Muttsy

An early tell could be her rulings on Objectors evidentiary objections to Whitman and Griggs testimony in their recently filed declarations.

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?

"The Independent Review Option is illusory." --From the United States Trustee's Supplemental Objection to Plan. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/08a0295e-d9b5-49d8-9d9e-714eeea939db_9015.pdf

In Millenium, LSS held that non-consensual third party releases do not violate Due Process. Sackler judge ruled on the absence of authority in the bankruptcy code. This case is a long death march to nowhere. If she confirms it, it just prolongs the agony. If she denies confirmation, that is not appealable and the parties go back to the drawing board., BSA converts to toggle plan, Ch. 7 or a new plan. I dunno.

This is incorrect. Third part releases are permissible in consensual plans. The Justice Department objection is its application in non-consensual plans. 73.5% accept is not consensual.

From TCC Expert McNally, Claro Consulting. Tier Nature of Abuse Claro Mid Base Claim Value Number of Valued BSA Sexual Abuse Claims Total Estimated Damages 1 Penetration $2,641,865 14,936 $39,458,891,957 2 Oral Sex $1,981,399 12,225 $24,222,597,458 3 Masturbation / Groping $1,320,932 17,868 $23,602,419,707 4 Touching-Unclothed $660,466 $653,861,526 990 5 Touching-Clothed / Photography $330,233 $296,219,085 897 6 No Touching $15,411 - $0 Total $1,880,680 $88,233,989,733 https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/8c09210b-7313-4e19-9236-e8135ed336e5_8842.pdf Despite its “intention,” the methodology contained therein renders it inappropriate as a source for reasonable valuations for BSA Sexual Abuse Claims for the following reasons: • The TDP Base Matrix Value and Maximum Matrix Value are less than the Historical BSA Settlements; • The application of discounts for legal defenses is inappropriate when using settlement figures as Base Matrix Values; Average Bates White Low Estimate: $2.4B Average Bates White High Estimate: $7.1B Average Historical BSA Settlement. It inconsistently applies discounts for BSA Sexual Abuse Claims alleging abuse by a minor; and • The discounts applied related to the statute of limitations are not supported by Historical BSA Settlements. Is the TCC planning on throwing their own expert under the wheels of the bus, too?

BSA Spread sheet.pdf Hiring an adjudicator and Trustee 10% of the 2.7 =270M? What for? The amounts are too minimal to waste any more money. This is just terrible.

No objections filed by them. 9:52 pm eastern. Handwriting on the wall.

Fair enough TN but I DO think this discussion belongs here because I'm not asking about YP generally. I'm asking about what is needed to be put in this Plan in black letter language that would actually make a meaningful difference. We are way past "trust us."

There is a LOT of talk on this forum about YP. I’d like the most cynical yet knowledgeable on this forum to outline in summary measures that could make scouting meaningfully safe? Isn’t it inherently risky given it’s demonstrated flaws? What should the reforms include?

This transcript should be available publicly if the TCC kindly post it. LSS was not entirely clear on this point or maybe she was. My interpretation of her remark was that her decision in Millenium Labs was based on the question of whether third-party releases could ever comport with the Due Process Clause. Her answer was yes but only in very rare circumstances. She set forth a multipart test, including but not limited to “overwhelming” creditor support. One issue now, that should not be an issue at all, is whether 73.5% is “overwhelming.” The Purdue Sackler opinion by Judge McMahon last month did not reach the Due Process issue because she ruled on the bankruptcy statute alone, finding third party releases are simply not authorized The DP issue was irrelevant Bankruptcy judges can’t conjure up powers that are not granted by the code This is the critical distinction LSS was pointing out to the attorney for Hartford Her decision in Millenium is apples to McMahon’s oranges opinion. And then you get to the thorny problems of the particulars of this case. Purdue received 96% creditor support and the Sackler liability released was derivative of the debtor’s Here LC and especially CO liability is independent and distinct

Moderator, why do you allow this BSA troll self-named skeptic to continue here. He should be banished. He exists here only to suppress open honest expression. You are allowing him to destroy this forum. Last post from me if he remains.

A hundred million dollar march. If it leads to bankruptcy reform then maybe. It usually takes a 911 type of event to get Congress' attention.

Yes she could. Moreover she should. The Coalition has tainted the entire process, is not a good-faith actor and its odious continuing presence on this stage dooms any chance of a consensual resolution.

Dismissal of case.

Court hearing Tuesday sign up for zoom call. Click on blue link: https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/9a06c7bb-242f-488e-ad98-e5062b1db6d9_8300.pdf

Yes, it’s called “wishful thinking.” If anything, the vote accept percentage drops further. The 3500 quickpay elections drop it down to 70%. As AC/DC put it: “Its a long way to the top if you want to rock and roll.”

My wife is the smartest person I know. And she has no diplomas to prove it. (I shall them certificates of stupidity.) . Regarding the Dr Bates amended expert opinion, she said wouldn’t that require a new vote? The Plan now reduces the base values I.e. the lies the BSA and Coalition pitched it, is now reduced by 75%. Shouldn’t that have been in the Plan and disclosure statement BEFORE the vote, she asks. And here I thought she was merely a fabulous cook and lover.

Yes, it’s called “wishful thinking.” If anything, the vote accept percentage drops further. The 3500 quickpay elections drop it down to 70%. As AC/DC put it: “Its a long way to the top if you want to rock and roll.”

Maybe that would be a good thing to have scouting authority vested in the locals, a federation of local councils under a new banner. ..Scouting USA with strict oversight of its operations regarding child protection by outside, independent monitors.

Perhaps but are they viable without the BSA brand? Isn't the BSA IP critical to the locals? How do you recruit in schools, seek community support find organizations to sponsor troops, fund raise. I'm not seeing how that is a viable strategy from a financial perspective.

Again, what about this little hiccup?

My understanding is the LC execs salaries are paid by National. Is that wrong? If true, who pays those salaries when BSA liquidates? Do the locals have the cash flow to pay those salaries and benefits with BSA gone? Under what authority do the local councils have to continue to operate absent the charter from National which will be defunct?

Many of those in this forum have up-close and personal experiences with local executives, local boards, etc. I do not. As an outsider, and I have seen this before with other not-for-profits. To quote Pacino's character from Scent of a Woman, "when the going gets tough, some guys run and other guys stay." My point is this: Are these local execs and volunteer board members with none of their skin in the game, the types that will run or the ones that stay. If these Locals file or even thing about filing Ch.11 these boards will have to sign off the verified Ch 11 Petition. Now they have stepped in to it with both feet and once inside the cockroach motel, it is very hard to exit. They will be facing exhaustive discovery including proctological examinations of their actions including possible fraudulent asset transfers. D and O liability insurance does not cover fraud or intentional acts. What more devastating facts will emerge about their involvement in child sexual abuse concealment. There are board minutes, emails, memos that are likely to contain explosive information. If you were the Sackler family in Purdue and had 9-10B of skin in the game, you would probably stay not run. But what about these guys? Especially the ones that are facing 150x more in liabilities than assets? There is nothing left to save except your own necks. My money says they fold like a cheap pup tent.

TCC counsel is paid out of the debtor’s assets. In that sense, all the bankruptcy lawyers have a shared perverse incentive to keep the fee carousel going until the well is dry. Then those same lawyers throw what’s left of the carcass to the victims. A Ch 7 stops the carousel. All the bankruptcy professional s are terminated; a liquidation trustee is appointed and becomes the Czar. His job is to go after all the assets, pursue other assets like LC’s assets, charter assets and all the insurance insurance. This was and is inevitable.