Chapter 11 announced

[CynicalScouter]

7 minutes ago, Eagle1993 said:

Minimum payment of plan must be at least equal to liquidation of BSA.

$1.4 billion by the last estimates/reports.

7 minutes ago, Eagle1993 said:

Bankruptcy case can be dismissed which means each individual can sue BSA individually. 

Kosnoff is delighted.

[mrjohns2]

28 minutes ago, CynicalScouter said:

It's over.

Meh. So, we lose the HA camps, the offices, etc. We will come back immediately afterwards. 

[CynicalScouter]

1 minute ago, mrjohns2 said:

Meh. So, we lose the HA camps, the offices, etc. We will come back immediately afterwards. 

This is beyond the HA camps. This is total liquidation OR ELSE they will start suing every LC into the ground.

As @Eagle1993 noted, this is going to be 10-13 THOUSAND lawsuits this summer.

It really is over.

[mrjohns2]

Just now, CynicalScouter said:

This is beyond the HA camps. This is total liquidation

What else is there of value?

Beyond the offices, HA camps, and bank accounts, there is nothing. I am ok with total liquidation if local camps are somewhat spared.

I would be sad if they were not as well, but I still say, meh.

Our troop will be ok. Our district, will be ok. My staff alumni association will be ok. Meh.

[Eagle1993]

4 minutes ago, mrjohns2 said:

Meh. So, we lose the HA camps, the offices, etc. We will come back immediately afterwards. 

National isn’t the issue.   They plan to go after 7 sources of income. 
 

1) National assets

2) National insurance companies 

3) Local Council Assets

4) LC insurance companies 

5) CO assets

6) CO insurance companies 

7) Individual assets

I expect lawsuits to go on for years, leaving to loss of COs and local camps with a decade or so of bankruptcies of churches, LCs, clubs, etc.  

Or BSA the LCs and COs really increase their offer until 66% approve.  

[CynicalScouter]

11 minutes ago, mrjohns2 said:

I am ok with total liquidation if local camps are somewhat spared.

The point is that they won't be. The claimants are being told to start filing suits against the local councils and even the COs NOW.

EDIT: This is NOT going to end or stop with National being liquidated and every HA base sold. They made it absolutely clear: with a 66% threshold vote they will be going after BSA National, the Local Councils, the Chartered Organizations, and individuals (which I interpreted as both the abusers and those in positions of authority that could have or should have stopped the abuse or exercised control over the abuser).

They are going to produce a transcript and post a recording of the video later, but I am telling you here folks: BSA National is dead. ANY Council in a state that eased restrictions on the statutes of limitations is dead.

I just am sitting here stunned.

Edited March 12, 2021 by CynicalScouter

[ThenNow]

3 minutes ago, CynicalScouter said:

The point is that they won't be. The claimants are being told to start filing suits against the local councils and even the COs NOW.

Point of clarification. Do you take that to mean file in and across the broad universe of LC's and CO's or just open-states? I don't know many PI attorneys that will gin up in the closed states, unless I'm missing something. Well, I don't know many of them period, but that's another matter.

[CynicalScouter]

4 minutes ago, ThenNow said:

just open-states?

Just open states.

[ThenNow]

1 minute ago, CynicalScouter said:

Just open states.

Right. So why does that spell the looming demise of all LC's, given the number that are closed and politically locked tight?

[Eagle1993]

11 minutes ago, mrjohns2 said:

Meh. So, we lose the HA camps, the offices, etc. We will come back immediately afterwards. 

 

8 minutes ago, ThenNow said:

Point of clarification. Do you take that to mean file in and across the broad universe of LC's and CO's or just open-states? I don't know many PI attorneys that will gin up in the closed states, unless I'm missing something. Well, I don't know many of them period, but that's another matter.

They are telling every individual (83,000) to file every individual lawsuit they can against CO and LCs based on their rights.  Some cannot file due to SOLs but 10,000s will.

[Eagle1993]

21 minutes ago, mrjohns2 said:

Meh. So, we lose the HA camps, the offices, etc. We will come back immediately afterwards. 

I hope you are right.  I really do.  

 However, they have hired forensic accountants to go over every LC asset.   It if isn’t restricted it should go to the trust.  We may lose a ton of local camps.    

[Eagle1993]

2 minutes ago, Eagle1993 said:

 

They are telling every individual (83,000) to file every individual lawsuit they can against CO and LCs based on their rights.  Some cannot file due to SOLs but 10,000s will.

To be clear... this is to pressure LC and COs to pay up proactively.  If they can essentially get a liquidation value from the majority of councils I expect they would push for approval and blocking lawsuits.  COa haven’t offered a dime. LCs offer was small. So either deal with 20-40 thousand lawsuits or pay up.

[ThenNow]

1 minute ago, Eagle1993 said:

They are telling every individual (83,000) to file every individual lawsuit they can against CO and LCs based on their rights.  Some cannot file due to SOLs but 10,000s will.

Honestly, I think the message was misheard, but I understand the reaction. What was said, to closely paraphrase was, "go file now because the lawsuits are the only way to put pressure on them to come to the table." 

[MYCVAStory]

17 minutes ago, CynicalScouter said:

The point is that they won't be. The claimants are being told to start filing suits against the local councils and even the COs NOW.

EDIT: This is NOT going to end or stop with National being liquidated and every HA base sold. They made it absolutely clear: with a 66% threshold vote they will be going after BSA National, the Local Councils, the Chartered Organizations, and individuals (which I interpreted as both the abusers and those in positions of authority that could have or should have stopped the abuse or exercised control over the abuser).

They are going to produce a transcript and post a recording of the video later, but I am telling you here folks: BSA National is dead. ANY Council in a state that eased restrictions on the statutes of limitations is dead.

I just am sitting here stunned.

I believe the point that the TCC was making was for all victims to understand that the bankruptcy process is a "business" process.  As such, and the way that bankruptcy works, is that you need to generate the maximum amount of leverage.  One way this is accomplished is for victims to exercise, when able, their legal rights to sue responsible parties.  This often gets parties to the table when they realize it isn't someone else's problem, it's theirs.  As well, it's important for victims to understand that just because they have filed a bankruptcy proof of claim it doesn't mean they have taken individual action against a party.  In their interest the TCC was reminding victims to use their legal rights to their fullest ability.

 

[CynicalScouter]

Just now, ThenNow said:

So why does that spell the looming demise of all LC's

Because of the COs.

1) There's at LEAST 10,000 claims against LCs and COs that are about to be filed in the next 3 months. That will wipe them out.

2) Once LCs and COs start to get mass sued, there's no way other COs will stick around. The entire Diocese of Dallas already threw BSA out of all their parishes. Similarly COs had already refused to recharter over worries about liability.

This is over. I am so sad right now. Yes, I understand these people were abused and I mourn and weep for them. But I am crying that my sons will be out of scouts by the summer.