Chapter 11 Announced - Part 10 - Post Confirmation Hearing/Judges Ruling

[Eagle1993]

Hopefully this is the last topic on bankruptcy.  The hearing is now closed.  A few remaining items will be filed, tweaking the language in the plan.  Then the bankruptcy judge will rule followed by district (assuming she confirms the plan).   We can use this topic to discuss the case.  If the discussion strays from the legal bankruptcy case (for example, price of Cub Scout books and belt loops) please use new topics.  Thanks in advance for keeping the discussion scoutlike.

[PaleRider]

What do you mean by followed by district?

[MikeS72]

I think that is a reference to any appeals via District Court.

[Eagle1993]

7 minutes ago, MikeS72 said:

I think that is a reference to any appeals via District Court.

Not exactly an appeal.  You can read the lengthy twitter thread below which details out the appeals process in bankruptcy.  She includes a comment about BSA's case.  The district court sounds like more of an "approval" of the bankruptcy vs appeal.  I believe the debtor lawyers gets the choice of the path.  What is interesting is that once district approves the bankrutpcy, the appeals process could be moot.  Basically, by the time any appeal can be heard or reviewed, the bankruptcy is done.  

 

In #BoyScouts bankruptcy, case has been overseen entirely by bankruptcy judge. If she confirms plan, lawyers say they will immediately seek district court approval too.* *Authority for that procedure you ask? Probably a riff on other parts of 28 USC 157. 15/x

Prof. Jacoby on Twitter: "Here is a thread on appeals from bankruptcy court decisions. Cannot say it is by popular demand - more by demand by a popular person! @alahav 1/x" / Twitter

[MYCVAStory]

3 hours ago, Eagle1993 said:

Hopefully this is the last topic on bankruptcy.

Doubtful!   So the District has an automatic review of Bankruptcy decisions.  That normally takes 2-3 months but in that  time some parts of a confirmed plan can/do take hold.  It's a tactic to say "Hey look court, it's underway and working."  Don't expect checks to be issued though!  In addition to all of that parties can appeal through other means/courts.  Expect the non-settling insurers to do that if it means they can hold onto their money any longer.  Insurers=Time Value of Money.  So, put it all together and if the Trust portion of this plan is confirmed it probably won't be up and running until late summer or probably the fall.  Also consider the issue of Third-Party releases.  The Local Councils have made it clear that they're contributing of their COs are getting releases.  If they don't then the game of chicken is on but if they don't contribute they lose their injunctions and for some that means their own bankruptcy.  Oh, and the BSA can appeal if they don't get a good enough decisions...The TCC can apppeal if Survivors get screwed over any more....  This game is in the 7th inning stretch.  Let's see if the Judge's decision closes it out or something comes up to put it in extra innings.  I suspect we've got a ways to go.  Sorry.

[vol_scouter]

@MYCVAStory  If this is going to require months more, does that not doom the BSA to Chapter 7?   Is there a way that the BSA can exit Chapter 11 before all appeals have been exhausted?

[PaleRider]

Thank you very much for explaining that.Have a wonderful Easter.

[MYCVAStory]

28 minutes ago, vol_scouter said:

If this is going to require months more, does that not doom the BSA to Chapter 7?

It's factoredin to their financial projections if all goes according to plan including the review.  They said they wanted to be out by June but no debtor ever says the latest month in reality.  If it all falls apart, if the Judge says "Sorry, I can't confirm any of this..." well, that's another story.  But I think most observing the fun over the past three weeks think that's very likely.  We should wait until the court schedules the decision in a few weeks and right before make our predictions.   Oh, I think someone pointed out in the last forum, status conference next week is to update the court on some crossing of T's and dotting of I's.  It isn't unusual for some "tweaking" of plans to go on up until a decision.  Just don't get excited to think she'll have a decision in seven days.  Happy Passover, Easter/Ramadan all.  At least it's good timing with the hearing concluding so we can all catch our breath a bit and maybe find a little bit of peace.

[ThenNow]

32 minutes ago, MYCVAStory said:

At least it's good timing with the hearing concluding so we can all catch our breath a bit and maybe find a little bit of peace.

A friend contacted me privately, concerned I've not been posting. He knows I am on all the hearings and was checking in on me. Honestly, Eagle1993 does such an excellent job I had little to add. My attempts at comic relief are often not well received (by some) and get shut down. Literally. Last time, I crashed the internet with an incouous though highly relevant observation about the repetitiveness of the presentations and arguments. We shall see what happens this time as I attempt to be serious. For the first day in, let's say, 787 days I feel nothing. I hear nothing. I have nothing to research. I have no need to decipher insurance mumbo or understand obtuse bankruptcy code nuances. There seems to be little rolling around in my head. When JLSS told the roadies to wrap up the cables and take down the speaker towers, I felt instantly exhausted. Utterly and completely. Have you ever been in a hurricane, as in right in the middle? The eery quiet while the 'eye'  passes over is as deafening as the 125 mph winds that two seconds ago sounded like a train running through your kitchen. Take a breath. Unlock the shutters and see what you can see. Step out on your stoop and look over the beach to the water. Yup. There it is. The hush belies the reality. The eye is passing and here comes the other side of the storm. Check the generator. Lock down the shutters. Head back inside the concrete bunker. Brace yourself. Be ready. 

[fred8033]

Any status?  Anyone?  Bueller?  Bueller?  

[ThenNow]

Ferris has the day off. 

[johnsch322]

“I am not going to sit on my ass as the events that affect me unfold to determine the course of my life. I’m going to take a stand. I’m going to defend it. Right or wrong, I’m going to defend it.” — Cameron Frye

[MYCVAStory]

1 hour ago, fred8033 said:

Any status?  Anyone?  Bueller?  Bueller?  

Don't expect an update anytime soon.  There's a "status Conference" Friday because sometimes there are agreements that need finalizing or language changed.  But don't expect anything significant.  Instead, it should take 2-3 weeks for the Judge to have a decision ready.  She'll then give a day or two notice.  Enjoy the quiet.....for now!

[Eagle94-A1]

If this is the wrong spot for the question, Mods please feel free to move it to the right one.

When will the transcript of the session that the CHURCHILL PLAN was discussed and how do I go about getting a copy of the transcript? No one in my council is mentioning anything about it, and when I do ask questions about it, I am told I am "spreading rumors," and "no one knows what is actually going to happen." Considering the leash that national does have over councils, national gets its way.

 

 

[InquisitiveScouter]

1 hour ago, Eagle94-A1 said:

If this is the wrong spot for the question, Mods please feel free to move it to the right one.

When will the transcript of the session that the CHURCHILL PLAN was discussed and how do I go about getting a copy of the transcript? No one in my council is mentioning anything about it, and when I do ask questions about it, I am told I am "spreading rumors," and "no one knows what is actually going to happen." Considering the leash that national does have over councils, national gets its way.

 

 

Lol...so, in your council, asking questions is "spreading rumors"??  Truth is dead, and we have killed it.  (with a nod to Nietzsche)