Eagle1993 Posted April 4, 2022 Author Share Posted April 4, 2022 Does anyone have the schedule of hearings this week? I know they discussed a status hearing today and then closing arguments (I think starting with YPT and moving on to various other topics/groups). Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 4, 2022 Author Share Posted April 4, 2022 All times Eastern BSA has various charts that summarize all of the objections that will help to structure the closing arguments Status hearing 10AM Today A lot of discussions around scheduling each day. Attempting to keep to two days, hard to see that holding. Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 4, 2022 Author Share Posted April 4, 2022 US DOJ is going to make significant argument about 9019 issues & 3rd part releases. 1 Link to comment Share on other sites More sharing options...
MYCVAStory Posted April 4, 2022 Share Posted April 4, 2022 Wednesday and Thursday on the schedule. Pro Se objections on Thursday 11-12:30. Debtor is concerned that Pro Se involvement will address their individual claims. Judge is going to allow comments but not get into claims. Could be an interesting 90 minutes. Overall theme is one of doubt that this is going to get wrapped up over two days. Debtor reminded court that fee issues (Coalition, Pfau/Zalking, Catholics) are a part of seperate court actions outside of this. Judge nodded in agreement. One pro se claimant, Cutler, was very involved but his comments were all over the place and included being served with papers that had "The mark of Zorro" on them, Mormonism includes a ritual disembowelment if you give up secrets, Price-Waterhouse should be counting votes, victims thought this was going to be like the Nuremberg trials). It was hard not to feel a combination of confusion and compassion but the court was patient. So....starts 10AM Wednesday until it's done. Judge called it "ambitious" and expects issues to be argued in time allotted provided she doesn't have a lot of questions. She suggested the objectors should go first so the debtor doesn't spend too much time on issues where others don't disagree. TONE DEAF comment of the day: Lauria's step-daughter is getting married so she isn't available Friday..."We've been waiting a long time for this." UHHHHH....yeah....most of us have been waiting decades for our abuse to be addressed. Unbelievable. 1 Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 4, 2022 Author Share Posted April 4, 2022 Dumas sees the TCJC issue as unique vs other non-debtor releases and judge stated she agreed. I thought that was a bit of an interesting point. I'll be surprised if it holds to this week ... I expect it will spill into next week but we will see. The judge has been willing to go very late (near 7PM eastern) in non stop hearings with little time for breaks. Court with definitely patient with Pro Se claimants. However, I expect it will be a bit of cat hurding to keep it to 1.5 hours. The judge will have a difficult job of keeping Pro Se claimants on track. I'm sure many if not most are not experienced court, clearly have a very emotional aspect of their involvement and may see this as their last time to get their pain/suffering acknowledged. Each Pro Se, I believe, only has 10 mins. I know there are other avenues for victims to be involved (National and council boards, etc.) but I expect many will see this time as one to get their voice in front of the court/national BSA. 1 Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 4, 2022 Author Share Posted April 4, 2022 BSA must have made their insurance payment in February. Unrestricted liquidity dropped to $118M. Note that $66M of that is a retirement fund ... so in reality, they have $52M left in the bank. When they started the bankruptcy, they had $115M in the bank and they also burned through 100% of an endowment of $54M. BSA will contribute some of that $52M to the settlement trust. BSA's liquidity remained flat until June ... July & August sees pretty big negative cash flows, probably on the order of $30M or so. I think BSA, if they leave bankruptcy by end of April should leave with about $30M in cash in the bank. SO.... around September, BSA will be out of cash. That assumes the bankruptcy goes through as planned. Recruiting helps in Sept - Jan + BSA should be a bit better off as they won't be paying big bankruptcy fees. So they probably won't hit $0 in Sept ... but could be close. f4a81bfa-d54b-4da2-b599-945c95d1997f_9538.pdf (omniagentsolutions.com) 1 2 Link to comment Share on other sites More sharing options...
Eagle1970 Posted April 4, 2022 Share Posted April 4, 2022 1 hour ago, Eagle1993 said: BSA must have made their insurance payment in February. Unrestricted liquidity dropped to $118M. Note that $66M of that is a retirement fund ... so in reality, they have $52M left in the bank. When they started the bankruptcy, they had $115M in the bank and they also burned through 100% of an endowment of $54M. BSA will contribute some of that $52M to the settlement trust. BSA's liquidity remained flat until June ... July & August sees pretty big negative cash flows, probably on the order of $30M or so. I think BSA, if they leave bankruptcy by end of April should leave with about $30M in cash in the bank. SO.... around September, BSA will be out of cash. That assumes the bankruptcy goes through as planned. Recruiting helps in Sept - Jan + BSA should be a bit better off as they won't be paying big bankruptcy fees. So they probably won't hit $0 in Sept ... but could be close. f4a81bfa-d54b-4da2-b599-945c95d1997f_9538.pdf (omniagentsolutions.com) Thanks for all of your detailed posts. In a sense, an enterprise should not leave bankruptcy with much more than zero. Do you have an idea of the total non-liquid asset value they will retain? Link to comment Share on other sites More sharing options...
