Chapter 11 Announced - Part 4 Revised Plan

[CynicalScouter]

10 hours ago, MYCVAStory said:

Just remember, while LC assets might appear attractive to some the prospect of hundreds of LC bankruptcy proceedings, those expenses and decreased available compensation for victims, shouldn't be.

Right but he's convinced himself and others that the LCs are just free money and all they have to do is get the LC assets declared part of BSA/National's assets and that the money rolls in.

[ThenNow]

10 hours ago, skeptic said:

Any doubters now abou Mr. Kosnoff being a crook?  It was obvious from day one to me that he is not a standup person, but only greedy and for whatever reason wants to ruin BSA. 

Yup. Here I am.

As I've tried to say, love or hate, this man has represented victims of child sexual abuse against BSA since 1996. That's 25 years. Even though he was "wound down" by 2018, he obviously unwound the winding when the BSA Chapter 11 rumors got serious. People can say all they want about the evils of making 40+% on a contingent basis, cast all the aspersions in the book at attorneys for all the various reasons and question mixed motives until the cows come home. Imagine what he has seen and heard. Hundreds of client victims. Hundreds of negotiations with the BSA and its counsel. Thousands of pages of documents and disclosures, including the years he spent reading, researching and reducing to data sheets the 3200 IVFs he dislodged from BSA. He knows this stuff very, very well. If he has decided it's unredeemable darkness, I give that to him. I've not seen, heard or been witness to what he has. Have any of us?

I am not saying his (apparent) endgame is the best for all, because I don't know. I'm just saying let's temper our accusations with fact, history and context.

[johnsch322]

1 hour ago, ThenNow said:

As I've tried to say, love or hate, this man h

He has to be the most interesting figure in the three ring circus.  

[ThenNow]

2 hours ago, johnsch322 said:

He has to be the most interesting figure in the three ring circus. 

Way back when I commented that I thought he is quite calculated in his approach to this and potentially very influential. Others thought me a bit off base (or the wall), saying he is essentially just rich, bored and bent on BSA destruction for some underlying, inexplicable hatred. He may be some or all of that, too, but I really think he knows what he's doing. 

[CynicalScouter]

3 minutes ago, ThenNow said:

He may be some or all of that, too, but I really think he knows what he's doing. 

In the end, however, his two goals appear to be incompatible.

1. Killing off BSA and possibly the LCs: this results in LESS recovery for victims because the ensuring lawsuits and bankruptcies will likely result in fewer assets for victims to recover from.
2. Maximizing victim benefit: if that's his end goal, he would want a (crippled) BSA and LCs who could make good on more money.

[acema606]

The longer the bankruptcy drags on, and COVID drags on, as well as the other forces working against BSA the less I'm certain that BSA will be able to survive in any sort of long term.  I don't know that any promised future funds will come to to fruition at all, or at least to the level they think it will.  BSA is hemorrhaging and is using their rainy day funds.  The problem is the storm doesn't seem to be ending soon.   

[CynicalScouter]

2 minutes ago, acema606 said:

BSA is hemorrhaging and is using their rainy day funds.  The problem is the storm doesn't seem to be ending soon.   

Yep. Raiding the endowment and other restricted funds just to keep the doors open will only last but so long.

[ThenNow]

18 minutes ago, CynicalScouter said:

In the end, however, his two goals appear to be incompatible.

1. Killing off BSA and possibly the LCs: this results in LESS recovery for victims because the ensuring lawsuits and bankruptcies will likely result in fewer assets for victims to recover from.
2. Maximizing victim benefit: if that's his end goal, he would want a (crippled) BSA and LCs who could make good on more money.

"Shoot for the stars and hit the moon"? As we all do, he know's full well the court will do everything possible to preserve the BSA, however hobbled. Thus, he pushes for 1, misses and gets 2? Heck if I know. Maybe he will chime in here. Mr. TK, enlighten us, bitte. 

[CynicalScouter]

So, for tomorrow's hearing there remains several motions regarding the failure of various entities to produce documents.

On 8/6/2021 at 3:46 PM, CynicalScouter said:

One more thing: since it is clear an expedited hearing isn't happening today, that means that several pending  motions are either not going to be decided or are going to be decided at the last minute.

