Chapter 11 announced - Part 3 - BSA's Toggle Plan

[AnonEagle]

redacted

 

Edited June 8, 2021 by AnonEagle

[johnsch322]

11 minutes ago, AnonEagle said:

I understand that it is a fine line to walk when talking about money in what is appropriate and what isn't but I'm at a bit of a crossroads in terms of figuring out what I'm going to do with my life. It's hard to make long term plans without a "safe" number to think of.

I think the word "appropriate" should be used as: is it appropriate for me to be asking in this forum about what one might get personally in a settlement.  You know how you were abused and you can go to

https://www.pszjlaw.com/creditor-125.html

and look at the table posted and what the TCC believes is a appropriate.  You can do a little research for number of cases and degree abuse and try to make a wild guess like the rest of us about how much total monies might come in.  But the truth is until the end of the day when money gets paid out no one really knows.  

I wouldn't make long term plans for any money and if you are young enough go back to school and get an education.  

[AnonEagle]

Thanks for that I have been trying to find something like this but was only able to get specific examples of cases.

 

I'll delete my previous post since you think it is not appropriate even though I think this is exactly the place to ask this kind of question and in fact could not find a more appropriate place to ask that question anywhere else on the internet. If this forum isn't a place for victims to talk about the case then I'll leave and you wont see any more posts from me, but I think its incredibly weird to tell me its inappropriate to ask what a payout in a settlement would be in a thread about the lawsuit. 

[MYCVAStory]

29 minutes ago, AnonEagle said:

I'm only mentioning all this cause I kind of put my education on pause with the assumption that after my lawyers 40% cut is taken out, that amount of money would be a reasonable expectation.

I beg you not to think this way.  "Mass Tort" cases and especially those involving bankruptcy can take a long time to sort out.  That is the case with this one and when you consider that the impacts were often mostly psychological the process of "vetting" claims will be significant and possibly time-consuming.  In similar cases like asbestos there were "off ramps" so that people who wanted to resolve this quickly could do so.  But, that came at a significantly lower award.  Again, that may work for some but to maximize your award these cases take time and often include several rounds of awards as monies become available.  Take a look at Asbestos and Madoff as examples of cases that were "settled" but then award processes were time-consuming.  The award process SHOULD be intensive.  so that every victim knows that every effort was taken to weed out any bad claims.  My advice, live your life as you have have and want and only after you have cash in hand make plans otherwise.

[CynicalScouter]

10 hours ago, RobertCalifornia said:

how can they not sell some HIgh Adventure lands? 

The argument is that

1. Some are encumbered (they have liens or mortgages on them) therefore you can't sell them because someone else (JP Morgan) has the note. Upon sale of the property, the lien or mortgage holder gets paid first.
2. Philmont is donor restricted somehow such that it can never be sold and that it reverts back to the original family if/when BSA decides to give it up

[CynicalScouter]

9 hours ago, AnonEagle said:

but I think its incredibly weird to tell me its inappropriate to ask what a payout in a settlement would be in a thread about the lawsuit. 

I believe in the past there has been a concern that young people/young scouts will come onto this site for information and that discussions regarding specific acts of sexual abuse are not appropriate.

[CynicalScouter]

9 hours ago, johnsch322 said:

I wouldn't make long term plans for any money and if you are young enough go back to school and get an education.  

Right, because even if you know what other people were paid, that does NOT mean what you will be paid, given the unique situation here.

For example, if 5 years ago a person sued BSA for having lost a leg due to an accident at a HA base caused by BSA's negligence and won $2 million, that's great. BUT that was back when BSA had more money and was NOT facing 82500 other personal injury cases.

Thus, while a SINGLE loss-of-leg claim in 2016 might have been valued at $2 million, ten THOUSAND lost-of-leg claims in 2021 does not mean BSA (or its insurers) will be paying out $20 billion out to people because there simply is NOT $20 billion in the insurance companies or BSA to pay that.

Century, for example, as Kosnoff is pointing out may only have $400 million in total assets at this point. Chubb, which owns Century, has assets of $102 billion, but we don't know if the deal that Chubb cut to acquire Century includes a limiting aspect that has a maximum for which Chubb is on the hook for Century's debts. Etc. The TCC/FCR/Coalition have been asking (and demanding) for documents regarding the Chubb/Century deal and so far Chubb/Century has refused to turn over the critical ones. The latest is that TCC/FCR/Coalition is asking for a court to order Chubb/Century to turn over the documents. We'll see how that works out.

