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Chapter 11 Announced - Part 8 - TCC Term Sheet & Plan Confirmation


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7 minutes ago, ThenNow said:

Let's get this straight. I wiggle a way to have my clients (and survivors who are NOT my clients) pay for the attorneys who help me make a deal to make millions of dollars from my clients. Okay. Makes total sense. Or not. Anyone get this?

So my understanding is that the whole "substantial contribution" motion/argument is considered after the confirmation.  It's in the plan to let the judge know where money "may" be going.  The judge could say "okay, leave it in" or "I don't want to be bound by this in any way, take it out."  Regardless, it is considered after the confirmation portion.  I'm looking forward to that.  The judge has already signaled on more than one occasion that she has doubts about it.  Then last week it was evident to her thatthe Coalition was the group in the STAC that couldn't agree with the rest of its members on a Trustee.  That forced the BSA to just name the Trustee based upon a majority and the judge to show much displeasure as to how the STAC had started its work.  So, there's a very real possibility that the judge could say "You need to pay your attorney's bills, do what you're doing to your Survivor clients and pay for them yourself from the contingency fees you're taking."

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I have been reading this blog for months and finally decided to express how I feel about this plan.  I have always and continue to believe there are thousands of fraudulent sexual abuse claims filed i

My bet? We’ll never know. They will quietly sneak off the trail via the $3500 spur and go their merry way. There will be valid survivor claimants that exit stage left, as well, not wanting to deal wit

Not really true. I never bought a ticket I was a victim I had no choice.

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Bring on the next $130k+. 

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/1d0f8ba2-2a17-4ee9-871d-9dd1dd4ce502_9064.pdf

Whoops! The tried to slide #18 on by me. 78 grand, give or take.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/969cd108-c6da-4241-9ed3-0f26b65894c9_9063.pdf

I know there are some sophisticated consultants among us. Care to translate this? Oh, wait! I think that first sentence was lifted from my job description when I was raising teenagers. I knew it looked strangely familiar.

About Ankura 
Ankura Consulting Group, LLC is an independent global expert services and advisory firm that delivers services and end-to-end solutions to help clients at critical inflection points related to change, risk, disputes, finance, performance, distress, and transformation. The Ankura team consists of more than 1,500 professionals serving 3000+ clients across 55 countries who are leaders in their respective fields and areas of expertise. Collaborative lateral thinking, hard-earned experience, expertise, and multidisciplinary capabilities drive results and Ankura is unrivaled in its ability to assist clients to Protect, Create, and Recover Value.

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4 minutes ago, ThenNow said:

Oh, wait! I think that first sentence was lifted from my job description when I was raising teenagers. I knew it looked strangely familiar.

Where was I on career day in high school when the "Bankruptcy Consultant" discussed that career path?

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37 minutes ago, MYCVAStory said:

Where was I on career day in high school when the "Bankruptcy Consultant" discussed that career path?

... same guys that came in to sell the solid gold class rings ... 

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52 minutes ago, MYCVAStory said:

So, there's a very real possibility that the judge could say "You need to pay your attorney's bills, do what you're doing to your Survivor clients and pay for them yourself from the contingency fees you're taking."

From your post to God's, er, JLSS's ears. I think allowing such a thing to be done in this case is horrifically offensive. 

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1 minute ago, fred8033 said:

... same guys that came in to sell the solid gold class rings ... 

Pah. Indeed. I was poor and had no choice but to glance and quickly skitter from that table of bling.

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4 hours ago, ThenNow said:

Bring on the next $130k+. 

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/1d0f8ba2-2a17-4ee9-871d-9dd1dd4ce502_9064.pdf

Whoops! The tried to slide #18 on by me. 78 grand, give or take.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/969cd108-c6da-4241-9ed3-0f26b65894c9_9063.pdf

I know there are some sophisticated consultants among us. Care to translate this? Oh, wait! I think that first sentence was lifted from my job description when I was raising teenagers. I knew it looked strangely familiar.

