclear on number of chartered orgs involved.  Range is from 40,000 to 100,000 organizations.

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Break in hearing (I missed the first 50 mins or so and am only partially listening.

There are dogs barking, people talking now in the background.  Sounds like a "good dog".  Now a baby crying.  

Clearly CO's have been concerned that their insurance is protected.  They have other non scouting risks they need that insurance for.  The insurance companies likely want to say it is being used without openly saying it is ...

Will be interesting to see what the judge decides.

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Feb 22 will be full day, Feb 23 will break at 1, Feb 24 full, Feb 28 already has conflict ... so no hearing the 28th.  Attempting to understand how many days in a row they can go.  Given # of witnesses listed, need to know if they are all going to be called.  

DOJ - no position on motion.  However, DOJ says all of today assumes plan will be confirmed and it will not.

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A lot of back and forth on discovery & depositions today.  I wasn't following too closely; however, I listened closely to the judge & DOJ.

1) DOJ rep said that they have no opinion on the back and forth as in reality the plan is going to fail anyway.  He went on a bit, but afterward the judge said thank you and no one said anything else.  I was a bit surprised how confident he was that this plan is dead.

2) The judge said she has multiple jobs to do during confirmation.  That includes the settlement, the releases and the channeling injunctions.  Each of those have different statues they must meet.  

BSA lawyers wanted to know how many days in a row they could meet for planning purposes.  It sounds like they are planning into March.

My takeaway ... everyone knows this plan is going to fail; however, how it fails is going to be key.  She could indicate the channeling injunctions are the issue or perhaps some aspect of the releases, etc.  

She stated again, she is not going to delay any dates going forward.  She needs to make rulings to allow the various parties to get to a final plan. - My opinion on why she is not allowing any movement on dates/timelines.

I was expecting someone to speak up with the DOJ made that statement, but all I saw were a few grim faces and a thank you.

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1 minute ago, Eagle1993 said:

Looks like I missed a key update.  Sounds like we may see an updated plan later this week.  Will be interesting if it is a tweak (like $100M more) or a more significant change.

Boy Scouts lawyer touts ‘significant progress’ towards sex-abuse settlement | Reuters

 

It was a joint statement approved by the mediator, all parties and read into the record without commentary from other parties or questions from JLSS. 

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Just now, ThenNow said:

It was a joint statement approved by the mediator, all parties and read into the record without commentary from other parties or questions from JLSS. 

Including the TCC?  The sides were so far apart on financials and structure of the plan.

 

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25 minutes ago, Eagle1993 said:

Including the TCC?  The sides were so far apart on financials and structure of the plan.

 

So now we look forward to TCC's Town Hall on Thursday for possible clarification.

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