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

[ThenNow]

Sending up a flare to the brilliant numbers Scouter who is tracking the fees billed to the Debtors' estate. I am wondering what the pittance is as of this 11th day of June, 2022, the year of our Lord. Many thanks and admiration, in advance. 

Oh, yeah. Is there anyone out there who could speculate, with any degree of professional accuracy, what might be the net revenue to the firms, based on the number to be revealed? I'd love to have that, as well. Danke.

Edited July 11, 2022 by ThenNow

[Wyobkr]

As of Friday July 8 the total is $185,592,097.15.  That is 80% of the billed hours and all expenses.  Will have to see if the attorneys, etc. get the other 20% at the end of the bankruptcy.

[SiouxRanger]

On 7/7/2022 at 8:20 AM, RememberSchiff said:

Topic re-opened for postings regarding OP: Post Confirmation Hearings, Judge ruling.

Off-topic posts will be removed or topic locked.  Feel free to start new topics as desired.

Thank you.

Omnibus Hearings:

August 24, 2022         11:00 AM

September 29, 2022   10:00AM

October 27, 2022         10:00AM

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/bfbf1a9c-a74b-48ac-ab60-c879ce336a00_10033.pdf

@Eagle1993

So, 3 Omnibus hearings set through 10-27-2022.

What does this mean?  Perhaps no final ruling expected until or after 10-27-2022?

My understanding of "omnibus" is that everything that any party wants to raise can be noticed up for hearing. Why would three omnibus hearings be set up front when perhaps all issues will be resolved at the first omnibus hearing?

Perhaps the judge envisions an iterative process whee issues are raised at one hearing, followed by private negotiations, progress or lack thereof reported at the second hearing, and so on.

Perhaps the Judge will announce a preliminary ruling, and seek comments from the parties, all perhaps to spur further negotiations amongst the parties.

One would think that ONE omnibus hearing would be sufficient, or one omnibus hearing setting, being continued to other dates as needed, but to dates following close on the initial setting-not with evenly spaced month gaps.

That there are three omnibus hearings spaced out over three months, considering the cash drain on National, seems rather strange to me.

[ThenNow]

25 minutes ago, SiouxRanger said:

That there are three omnibus hearings spaced out over three months, considering the cash drain on National, seems rather strange to me.

Yes. The Ominous Omnibus Trilogy. Troubling, perhaps, but a wonderful title. (I think she is simply anticipating the followup to her ruling with whatever continued mediation is launched, the processes for setting up the Trust, seating Judge Houser, and the like. I will dance live on YouTube (is it live...TikTok?) if the ruling takes until 10.27.22. "Dance" is a relative term. Everyone keep that in mind if you are forced to witness my interpretation. Another reason to pray she rules soon.)

[ALongWalk]

Will not the BSA be out of cash by October??

[1980Scouter]

1 hour ago, SiouxRanger said:

So, 3 Omnibus hearings set through 10-27-2022.

What does this mean?  Perhaps no final ruling expected until or after 10-27-2022?

My understanding of "omnibus" is that everything that any party wants to raise can be noticed up for hearing. Why would three omnibus hearings be set up front when perhaps all issues will be resolved at the first omnibus hearing?

Perhaps the judge envisions an iterative process whee issues are raised at one hearing, followed by private negotiations, progress or lack thereof reported at the second hearing, and so on.

Perhaps the Judge will announce a preliminary ruling, and seek comments from the parties, all perhaps to spur further negotiations amongst the parties.

One would think that ONE omnibus hearing would be sufficient, or one omnibus hearing setting, being continued to other dates as needed, but to dates following close on the initial setting-not with evenly spaced month gaps.

That there are three omnibus hearings spaced out over three months, considering the cash drain on National, seems rather strange to me.

Could national survive until the end of the year? There will be rechartering money but if this drags on with more legal negotiations the legal fees will be huge.

I would think whatever is to happen in the ruling, sooner is best to let it be known. Even if rejection at least they can attempt to make changes and get something that works.

Obviously the plan will not be approved without changes to the plan or it would have been approved by now.

Edited July 12, 2022 by 1980Scouter
Typo

[Eagle1993]

I would look at the omnibus hearings as just a monthly meeting in front of the judge.   It is on everyone's calendar so if an issue isn't urgent, it could be addressed in the omnibus hearing.  If there is nothing to cover, it can be cancelled.  If something is urgent, another hearing could be requested.   

I don't take the schedule of omnibus hearings as indicating anything about the timing of the judge's ruling. 

I think BSA can survive until October but they are running out of cash and need some amount just to handle payroll and legal fees if they go Ch 7.   At some point, they will run out of cash.  I think you will see signs, such as canceling Jambo, before they would announce Ch 7.  I haven't seen any concerning announcements yet. 

[ScouterDavid]

1 hour ago, ALongWalk said:

Will not the BSA be out of cash by October??

Possibly, although fall recruitment is when the most cash comes in. Any delay just drains money from the trust. So sad. The only ones getting anything out of this are the lawyers.

[johnsch322]

8 minutes ago, ScouterDavid said:

Any delay just drains money from the trust. So sad. The only ones getting anything out of this are the lawyers.

Delays only take trust money that would come from BSA National which is not the largest component. Survivors at some point of time (to be determined) will still get paid (amount to be determined).

[ThenNow]

1 hour ago, johnsch322 said:

to be determined

Yes. P Payment TBD. Also known as, Plan To Be Depressed. 

Edited July 12, 2022 by ThenNow

[ThenNow]

1 hour ago, ThenNow said:

P 

Strike the wayward P. I was overly enthralled with my cleverness such that my thumb went awry. Apologies.

[skeptic]

Say it like it is.  Greed has made this entire process into fiasco, with as noted just now again, only the lawyers actually winning anything.  If not for the presssure to try to magnify the pot at the expense of currrent youth and really the expense of the verified survivors/victims, more has likely been lost than might have been availible with reasonable and balanced efforts by people not looking for a big payoff, but rather a fair and viable offer that recognizes the errors of the past and makes a legitimate monetary payment and also sets into motion additional safeguards to be added to the many BSA already had put in place.  Agree or not, there is NO absolute monetary payment that will take away the emotional and physical damage done to the victims/surviors.  As heinous as a few cases were, and as unsavory the lesser ones, it is almost just another slaop in the face of Survivors/victims to take drag this out at their expense, as well as the expense of the youth and the program that still roffer and receive benefit, and also return so much to our society.  

But, nothing much will change in relation to how this has gone off the rails, or how many others have similarly done, until we fix our out of waxk legal system and take the landslide profits out of the hands of the worst of the legal predators and scavengers.  JMO, and as noted, a few will suggest I am not empathatic or worse.  But I like my see/saw to actually go both ways.  

[ThenNow]

56 minutes ago, skeptic said:

As heinous as a few cases were

Before I answer any more of this, which I may or may not do (since brother John is likely waiting in the wings), what is this so-called "few" of which you speak?

While many would agree that few means three or more, the dictionary definition is, “not many but more than one.” So, a few cannot be one, but it can be as low as two.

🤔🧐🙄

[RememberSchiff]

Topic locked again.

[Eagle1993]

Will keep this locked until we hear more news to discuss.

The hearing for July 20th was cancelled at the request of BSA and non settling insurers.  Next schedule hearing is August 24, 2022.