About Ankura 
Ankura Consulting Group, LLC is an independent global expert services and advisory firm that delivers services and end-to-end solutions to help clients at critical inflection points related to change, risk, disputes, finance, performance, distress, and transformation. The Ankura team consists of more than 1,500 professionals serving 3000+ clients across 55 countries who are leaders in their respective fields and areas of expertise. Collaborative lateral thinking, hard-earned experience, expertise, and multidisciplinary capabilities drive results and Ankura is unrivaled in its ability to assist clients to Protect, Create, and Recover Value.

That there is some first class, high priced gobbledygook.

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Say wha? There must be a misplaced comma, no?

COMBINED TWENTY-SECOND MONTHLY APPLICATION OF JAMES L. PATTON, JR. AS THE LEGAL REPRESENTATIVE FOR FUTURE CLAIMANTS AND YOUNG CONAWAY STARGATT & TAYLOR, LLP AS COUNSEL TO THE LEGAL REPRESENTATIVE FOR FUTURE CLAIMANTS FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD FROM JANUARY 1, 2022 THROUGH JANUARY 31, 2022

The amount of time spent by the Applicants during the Fee Period is fully set forth in Exhibit A attached hereto. The hourly rates set forth therein are the Applicants’ normal hourly rates of compensation for work of this character. The reasonable value of the services rendered by the Future Claimants’ Representative during the Fee Period is $98,262.00. The reasonable value of the services rendered by YCST during the Fee Period is $607,975.50.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/a1d84878-78ce-436c-8164-52ce4907d558_9086.pdf

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11 hours ago, ThenNow said:

Say wha? There must be a misplaced comma, no?

COMBINED TWENTY-SECOND MONTHLY APPLICATION OF JAMES L. PATTON, JR. AS THE LEGAL REPRESENTATIVE FOR FUTURE CLAIMANTS AND YOUNG CONAWAY STARGATT & TAYLOR, LLP AS COUNSEL TO THE LEGAL REPRESENTATIVE FOR FUTURE CLAIMANTS FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD FROM JANUARY 1, 2022 THROUGH JANUARY 31, 2022

The amount of time spent by the Applicants during the Fee Period is fully set forth in Exhibit A attached hereto. The hourly rates set forth therein are the Applicants’ normal hourly rates of compensation for work of this character. The reasonable value of the services rendered by the Future Claimants’ Representative during the Fee Period is $98,262.00. The reasonable value of the services rendered by YCST during the Fee Period is $607,975.50.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/a1d84878-78ce-436c-8164-52ce4907d558_9086.pdf

Who are the "future claimants"?  This is a bankruptcy proceeding and a CSA settlement.  Is it businesses owed money that have not yet submitted a claim?  Or is it CSA victims that have yet to submit?  I understand work must be done, but this smells strange.  

It would be interesting to know if there is any crossover / connection between firms billing now and firms that also represent victims on a contingent basis.  

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16 hours ago, ThenNow said:

Hours. Total is before the holdback.

Screen Shot 2022-03-02 at 3.34.40 PM.png

??? Pardon the French, but what the Flip-Flap are these people doing?  What exactly did Edwin J. Harron spend 2 full weeks of work time doing that could possibly be worth $100,000?  Is the case any closer to being settled?  Are the survivors any better off?  I know that the hourly rates incorporate a host of expenses (overhead, secretaries, rent, "lights-on" costs, payroll, chauffeur, PR, insurance and employee benefits, retirement contributions, vacation house in the Hamptons, etc.), but $800/hr.?  $1,000/hr.?  No wonder there had been comments once upon a time comparing those in this profession to certain avian species.  

I see these kinds of numbers and my stomach starts to turn.

And then I wonder, When is @ThenNow going to start billing them for his hours?  ;) 

The more I see of bills like this, the more I just want to see the whole thing settled. Over. Done.

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5 hours ago, fred8033 said:

Who are the "future claimants"?


At the center of this bankruptcy approach to mass tort resolution is the idea of the future claims representative (the "FCR"), a court-appointed agent named to represent then-nameless, faceless future victims of claimed tortious acts already committed by the corporate debtor.

https://www.chapman.edu/law/_files/publications/CLR-3-frederick-tung.pdf

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