All this is a round about way of saying what others indicated: this could take years. It could be you will get 1% or 10% of the full value of your claim because there simply is not enough money left. Etc.

[MYCVAStory]

FYI, add another State to the list of those that are opening "Windows" for lawsuits to proceed: https://katv.com/news/local/arkansas-law-to-benefit-sexual-abuse-cases-against-boy-scouts-of-america

This is why Councils in States where there's no legal path forward for victims at the moment should be fighting hard for a permanent injunction and not play the "it doesn't apply to me so why should I have to pay" game.  In discussion for a long time, Louisiana was used as a State where the laws would NEVER change.  Well, not so much and now 1,350 BSA claimants, if they are 21-55 have a litigation path if a permanent injunction is nor a part of any agreement.  Tick-tock States where the laws are still prohibitive.

 

[MYCVAStory]

In case you don't have anything to do Thursday night, a reminder from the TCCBSA.COM website:

NOTICE OF VIRTUAL TOWN HALL MEETINGS HOSTED BY THE OFFICIAL COMMITTEE OF BOY SCOUT ABUSE SURVIVORS

The next TCC Town Hall will be held on Thursday, June 10, 2021, at 5pm PDT/8pm EDT. 

Zoom link: https://pszjlaw.zoom.us/j/87519715926 (no registration required)

or

Join by phone: 888-788-0099, meeting id 875 1971 5926

To be discussed:

• Status of Boy Scouts disclosure statement
• Status of negotiations with the Boy Scouts, local councils, chartered organizations, and insurers
• Other motions pending before the bankruptcy court
• The plan confirmation process

[CynicalScouter]

New Mediators Update https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/5f6aab30-8bb9-4ec6-870b-f4acfbf4e412_5284.pdf

Looking more and more like a deal. But references to "a Chartered Organization" (which I took to mean LDS) are not present.

The Mediation Parties are currently engaged in ongoing in-person and virtual mediation sessions in New York City, which sessions have included the Debtors, the Ad Hoc Committee of Local Councils, the Tort Claimants’ Committee, the Coalition, the Future Claimants’ Representative, and the Insurance Companies.

The Debtors have requested that, in light of the Mediation Parties’ settlement discussions, all matters scheduled for hearing on Friday, June 11, 2021 be adjourned to a date to be determined and that the June 11, 2021 hearing be treated as a status conference. The Mediators support the Debtors’ request.

Edited June 9, 2021 by CynicalScouter

[CynicalScouter]

And the court agrees: the June 11 event is now only a status conference https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/faeb7741-2d46-4c37-b696-d10629348ddd_5285.pdf

Please take notice that at the direction of the Court, the hearing originally scheduled for June 11, 2021, has been adjourned, and will go forward only as a status conference.

[Eagle1993]

10 minutes ago, CynicalScouter said:

And the court agrees: the June 11 event is now only a status conference https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/faeb7741-2d46-4c37-b696-d10629348ddd_5285.pdf

Please take notice that at the direction of the Court, the hearing originally scheduled for June 11, 2021, has been adjourned, and will go forward only as a status conference.

This definitely sounds like they are finalizing a settlement to cover National BSA and Councils ... or at least a framework of a settlement.  BSA was clear, they need to exit by end of summer.  We could argue if that was 100% true, but it was clear they were burning cash and running out.  If BSA is now asking for an indefinite delay ... that can only mean they realize that a mediated settlement is the only closure path.  I expect the plan would still go to a vote ... but no need to fight within court.

I wonder if the HA bases are in discussions and if the LC settlement is more along the lines of a council by council payout.  It will be interesting to see the final deal.

[CynicalScouter]

7 minutes ago, Eagle1993 said:

I wonder if the HA bases are in discussions and if the LC settlement is more along the lines of a council by council payout. 

It will be real interesting about those HA bases. My understanding is Summit is such a cash losing mess that the other 3 HA bases prop it up with their profits. Nuke Sea Base, for example, and where's the revenue going to come from?

[MYCVAStory]

I spoke a little too soon.  The TCC Town Hall meeting Thursday has been postponed.  Given the mediation and court date ongoing/upcoming it's probably safe to assume that there's enough in flux for the TCC to wait until there's something more definite to report.

[Eagle1993]

1 hour ago, CynicalScouter said:

Please take notice that at the direction of the Court, the hearing originally scheduled for June 11, 2021, has been adjourned, and will go forward only as a status conference.

Kosnoff Law

"This bankruptcy may go down in history as the only instance in which the judge never made a single, solitary ruling.  Survivors would have been better served by a used side by side refrigerator with a broken ice maker and wrapped in a black robe."