CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 Quinn: There is nothing that makes the trustee's decisions binding. The insurance companies are free to go to a coverage court/state court and object to the trustee's determinations. Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 Stang: "We do think you are going to have to value the claims." The TCC wants to employ a valuation expert. The judge WILL be asked to value the claims by the TCC. Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 35 minutes ago, CynicalScouter said: Stang: "We do think you are going to have to value the claims." The TCC wants to employ a valuation expert. The judge WILL be asked to value the claims by the TCC. This was the motion Stang/TCC to hire a claims valuation expert. https://www.scouter.com/topic/32791-chapter-11-announced-part-6-plan-50tcc-plan-tbd/?do=findComment&comment=532650 https://www.scouter.com/topic/32791-chapter-11-announced-part-6-plan-50tcc-plan-tbd/?do=findComment&comment=532653 As noted: BSA is insisting, and continues to insist, that as a result of statutes of limitations and other factors the TOTAL claims values AGGREGATED are in the $2-7 billion range. The TCC is clearly going to want a much bigger number. Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 There's been a lot of talk about "Master Mortgage" standards. That refers to a case about third-party releases. Note that second prong "In Master Mortgage, the court outlined the following five factors that bankruptcy courts should consider when evaluating the release of claims against a nondebtor third party without the consent or agreement of the party deemed to be bound by such release: (1) An identity of interest between the debtor and the third party, such that a suit against the nondebtor is, in essence, a suit against the debtor or will deplete assets of the estate; (2) Substantial contribution by the nondebtor of assets to the reorganization; (3) The essential nature of the injunction to the reorganization to the extent that, without the injunction, there is little likelihood of success; (4) An agreement by a substantial majority of creditors to support the injunction, specifically if the impacted class or classes “overwhelmingly” vote to accept the plan; and (5) Provision in the plan for payment of all or substantially all of the claims of the class or classes affected by the injunction." The BSA is a debtor, but if the LCs and COs want to be released, they will HAVE to show to the court that they made a "substantial contribution...of assets to the reorganization". How "substantial" is "substantial"? Well, that's why the TCC wants a) a true and accurate valuation of LC properties (which they think the LCs are low-balling) and b) aggregated claims values. If I had to guess, "substantial" could be valued one of two ways Total contribution to settlement. If the settlement trust is $100 million and a nondebtor third party chipped in $99.9 million, that's "substantial". But what about $25 million? $2.5 million? Total contribution to settlement as a percent of assets: And this is where I think the LDS and LCs are going to get plowed under. The LDS is settling for $250 million and there are reports they have $100 billion in assets. That 0.25% of assets. That's not "substantial", that's a rounding error. As for the LCs, the TCC has already staked its claim that $500 million is not "substantial" enough and they can afford to go to at least $1.5 billion Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 (edited) The Coalition is claiming its "survivors committee" should be listened to. The presumption is not the TCC. Fighting over the Coalition fees. Edited September 28, 2021 by CynicalScouter Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 (edited) This is just wow. The Coalition is outright attaching the TCC. Rothweiler of Eisenberg, Rothweiler, Winkler, Eisenberg & Jeck, P.C. (the third lawfirm that made up AIS) is trashing the TCC. Paraphrase: The TCC needs to focus on helping survivors, not putting up roadblocks. This the first time I've seen claimants attorneys trashing the TCC or each other. Zalkin at least was respectful in disagreeing when he did with the TCC on some points. But Rothweiler just outright trashed Stang and the TCC. Edited September 28, 2021 by CynicalScouter 1 Link to comment Share on other sites More sharing options...
ThenNow Posted September 28, 2021 Share Posted September 28, 2021 1 minute ago, CynicalScouter said: The Coalition is claiming its "survivors committee" should be listened to. The presumption is not the TCC. I think Mr. KR is making his application for Knighthood, Sainthood, the Congressional Gold Medal and Presidential Medal of Freedom. Good grief. “Ditch the TCC. We got this...” Link to comment Share on other sites More sharing options...
MYCVAStory Posted September 28, 2021 Share Posted September 28, 2021 Rothweiler tries to make people feel bad for HIM because everyone is against the poor mass tort attorneys and he has invested so much into this and its taken its toll. His comments go on and on and the judge has lost control of her courtroom. So the judge lets Rothweiler speak until he's done and now lets Stand speak but cautions him about time. Unbelievable. 1 1 Link to comment Share on other sites More sharing options...
ThenNow Posted September 28, 2021 Share Posted September 28, 2021 (edited) 5 minutes ago, CynicalScouter said: Rothweiler just outright trashed Stang and the TC Yup. Wow, indeed. The recitation of his CV was the setup for his attack from the High Wall while riding the White Horse with the Sword of Justice extended. Edited September 28, 2021 by ThenNow Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 Stang being allowed to respond to the Rothweiler attack. Judge lets Stang know she is aware that he and the TCC will disagree with what was just said. Stang "I had to take a really deep breath." Stang: Rothweiler said he was "on the TCC". No, he wasn't. Kennedy and the other victims were. Link to comment Share on other sites More sharing options...
Eagle1993 Posted September 28, 2021 Share Posted September 28, 2021 Best line ... I wasn't prepared to talk and then went on reading a paper for 10 minutes. Stang is destroying him right now. 2 Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 (edited) Stang: Tier 1 sexual abuse (I won't say what he said the type of abuse) in a open state = $57,000. $34,600 in the next lowest state (Gray 3?). "This is a race to the bottom." Edited September 28, 2021 by CynicalScouter 1 Link to comment Share on other sites More sharing options...
CynicalScouter Posted September 28, 2021 Author Share Posted September 28, 2021 2 minutes ago, Eagle1993 said: Best line ... I wasn't prepared to talk and then went on reading a paper for 10 minutes. Stang is destroying him right now. Yep. And Stang noted he read from a script. So much for not prepared to talk. 1 Link to comment Share on other sites More sharing options...
ThenNow Posted September 28, 2021 Share Posted September 28, 2021 7 minutes ago, ThenNow said: I think Mr. KR is making his application for Knighthood, Sainthood, the Congressional Gold Medal and Presidential Medal of Freedom. Good grief. “Ditch the TCC. We got this...” He gets none of them. Jim Stang’s application over road it with flourish, flare and fury. Link to comment Share on other sites More sharing options...
ThenNow Posted September 28, 2021 Share Posted September 28, 2021 (edited) How long is the recess? I had to go assault and batter my heavy bag and missed it. Edited September 28, 2021 by ThenNow Link to comment Share on other sites More sharing options...
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