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Chapter 11 Announced - Part 6 - Plan 5.0/TCC Plan TBD


CynicalScouter

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FWIW....TCC Town Hall tonight.  

PLEASE TAKE FURTHER NOTICE that the Tort Claimants’ Committee will hold a virtual town hall meeting on December 9, 2021 at 8:00 p.m. (Eastern Time). Zoom: https://pszjlaw.zoom.us/j/82272826295 (no registration required) Dial-In by Telephone: 888-788-0099 (Toll Free), Webinar ID: 822 7282 6295. If asked for a “Participant ID,” just press # PLEASE TAKE FURTHER NOTICE that, pursuant to section 1102(b)(3) and 1103(c) of the Bankruptcy Code, the TCC holds virtual town hall meetings for Survivors of childhood sexual abuse and their representatives Survivors who are not appointed to the Tort Claimants’ Committee to provide updates and access to information about the bankruptcy cases. The identity of participants shall be kept strictly confidential, but if you ask questions using the Zoom “Q&A” function, you might want to use your initials or otherwise abbreviate your name because the questions and any answers may be publicly visible or subject to discovery in the Debtors’ bankruptcy case. PLEASE TAKE FURTHER NOTICE that this Town Hall will include: Topics Extension of Voting Deadline Communications with the TCC and its Counsel, Mediation Update, TCC’s continued goals of (1) more money for the trust, (2) independent governance of the settlement trust, and (3) meaningful youth protection.

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  On 12/9/2021 at 7:25 PM, MYCVAStory said:

...PLEASE TAKE FURTHER NOTICE that this Town Hall will include: Topics Extension of Voting Deadline Communications with the TCC and its Counsel, Mediation Update, TCC’s continued goals of (1) more money for the trust, (2) independent governance of the settlement trust, and (3) meaningful youth protection.

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As to point (3), perhaps the TCC has information on the Survivor Working Group from the BSA and Coalition? For example, has the group met?

 

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  On 12/9/2021 at 8:44 PM, RememberSchiff said:

As to point (3), perhaps the TCC has information on the Survivor Working Group from the BSA and Coalition? For example, has the group met?

 

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Given the current sensitivity around mediation I suspect all parties will be VERY careful about what is said between groups "privately."  The Judge booted a mediator this past week.  I wouldn't want to be in her sights for breaking mediation confidentiality!

 

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Big winners in the Boy Scouts bankruptcy? Attorneys, who could walk away with $1 billion.

https://money.yahoo.com/big-winners-boy-scouts-bankruptcy-100024259.html

"Boy Scouts of America estimates the bill for their professionals, plus those hired by the official creditors’ committees, could be more than $205 million by the end of the year. That’s approaching the amount Boy Scouts said it would contribute to a trust for survivors: $219 million."

  On 9/23/2021 at 10:16 PM, RememberSchiff said:

IMHO,  BSA National will reach an inflection point where their legal expenses* exceed their victims' trust contribution before they run out of money.

My $0.02,

*legal expenses starting back in 2018 when BSA hired Sidley Austin

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The above link also has these sections:

Boy Scouts’ fees higher than USA Gymnastics, Catholic dioceses cases

Venue shopping one example of bankruptcy loopholes

Infighting drives more activity, resulting in more billable hours

:blink:

Edited by RememberSchiff
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  On 12/10/2021 at 10:34 AM, RememberSchiff said:

"Boy Scouts of America estimates the bill for their professionals, plus those hired by the official creditors’ committees, could be more than $205 million by the end of the year. That’s approaching the amount Boy Scouts said it would contribute to a trust for survivors: $219 million."

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Glad I read this article before eating breakfast...

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Most of these costs would have been avoided if BSA did a national bankruptcy only.  Including COs & LCs made it incredibly complex and unique.  Add in 84,000 claimants and the process grinds.

I think a big solution is eliminating the ability to include non debtors under bankruptcy.  Unfortunately, the horse has left the barn here.

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  On 12/10/2021 at 2:38 PM, Eagle1993 said:

Most of these costs would have been avoided if BSA did a national bankruptcy only.  Including COs & LCs made it incredibly complex and unique.  Add in 84,000 claimants and the process grinds.

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To say this has become obscene strains the word’s ability to convey its meaning. From the Latin it is, effectively, “abominable.” The theory is our word comes from the combination of “in front of” and “filth.” 

To top it off, it turns out my attorney read the article, too. He just emailed me. Wants to up the baseline hourly to $8 and demands I agree to lift the cap. I can’t win. There was an e-signature button, but I was afraid to press it for fear if I did my already-cast ballot would turn to a “Yes” vote. Life is goofy. And scary. And expensive. 

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