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Chapter 11 Announced - Part 10 - Post Confirmation Hearing/Judges Ruling


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14 minutes ago, johnsch322 said:

I may be mistaken but the entities that should be praying are the LC's, CO's and insurance companies.  Those of us in open states will soon have cases filed in State court (California by end of the year). A BSA Chapter 7 does not include anyone but National.

Sadly, those of us in closed states would be left out to dry.  This is the only reason I finally gave my support to the plan.  As unfair as the SoL situation is, it only gets worse for us in a liquidation.  It took me 50 years to actually want to go to court--and I am prohibited from doing so.  Missouri tried since 2012 to open up civil csa SoL, but it was always struck down by the insurance companies and the religious lobby.  They don't even introduce the bill anymore.  So, good for you.  I hope you find justice.  That is a justice I will likely never find.

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A friend contacted me privately, concerned I've not been posting. He knows I am on all the hearings and was checking in on me. Honestly, Eagle1993 does such an excellent job I had little to add. My at

Thanks for mentioning that.  Probably a good time for me to pop back up.  I just want to say thanks to everyone who participates on this and other forums (Fora?).  I take my role on the TCC seriously

I hope you find some peace.  For me, the start of the bankruptcy and having to address the abuse again was difficult. But, I went back to therapy and found some other people with similar experien

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5 minutes ago, Tron said:

I don't know about you, but the LC's in my state are basically broke, and just about everything they own is leveraged already. 

I am in California and the LC which I was part of has about 19 million in assets of which under the plan they are giving up about 3 million but that pales in comparison to the insurance companies.

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5 minutes ago, Eagle1970 said:

Sadly, those of us in closed states would be left out to dry.  This is the only reason I finally gave my support to the plan.  As unfair as the SoL situation is, it only gets worse for us in a liquidation.  It took me 50 years to actually want to go to court--and I am prohibited from doing so.  Missouri tried since 2012 to open up civil csa SoL, but it was always struck down by the insurance companies and the religious lobby.  They don't even introduce the bill anymore.  So, good for you.  I hope you find justice.  That is a justice I will likely never find.

I was not advocating for a BSA National Chapter 7 only trying to shed light on the "nobody gets nothing" idea.

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3 minutes ago, johnsch322 said:

I am in California and the LC which I was part of has about 19 million in assets of which under the plan they are giving up about 3 million but that pales in comparison to the insurance companies.

Are those outright owned assets or assets leverages with mortgages and inversions? There are 2 sides to every balance sheet. 

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Just now, johnsch322 said:

I was not advocating for a BSA National Chapter 7 only trying to shed light on the "nobody gets nothing" idea.

To me, the money is more with the insurance companies.  My career was in that business and back in the 70's, the policies were generally written on an occurrence basis, without an aggregate limit.  Since each incidence of abuse is likely a separate occurrence, that would open up those policies like a fire hose.

2 minutes ago, Tron said:

Are those outright owned assets or assets leverages with mortgages and inversions? There are 2 sides to every balance sheet. 

 

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54 minutes ago, Tron said:

am literally telling you how the law works. No one needs to go back and read anything. It is really as simple as explained.

Bankruptcy is a lot of things.  Simple isn't one of them.  Proclaiming absolutes doesn't make it so.  This case is historic in many ways.  In the level of abuse and the complexity of the relationship between the debtor, LC's insurers and others.  History, the worst sort on many fronts, is being made here.  The past might be a small glimpse into what happens but it is in no way an absolute guide.  Simple?  None of this is.  If it were, the judge would have rendered a decision already.

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6 minutes ago, Tron said:

Are those outright owned assets or assets leverages with mortgages and inversions? There are 2 sides to every balance sheet. 

Outright owned.

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8 minutes ago, johnsch322 said:

Outright owned.

Then there might be something there. I guess it depends on what your state lets the LC's do. Using the BSA Warehouse Sale as an example; BSA sold it, used some of the proceeds to lease it back, then used some of the proceeds for the settlement fund, then put the rest into paying operating expenses. 

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27 minutes ago, johnsch322 said:

I am in California and the LC which I was part of has about 19 million in assets of which under the plan they are giving up about 3 million

Yeah. My home LC is broke, too. $30M worth of broke. 

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1 hour ago, Tron said:

I am not doxing myself for your lack of understanding of the process. Everyone who hopes to get a payday out of this settlement had better pray tonight that BSA doesn't go into Chapter 7. 

Nice. I asked a question, however compound. Just trying to understand your expertise. I did see the career notation, but not specifically regarding non-profits in Chapter 11. Your aggressive and defensive responses don't help your cause/case, whatever that is beyond the aggression. Part of the repeated suggestion that you read the previous Chapter 11 threads and posts is to give a perspective on some of the reasoned analysis both by other experts and to understand the views and perspectives of those now posting on this topic. Okay. Fire away. I have my shields up and photon torpedoes at the ready.

Edited by ThenNow
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1 hour ago, Tron said:

I am literally telling you how the law works. No one needs to go back and read anything. It is really as simple as explained.

Not sure of your profession, but you do know you are debating with lawyers (myself not included) don't you?

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54 minutes ago, Tron said:

Are those outright owned assets or assets leverages with mortgages and inversions? There are 2 sides to every balance sheet. 

In case you haven't taken a look, while a bit dated and not reflective of recent property sales, here's a link to the extensive Local Council financial analyses the TCC had its financial professionals BRG Group complete: https://www.tccbsa.com/local-council-analysis

They're educational.

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19 minutes ago, MYCVAStory said:

In case you haven't taken a look, while a bit dated and not reflective of recent property sales, here's a link to the extensive Local Council financial analyses the TCC had its financial professionals BRG Group complete: https://www.tccbsa.com/local-council-analysis

They're educational.

Somewhat random, but related side note as we discuss assets and disposition in various scenarios. During the summer of 2020, the Middle TN Council was "caught redhanded" transferring all of their property and substantive assets to asset protection trusts. Yeah. Exactly. That's a property and tax attorney's way of saying, they tried a sleight of hand, backstage sneekeroo to put its assets beyond the reach of the court and eventual Survivor Settlement Trust. These actions, which were effectuated and available in the public records as deed transfers, were in contravention of the court order and a breach of their disclosure requirements. I know, right? "Trustworthy, loyal..obedient" and all that. I VERY highly doubt this was an isolated incident. The TCC immediately filed an adversarial proceeding to put a stop to it, resulting in a settlement to cease, desist and make provisions for the future treatment of those assets. Yes, there are two side to every balance sheet. Oops. Correction. Might be a third side hiding in the shadows. Just sayin...

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19 minutes ago, TheRealDK said:

Probably a good time for me to pop back up. 

Welcome back, Dr. Kennedy. Many thanks for your input. I look forward to your release from incarceration and the lifting of the gag order. 

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