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


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I caught the last 5 mins of the hearing today and it didn't seem like anyone was happy.  Did anyone listen to the hearing?  Votes were due yesterday ... any update?

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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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35 minutes ago, Eagle1993 said:

I caught the last 5 mins of the hearing today and it didn't seem like anyone was happy.  Did anyone listen to the hearing?  Votes were due yesterday ... any update?

No voting update.  Judge wasn't happy with delays, missed deadlines, etc.   Commented that she might request a meeting this week to finalize issues but this is squarely on the BSA to choreograph and she isn't satisfied that everyone has ignored deadlines over the last two years.   As she said..."I'll be here Monday."  Buchbinder the US Trustee reminded everyone that this isn't a typical bankruptcy and its about more than debt.  Unfortunately he didn't mention that he meant Survivors or any suggestions for fixing things.  If mods are reading this they might want to consider a  specific "Confirmation Hearing" forum later this week or Monday.  Going to be an interesting three weeks.

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2 hours ago, MYCVAStory said:

No voting update.

I asked Omni and they said they'll have the final report the 10th.

2 hours ago, MYCVAStory said:

As she said..."I'll be here Monday." 

She also said she's not reading 3000+/- exhibits (with untold sub-exhibits), only documents specifically referenced during the trial. She was very displeased overall. She had a 20+/- second pause at one point, looking up into her brain apparently trying to determine what to say. I would love to know what things were passing through her mind. Did I say she was very displeased?

2 hours ago, MYCVAStory said:

Buchbinder the US Trustee reminded everyone that this isn't a typical bankruptcy and its about more than debt.  Unfortunately he didn't mention that he meant Survivors or any suggestions for fixing things.

I think he refrained since he's said the same general thing three times, always adding, "This is a case about abuse survivors!" I think his solution is to continue his objection and suggest the judge Purdue it. Well, the middle Purdue and not the latest Purdue.

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I want to say thank you to everybody in this forum, you guys have helped with some really tough days in the last year and a half. Today wasn’t great to begin with and then I’m looking over my e-receipt from the vote and I don’t understand this. My first page of the receipt has the first two checked and the last two unchecked. This is how I voted. Not the opt out or the $3500. But on page two it appears that I am going along with the $3500 opt. Which I didn’t. Am I reading this wrong? I’ve emailed my lawyer and even shot the question to Omni, but no response yet.

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Posted today on Scouringwire...

 

March 8, 2022

Originally planned for May 23-27, 2022, the BSA National Annual Meeting has been postponed to a later date (to be announced) in 2022. The BSA National Executive Board recently approved the postponement of the National Annual Meeting to accommodate for date changes in the ongoing bankruptcy process.  

Rescheduling the National Annual Meeting to occur after the BSA emerges from bankruptcy will help to allow sufficient time to prepare to transact all required business. The meeting will be scheduled within 120 days following the BSA’s emergence from bankruptcy, and all business required to be transacted will be conducted at that time.  

Boy Scouts of America National Chair Dan Ownby has shared the following letter with additional details and rationale for this decision: 

BSA’s National Annual Meeting (NAM) is an event that many in Scouting anticipate to both conduct our Regular Meeting of the National Council (the business meeting) and as an opportunity for other meetings and fellowship. While we had planned to gather in person in May 2022, developments related to the pandemic and BSA’s financial restructuring have required us to be flexible. I’m writing to share the recent decision to postpone NAM 2022 until later this year. 

We had hoped to gather in-person in San Diego, but Covid-19 restrictions necessitated that NAM be transitioned to virtual. We had also expected that BSA would exit bankruptcy by May. With the recent rescheduling of the confirmation hearing to mid-March, that may not be the case. As a result, the Board decided to postpone NAM until after bankruptcy emergence. 

Importantly, hosting NAM after BSA emerges from financial restructuring will also allow us all to clearly focus on our Movement’s future. I am excited about hosting a gathering that plans for BSA’s long-term success and energizes our volunteers, professionals, and young people to drive Scouting’s revitalization. 

The Board decided that the 2022 Regular Meeting of the National Council will be rescheduled within 120 days after the BSA exits bankruptcy and the Plan is effective. Notice will be sent, and the required business be transacted at that meeting. The format of the other events associated with NAM is still being discussed and is dependent on public health and other circumstances at the time. 

On behalf of the National Executive Board, thank you for your patience and ongoing servant-leadership to young people. 

Yours in Scouting, 

Dan Ownby 

Chair, BSA National Executive Board 

 

Look for additional updates in the weeks ahead with further details on the new dates for the National Annual Meeting, registration information, meetings, breakouts, sponsors, and more. 

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12 hours ago, GHamm said:

I’ve emailed my lawyer and even shot the question to Omni, but no response yet.

Let's see if you hear from your attorney. It is the best source of information and the least problematic for you and others here who can offer an opinion. Has your attorney been responsive in the past? By what method did you contact Omni?

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18 hours ago, GHamm said:

I’ve emailed my lawyer and even shot the question to Omni, but no response yet.

100% that's who you should be talking to and demanding any action if necessary.  If so, make sure you demand correspondence verifying that action has been taken.  If you ever need to convince the Trust of something "Take my word for it" probably won't fly!

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Thank you everyone! Everything’s ok with my vote. Lawyer got back to me right away. Omni hasn’t and that’s fine but I submitted the question to their online bsa section. I still would like them to reach out to me though. I wish all of you nothing but happiness and fulfillment in life. It’s okay to have bad days, as long as there is at least one good one. That day came to me in the form of my wife. I don’t know, without this person’s compassion and understanding I would still be completely broken and lost.

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10 minutes ago, GHamm said:

I wish all of you nothing but happiness and fulfillment in life. It’s okay to have bad days, as long as there is at least one good one. That day came to me in the form of my wife. I don’t know, without this person’s compassion and understanding I would still be completely broken and lost.

So incredibly true.  The story of Survivors isn't the stories of individuals.  It's the stories of how what happened affected all those around them.  My abuser changed my life AND the lives of my wife, children, friends, co-workers and others.  I'm fighting for them even more than for myself.  Give those people like her an extra long hug.  They deserve it.

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What if the plan fails to get confirmed? Or it is a toggle only?  I think the chance of it getting confirmed with the releases is under 25%. Even BSA says a BSA only cram down is not realistically viable. 
 

so….what does the day after plan denial look like and how will you feel about that result?

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35 minutes ago, Muttsy said:

What if the plan fails to get confirmed? Or it is a toggle only?  I think the chance of it getting confirmed with the releases is under 25%. Even BSA says a BSA only cram down is not realistically viable. 
 

so….what does the day after plan denial look like and how will you feel about that result?

Where did BSA say BSA only bankruptcy is not viable?  ... actually interested ... I'd like to read BSA's position.  ... yeah, I'm not a lawyer.  I just enjoy reading this stuff. 

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