Chapter 11 Announced - Part 4 Revised Plan

[CynicalScouter]

31 minutes ago, yknot said:

The defense that he came from outside scouting and therefore wouldn't know is also unbelievable.

One other possibility, given BSA's track record here, is they hired him without telling him just exactly how bad things were.

The other factor, and this is something the attorney for Hartford mentioned, was the day the bankruptcy petition got filed there were around 200 lawsuits filed against BSA. Now we have 82,500 claims.

I think what may have stopped Mosby and others simply dead in their tracks was this is ORDERS of magnitude more than I think many were expecting. If you go in thinking you'll have maybe 8,250 claims, finding out you've got 10 times that amount is simply off the charts.

And again, the messaging got horribly muddle where the BSA was saying (or trying to say) that they would equitably compensate victims. This was take and interpreted, or misinterpreted by some of the lawyer ads, to mean every victim was going to get million dollar checks. BSA never had that kind of money, even if there were only 8,250 claims.

[CynicalScouter]

41 minutes ago, Eagle1993 said:

 I’m not impressed by his leadership but I would not be surprised if much of this is being managed by a legal team. 

That actually would cut against the "business judgement" rule and we saw this with the Whitman testimony. Who came up with those numbers? Whitman. Where did Whitman get those numbers from? The thin blue sky. Mosby cannot (necessarily) have it both ways where he says a) I and BSA exercised good business judgment but b) you can't ask us questions (mediation privilege) and c) our advisors are idiots.

[johnsch322]

1 minute ago, CynicalScouter said:

BSA never had that kind of money, even if there were only 8,250 claims.

And that is why they are in Bankruptcy.

[CynicalScouter]

So I stepped away; I take it the hearing ended for the day?

[ThenNow]

26 minutes ago, CynicalScouter said:

So I stepped away; I take it the hearing ended for the day?

Nope. You missed Tanc’s PowerPoint and David Buchbinder’s fire breathing. He lit some pants on fire. Ha. Molten back on trying to respond to Mr. B’s assault.  

And, that’s a wrap at 8:16PM ET.

Edited August 17, 2021 by ThenNow

[Eagle1993]

So what’s next?  Bench ruling?  If so, any idea when?

[Eagle1993]

https://www.reuters.com/legal/transactional/boy-scouts-defend-sex-abuse-deal-deny-undue-influence-2021-08-16/

[ThenNow]

26 minutes ago, Eagle1993 said:

https://www.reuters.com/legal/transactional/boy-scouts-defend-sex-abuse-deal-deny-undue-influence-2021-08-16/

Pretty abbreviated, but decent. Obviously written before the hearing wrapped, since the Coalition fees issue isn’t there. I want to see Mr. B’s commentary fully transcribed, whether I agree with all of it or not!

[Eagle1993]

The way I read it.. the BSA is basically saying this is it.  Either approve the deal or the BSA will fold.  Is that how it sounded today?

[ThenNow]

31 minutes ago, Eagle1993 said:

So what’s next?  Bench ruling?  If so, any idea when?

I’m guessing not from the bench, but I don know nuttin’. She’s aware it has to be as quickly as possible, but what that means I can’t say. I still think the Coalition fees are on the block. Counsel for the Catholic and Methodist Churches COs was pretty compelling about this not going forward without them. Mr. B also spanked them for walking away from the COs and on the Coalition fees. He was extremely animated and upset, at least his delivery projected the latter. 

[ThenNow]

6 minutes ago, Eagle1993 said:

The way I read it.. the BSA is basically saying this is it.  Either approve the deal or the BSA will fold.  Is that how it sounded today?

Well, it’s always effective to say, “I’ll just die if you don’t let me go to the game, dad!” but I guess I didn’t hear that degree of desperation or even hyperbole. I had several things going on simultaneously, though. At one point, Tanc Schiavoni was speaking to me from my pocket, jangling along with some loose change and an old pocket knife. 

Edited August 17, 2021 by ThenNow

[CynicalScouter]

3 minutes ago, Eagle1993 said:

The way I read it.. the BSA is basically saying this is it.  Either approve the deal or the BSA will fold.  Is that how it sounded today?

That was the message, almost verbatim, from the lawyer for the ad hoc committee of local councils.

The BSA lawyers were more along the lines of take this deal NOW or it will simply be resubmitted in 2 months by the TCC/FCR/Coalition after exclusivity ends and they can simply directly submit this as a proposed reorg plan.

[johnsch322]

Quick thank you to the members of the TCC. I find the Town Halls to be very informative and I know all of this must be very painful for all of them.  As hard as it is for us I can not imagine how heart wrenching it must be for them.  They have a large load on their shoulders and I personally am grateful for their service to us. 

[ThenNow]

9 hours ago, johnsch322 said:

As hard as it is for us I can not imagine how heart wrenching it must be for them.  They have a large load on their shoulders and I personally am grateful for their service to us. 

110%.

[ThenNow]

11 hours ago, CynicalScouter said:

And again, the messaging got horribly muddle where the BSA was saying (or trying to say) that they would equitably compensate victims. This was take and interpreted, or misinterpreted by some of the lawyer ads, to mean every victim was going to get million dollar checks.

Yeah. We’ve discussed this at great length before and I know it’s of little value to whip it some more. I will anyway. I have lots more coffee to drink, nothing much to do just yet and because the impact of that statement has loomed over the entire process. 

I can speak for myself (at least most days) and say the “equitably compensate survivors of abuse in Scouting” message was a huge banner of acknowledgment and hope. It certainly enhanced my desire to file a claim. Did I do any math? Not much. I guessed at potential claims and came up with between 5000 and 10-12,000 on the high end. Knowing a bit about the National asset base, that of my LC, and the deep and wide insurance coverage, I figured that would result in a meaningful award for all of us. Regardless the number of claims, they never should have used the word “equitable” — nor compensate in my book but that’s semantics — or implied that all survivors would get such compensation. It was a horrible unforced error and I can’t believe it wasn’t better thought out. Well, after hearing you guys talk about governance, I can.