MYCVAStory Posted April 4, 2022 Share Posted April 4, 2022 53 minutes ago, Eagle1970 said: In a sense, an enterprise should not leave bankruptcy with much more than zero. Do you have an idea of the total non-liquid asset value they will retain? Grain of salt....in the case of some assets, like Philmont, there is significant debt attached. Others, like the Summit, have less value according to recent appraisals than the amount spent/contributed in development ($45 Mil versus $400 Mil). So, the non-liquid assets aren't always what they appear. 1 1 Link to comment Share on other sites More sharing options...
vol_scouter Posted April 5, 2022 Share Posted April 5, 2022 4 hours ago, Eagle1970 said: Thanks for all of your detailed posts. In a sense, an enterprise should not leave bankruptcy with much more than zero. Do you have an idea of the total non-liquid asset value they will retain? Actually, the debtor must file a five year business plan that shows that the nonprofit will be financially sound. In order to do that, they must have enough liquid assets to sustain it in the business plan. That means that the BSA will need a substantial amount to carry them until new Scouts are recruited in the fall and recharters occur in early 2023. That is a substantial amount of money. Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 5, 2022 Author Share Posted April 5, 2022 (edited) 14 hours ago, Eagle1970 said: Thanks for all of your detailed posts. In a sense, an enterprise should not leave bankruptcy with much more than zero. Do you have an idea of the total non-liquid asset value they will retain? BSA didn't use bankruptcy to deal with their secured debt ... only their sex abuse liability. They do have a lot of non-liquid assets but those are heavily indebted. Again, I expect they will be near $10M in cash in September. This aligns to what BSA has been saying ... they are running out of money. 10 hours ago, vol_scouter said: Actually, the debtor must file a five year business plan that shows that the nonprofit will be financially sound. In order to do that, they must have enough liquid assets to sustain it in the business plan. That means that the BSA will need a substantial amount to carry them until new Scouts are recruited in the fall and recharters occur in early 2023. That is a substantial amount of money. During the confirmation hearing, BSA had an expert testify to the feasibility of the 5 year plan. In reality, everything is dependent on membership. It appears their membership assumptions are reasonable. However, I didn't hear any discussion about inflation which I was surprised. Inflation on labor and materials is substantial right now and I wonder how their debt is structured (hopefully the rates are locked in). Edited April 5, 2022 by Eagle1993 typo 2 Link to comment Share on other sites More sharing options...
InquisitiveScouter Posted April 5, 2022 Share Posted April 5, 2022 "Don't let it become a salaried organization: keep it a voluntary movement of patriotic service." 1 Link to comment Share on other sites More sharing options...
ThenNow Posted April 5, 2022 Share Posted April 5, 2022 (edited) 23 hours ago, MYCVAStory said: TONE DEAF comment of the day: Lauria's step-daughter is getting married so she isn't available Friday..."We've been waiting a long time for this." UHHHHH....yeah....most of us have been waiting decades for our abuse to be addressed. Unbelievable. Add to it the girlish gleam in her eye and happy smile. Seriously? Also, this bride to be was not her stepdaughter when this case was initiated. Just sayin'. I'm very tempted to write a letter to the court. C'mon, man. My disgust is showing, again. At the very least she could have acknowledged the reality of survivors' attenuated quest for closure and made her announcement with a measure of apology. Edited April 5, 2022 by ThenNow 2 Link to comment Share on other sites More sharing options...
Zebra132 Posted April 5, 2022 Share Posted April 5, 2022 And Mrs. Lauria's firm has how many attorney's that can attend to matters on Friday in her absence? 2 Link to comment Share on other sites More sharing options...
MYCVAStory Posted April 5, 2022 Share Posted April 5, 2022 1 hour ago, ThenNow said: At the very least she could have acknowledged the reality of survivors' attenuated quest for closure and made her announcement with a measure of apology. Agreed. I had flashbacks to Wilmington where Survivors gathered when the TCC was being selected and she walked out, said "The BSA is sorry, we'll give Survivors 90 days to get their claims in, and wrap this up quickly." NO BSA professionals spoke, NO understanding of how difficult it would be for Survivors to come forward, let alone do it in 90 days. 1 Link to comment Share on other sites More sharing options...
ThenNow Posted April 5, 2022 Share Posted April 5, 2022 (edited) 2 hours ago, MYCVAStory said: Agreed. I had flashbacks to Wilmington where Survivors gathered when the TCC was being selected and she walked out, said "The BSA is sorry, we'll give Survivors 90 days to get their claims in, and wrap this up quickly." NO BSA professionals spoke, NO understanding of how difficult it would be for Survivors to come forward, let alone do it in 90 days. Yup. I was directly in front of her. She was ice cold. Sorry to say that in advance of the big wedding, but that was my sincere take. Edited April 5, 2022 by ThenNow Link to comment Share on other sites More sharing options...
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