That includes

1. Century wants BSA to produce any and all documents related to how it decided to agree to the RSA.
2. TCC/FCR/Coalition want any testimony produced by the Insurance Companies regarding the RSA stricken unless  a) Hartford starts to produce documents on Hartford's liability and how it and BSA decided $650 million was acceptable and b) Century/Chubb starts to produce documents on how much Chubb is on the hook for in terms of policies.

So, absent a literally last minute order on these issues, they'll be pending during tomorrow's hearing.

We should also expect this will be two days and include testimony (BSA said it "intends to call") in support of BSA and the RSA from

1. Devang Desai (volunteer member of the National Executive Board, National Executive Committee and Bankruptcy Task Force of the BSA)
2. Roger C. Mosby (President and CEO of the BSA),
3. Daniel Ownby (Volunteer Chair of the National Executive Board of the BSA)
4. Brian Whittman (Managing Director of Alvarez & Marsal North America, LLC)

And on the objectors side, Hartford "reserves the right" to call

1. Mr. John Kinney (Executive Vice President of The Hartford) as a witness in support of its objection to this matter

Reserves the right means that Hartford doesn't HAVE to call Kinney to testify, but if they want to, everyone is now on notice that might happen. I would expect his testimony to be regarding the Hartford deal that Hartford/BSA had a deal and BSA cannot back out of it now. Remember: if the Hartford deal stays in, the RSA is dead.

 

[CynicalScouter]

And no sooner do I post about last minute orders, here they come.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/0ed29558-48a9-49a3-938a-50e877a37823_5958.pdf

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/67542b72-acce-439e-88df-0e2e6b3efb60_5959.pdf

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/50c67700-1634-4a65-82b3-9e4eb0f7ff95_5960.pdf

In short, ALL discovery motions (BSA's refusal to turn over docs to the insurers, the insurer's refusal to turn over docs to the TCC/FCR/Coalition) will be argued tomorrow.

 

Edited August 11, 2021 by CynicalScouter

[ThenNow]

42 minutes ago, CynicalScouter said:

And no sooner do I post about last minute orders, here they come.

Well, now. I say she is none too happy and ready to snap some slack. I will be popping lots of corn and getting my video screen and Bose headphones ready for action, along with a fresh toothbrush, napping pillow and a change of briefs. Get it? Briefs. I'm here all night and the tip jar is on the Yeti. Well, in the Yeti. Best place for cold, hard cash.

Edited August 11, 2021 by ThenNow

[fred8033]

5 hours ago, ThenNow said:

As I've tried to say, love or hate, this man has represented victims of child sexual abuse against BSA since 1996. That's 25 years.

Allude to his having 25 years of experience in this makes it absolutely fair to remind everyone that the noble experience has made him massively rich. 

[CynicalScouter]

BSA is now filing its responses to several objections to the RSA and BSA's failure to provide documents.

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/596a4985-acba-414a-bc9f-80ad5dabec36_5961.pdf

In short, BSA argues

1) All these objections need to wait until the confirmation hearing AFTER a vote takes place.

2) BSA produced all documents it could

3) Century had argued that, in effect, the BSA Board had a conflict of interested because of the member's relationships with LCs. It's complicated, but suffice to say BSA insists there was no conflict.

[ThenNow]

Just now, fred8033 said:

Allude to his having 25 years of experience in this makes it absolutely fair to remind everyone that the noble experience has made him massively rich. 

As have many who have done nothing noble, nothing good, nothing pure and nothing of any lasting value to anyone. Many have caused damage to people, property, society and the planet. I choose to recognize this "noble experience," whether others find it worthy or not. 

[fred8033]

17 hours ago, CynicalScouter said:

TLDR:  Kosnoff just handed the insurance companies not only grounds to force ALL claimants to be vetted NOW but also for the entire process to grind to a halt until it can be determined how many of the 82,500 claims are time barred and possible civil/criminal actions for forgery and fraud on the court.

So ... is there now a whole new class of claimants who are now also time barred because they missed their state's open window?  Is there a new set of class actions to be done against law firms for explicit fraud and intentional incompetence?  Seems we should have law firms suing law firms for cash or suing investment houses that funded those law firms.