Chapter 11 announced - Part 14 - Plan Effective

[johnsch322]

The BSA’s insurance policies with the non settling insurance companies (there are 80 plus of them) are the assets of the BSA Settlement Trust. If you doubt me you can use a wonderful tool called Google and you will find out for yourself. 

[BadChannel70]

[johnsch322]

58 minutes ago, Tron said:

You're just making stuff up.

You have no clue as to what is happening, and you refuse to educate yourself.

[RememberSchiff]

I will blame the Heat and Humidity and lock this topic for awhile. 

Some good information given in a scout-like way (thank you) and then ...

Let's find a cool spot, a cool beverage, and chill back to Courteous.

Thanks

@Eagle1993

Edited July 28 by RememberSchiff

[RememberSchiff]

The heat and humidity have past hereabouts. A lot of bug juice was consumed. 

Thank you for your patience and understanding. Topic unlocked.  ~RS

@Eagle1993

[clbkbx]

On 7/2/2025 at 9:33 PM, clbkbx said:

July 1 update

August 1 update: average $580,794 per TDP claim. [Still going up slightly and at this point definitely holding steady.]

• For the TDP, 64% claims determined and 38% paid (22,103 paid)
• For the IRO, 40% claims determined and 16% paid (32 paid) 

Without factoring in non-Matrix IRO payments, it's ticked up to around $34B needed to be fully funded. 

There was a slight drop off in claims processed this month; my guess is the claims processors are taking vacation time.

[swilliams]

On 7/28/2025 at 10:05 AM, BadChannel70 said:

Do we have any updates on this hearing from yesterday?

[BadChannel70]

54 minutes ago, swilliams said:

Do we have any updates on this hearing from yesterday?

Earlier this month the judge ordered both sides to mandatory mediation for 90 days. Retired judge Barbara M.J. Lynn was selected as the mediator. Not sure if anything substantive came out of the hearing yesterday due to the ongoing mediation. 

[Eagle1993]

On 8/5/2025 at 8:59 AM, clbkbx said:

August 1 update: average $580,794 per TDP claim. [Still going up slightly and at this point definitely holding steady.]

• For the TDP, 64% claims determined and 38% paid (22,103 paid)
• For the IRO, 40% claims determined and 16% paid (32 paid) 

Without factoring in non-Matrix IRO payments, it's ticked up to around $34B needed to be fully funded. 

There was a slight drop off in claims processed this month; my guess is the claims processors are taking vacation time.

I wonder if the expert who claimed it was fully funded is financially culpable if he was this far off.  The entire trail was decided based on his analysis.

[Tron]

1 hour ago, Eagle1993 said:

I wonder if the expert who claimed it was fully funded is financially culpable if he was this far off.  The entire trail was decided based on his analysis.

34 Billion? If all of scouting in the world were liquidated there wouldn't be that much. You can't squeeze blood from a turnip; there is no way people are reading these payout matrix correctly, there is no way the court or parties involved could have been 31.6 billion off (when accounting for the 2.4 billion approved for funding at the end of the trail). 

[johnsch322]

1 hour ago, Tron said:

34 Billion? If all of scouting in the world were liquidated there wouldn't be that much. You can't squeeze blood from a turnip; there is no way people are reading these payout matrix correctly, there is no way the court or parties involved could have been 31.6 billion off (when accounting for the 2.4 billion approved for funding at the end of the trail). 

But they were. If you look at the monthly reports, put out by the settlement trust it's very easy to do the math. 

[Eagle1993]

10 hours ago, Tron said:

34 Billion? If all of scouting in the world were liquidated there wouldn't be that much. You can't squeeze blood from a turnip; there is no way people are reading these payout matrix correctly, there is no way the court or parties involved could have been 31.6 billion off (when accounting for the 2.4 billion approved for funding at the end of the trail). 

The only reason the judge allowed non consenting non debtors (councils, individuals, charter orgs) to be part of the bankruptcy was that the analysis showed all creditors would be paid in full.  If that analysis was incorrect, then councils and charter orgs wouldn't have been covered.  

I think most BSA members and most plaintiffs agreed the deal made was the best possible outcome, but there were plaintiffs that objected.

[johnsch322]

4 hours ago, Eagle1993 said:

I think most BSA members and most plaintiffs agreed the deal made was the best possible outcome, but there were plaintiffs that objected.

Correct the majority of claimants voted yes but only because $2.4 Billion seemed like such a large number and the witness for the BSA said based on his analysis claimants would be paid 100%. The sad truth is that if claimants get 25% of their determined claims (the dollar amount the trust values a claim) it will be a miracle. The outcome will be much favored towards the BSA/SA vs the Child Sexual Abuse Claimants.  With a little bit of math this was very evident before any votes were cast and was one of the reasons I voted NO twice. 

[Eagle1993]

5 hours ago, johnsch322 said:

Correct the majority of claimants voted yes but only because $2.4 Billion seemed like such a large number and the witness for the BSA said based on his analysis claimants would be paid 100%. The sad truth is that if claimants get 25% of their determined claims (the dollar amount the trust values a claim) it will be a miracle. The outcome will be much favored towards the BSA/SA vs the Child Sexual Abuse Claimants.  With a little bit of math this was very evident before any votes were cast and was one of the reasons I voted NO twice. 

Certain claimants would have been better off if the plan failed.  Even assuming National was maxed out (I think there is an argument that the HA base debts were questionable), they could have sued their council, CO and various individuals.  Some CO and councils would have had significant assets to take, others almost nothing.  So, while some would be better off, others would have been much worse off.

The other source is from reinsurers.  That was/is expected to provide the backstop if money is out.. but we will see if it works.

Im not surprised the settlement is being used up faster than planned, but that could slow over time.

BSA financial health is also questionable.  Debt is still high, membership is now under their business plan and I'm not sure their raised the capital they thought.  I wouldn't be surprised if they are back in bankruptcy in a few years.

 

[JBWest]

1 hour ago, Eagle1993 said:

BSA financial health is also questionable.

Don't forget about that balloon type of payment liability that matures.   As I recall it depends on the performance of the pension assets, and thankfully the stock market is at record highs, but it may not always be so.

Agreed on your other points.  I question whether Scouting will ever be as popular as in the 1980s, just as we will never go back to having three television networks plus PBS.  Be Prepared