MYCVAStory Posted March 17, 2022 Share Posted March 17, 2022 39 minutes ago, Muttsy said: Are you saying a TCC member was disqualified from voting because he had a conflict of interest. Was that disclosed to the UST or to the survivor body? Wow....I'm not jumping to a conclusion. I'm only, again, reporting what was said today. No one on the TCC voted to reject the plan. If any abstained that hasn't been reported, wasn't asked, and no TCC specific outcome of votes have been reported as far as I know. Link to comment Share on other sites More sharing options...
Eagle1970 Posted March 18, 2022 Share Posted March 18, 2022 4 hours ago, Eagle1993 said: A bit of background on the Guam group based on what I have seen. Lujan & Wolff, LLP seemed to have been offered a settlement in 2018 for their clients (I think in total 80 survivors). They didn't take it and decided to go to trial. Now, both the arch diocese AND BSA declared bankruptcy. My guess ... whatever offer they had in the past was much, much larger than any TDP or even neutral payout they can expect. Some of their lawyer's questions go into that history ... "remember when you gave us that offer. Remember when you said x,y,z." I'm sure she feels devastated for her clients, and I can see that pain, but at the same time, one had to know BSA was in financial trouble and factored that into the decision making. That was a bad roll of the dice. Not one I would have chanced. 1 Link to comment Share on other sites More sharing options...
ThenNow Posted March 18, 2022 Share Posted March 18, 2022 Jessica Lauria: Updated Mediator's Report. BSA and RCC Ad Hoc Committee have struck a deal. They withdraw their objections. Agree to support BSA through 2036. Forming a CO advisory group...I just found it on the docket. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/cfa95f81-22b0-409a-862d-6eb07e166523_9387.pdf Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 There is agreement with the Roman Catholic Ad Hoc Committee. 1 - They now support plan confirmation 2 - Will remove their witnesses 3 - Will support boy scouts including YP 4 - Will be treated as participating chartered orgs cfa95f81-22b0-409a-862d-6eb07e166523_9387.pdf (omniagentsolutions.com) BSA will pay $1.5M for this ... nothing from the Roman Catholic Church Being discussed right now Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 That $1.5M goes TO the Roman Catholic Church. Wow... Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 US Trustee not happy ... stated that basically as long as someone gets a check they settle. Link to comment Share on other sites More sharing options...
yknot Posted March 18, 2022 Share Posted March 18, 2022 1 minute ago, Eagle1993 said: That $1.5M goes TO the Roman Catholic Church. Wow... How is that even possible ? Link to comment Share on other sites More sharing options...
johnsch322 Posted March 18, 2022 Share Posted March 18, 2022 5 minutes ago, Eagle1993 said: BSA will pay $1.5M for this . Bribe? Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 Just now, yknot said: How is that even possible ? On or as soon as reasonably practicable after the Effective Date, and subject to the Bankruptcy Court granting a motion filed pursuant to sections 363(b), 1129(a)(4) and 503(b) of the Bankruptcy Code, Bankruptcy Rule 9019, or otherwise applicable bankruptcy and non-bankruptcy law, Reorganized BSA shall reimburse the RCAHC amounts they have paid to its counsel, ArentFox Schiff LLP and Potter Anderson & Corroon LLP (the “RCAHC Professionals”) for, reasonable, documented, and contractual professional advisory fees and expenses incurred by the RCAHC Professionals (the “RCAHC Restructuring Expenses”); provided, however, that, without limiting the foregoing, the RCAHC Restructuring Expenses shall be in an aggregate amount not to exceed $1,500,000, any award of such fees shall be payable by Reorganized BSA over the course of the twenty four (24) month period following the Effective Date of the Plan in four equal installments with the first installment due six (6) months following the Effective Date of the Plan. Notwithstanding anything to the contrary in the Plan, the RCAHC Restructuring Expenses shall be subject to the terms of Article II.A.2 of the Plan, with the following modifications: (x) RCAHC Professionals shall comply with the procedures and processes set forth in Article II.A.2 by filing final fee application(s), which, for attorneys or law firms who are RCAHC Professionals, shall include time entry detail, which may be redacted for privilege; and (y) payment or reimbursement of RCAHC Restructuring Expenses shall be subject to the review and procedure of the Fee Examiner. Just now, johnsch322 said: Bribe? Strong term, but US Trustee alluded to that. 1 Link to comment Share on other sites More sharing options...
yknot Posted March 18, 2022 Share Posted March 18, 2022 1 minute ago, Eagle1993 said: On or as soon as reasonably practicable after the Effective Date, and subject to the Bankruptcy Court granting a motion filed pursuant to sections 363(b), 1129(a)(4) and 503(b) of the Bankruptcy Code, Bankruptcy Rule 9019, or otherwise applicable bankruptcy and non-bankruptcy law, Reorganized BSA shall reimburse the RCAHC amounts they have paid to its counsel, ArentFox Schiff LLP and Potter Anderson & Corroon LLP (the “RCAHC Professionals”) for, reasonable, documented, and contractual professional advisory fees and expenses incurred by the RCAHC Professionals (the “RCAHC Restructuring Expenses”); provided, however, that, without limiting the foregoing, the RCAHC Restructuring Expenses shall be in an aggregate amount not to exceed $1,500,000, any award of such fees shall be payable by Reorganized BSA over the course of the twenty four (24) month period following the Effective Date of the Plan in four equal installments with the first installment due six (6) months following the Effective Date of the Plan. Notwithstanding anything to the contrary in the Plan, the RCAHC Restructuring Expenses shall be subject to the terms of Article II.A.2 of the Plan, with the following modifications: (x) RCAHC Professionals shall comply with the procedures and processes set forth in Article II.A.2 by filing final fee application(s), which, for attorneys or law firms who are RCAHC Professionals, shall include time entry detail, which may be redacted for privilege; and (y) payment or reimbursement of RCAHC Restructuring Expenses shall be subject to the review and procedure of the Fee Examiner. LOL OK I think I parsed out that it is some kind of reimbursement for their legal expenses or some other kind of expense. Interesting. Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 AH ... Clarity. Roman Catholic Church is not a participating CO. They are simply no longer an objecting one. 1 Link to comment Share on other sites More sharing options...
ThenNow Posted March 18, 2022 Share Posted March 18, 2022 8 minutes ago, Eagle1993 said: Strong term, but US Trustee alluded to that. I think more than alluded. "As long as they get a check, they settle." 2 Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 Hearing this morning is focused on BSA's business plan and its feasibility. Going into details of BSA financials right now. Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 Going through P&L ... BSA did better in 2021 than plan. #1 aspect of financials is membership In 2021, we saw over 210,000 new scouts, but 2021 saw retention drop to 62% driven by Cub Scouts of only 50% Overall, plan assumes worse rates than historic in recruiting & retention. Link to comment Share on other sites More sharing options...
Eagle1993 Posted March 18, 2022 Author Share Posted March 18, 2022 What I found interesting in terms of the expert witness summary of what impacts membership. He talked about controversies and COs. He didn't talk about volunteers at all. 1 Link to comment Share on other sites More sharing options...
Recommended Posts