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

[ThenNow]

11 hours ago, MYCVAStory said:

Did you get on?  There was a bit of a delay in their admitting people to the hearing today.

I gave up. The (film) trailer wasn’t compelling anyway. 

[Eagle1993]

April's operating expense hit the docket.  BSA is down to $45M of cash.  April was an expensive bankruptcy month $16M of spend.  

Good news is that registration income is >> 2021 as is income from HA bases.

Registration went from $4.0M in Apr 2021 to $6.3M in Apr 2022

HA Base income from $2.7M in Apr 2021 to $5.0M in Apr 2022.

I haven't seen any update from the court.  This wait seems very long.  I still lean to her approving the plan, but I wouldn't be surprised if she has found some issues and is making it very clear where the issues (and where there are no issues).  We will see...

[Eagle1970]

48 minutes ago, Eagle1993 said:

This wait seems very long.  I still lean to her approving the plan, but I wouldn't be surprised if she has found some issues and is making it very clear where the issues (and where there are no issues).  We will see...

All of this seems like it is taking forever.  But, in reality, even simple cases can take substantial time in court.  And this is no simple case.

[Tron]

There are a lot of people impacted by this bankruptcy; I wish they would at least give weekly public updates. It could be something short like "Discussions continue, X number of disagreements resolved in the last week." so the community can have an idea of when to expect the end of the bankruptcy and the subsequent expected program changes.

[ThenNow]

For what it's worth and though it's dated, I find this article interesting and relevant. Some may, as well. Here's a snippet and the link:

An emphasis on prevention rather than the past

About 90% of the settlement, which could deliver between $6 billion and $10 billion over time, will go to states, local governments and tribes. They're supposed to use it to fight the opioid crisis. University of Connecticut law school professor Alexandra Lahav says that ratio prioritizes the greater good, going forward.

"To me it shows an emphasis on how do we fix what is broken for the future," says Lahav, "versus people who were already hurt in the past."

NATIONAL 

As Purdue Pharma Bankruptcy Nears Approval, Family Members Write About The Human Toll

Lahav says she sympathizes with individuals who call the settlement unfair. That maximum payment for a death, in the range of $40,000, is a fraction of what other drugmakers have paid to settle lawsuits, according to attorneys who review such cases.

But this settlement is different because it was negotiated in bankruptcy court and there was a fixed pot of money. Lawyers representing individuals and all the states disagreed about how to divide it. Some attorneys who followed the proceedings say states had the advantage and prevailed.

https://www.npr.org/2021/09/28/1040447650/payouts-purdue-pharma-settlement-sackler

[InquisitiveScouter]

Curious about the down vote, @Tron ???

[Tron]

8 minutes ago, InquisitiveScouter said:

Curious about the down vote, @Tron ???

What does your post have to do with the BSA bankruptcy? Are you blaming BSA for the opioid epidemic?

[InquisitiveScouter]

2 minutes ago, Tron said:

What does your post have to do with the BSA bankruptcy? Are you blaming BSA for the opioid epidemic?

Welp, one of the key issues in the BSA bankruptcy is third party releases.  And the Purdue Pharma bankruptcy still has a lot of issues swirling around the same.  The events and outcomes of Purdue Pharma bankruptcy proceedings point to judicial outcomes possible for BSA's bankruptcy.  The two are, ostensibly, connected in that way.

[Tron]

5 minutes ago, InquisitiveScouter said:

Welp, one of the key issues in the BSA bankruptcy is third party releases.  And the Purdue Pharma bankruptcy still has a lot of issues swirling around the same.  The events and outcomes of Purdue Pharma bankruptcy proceedings point to judicial outcomes possible for BSA's bankruptcy.  The two are, ostensibly, connected in that way.

I don't see the connection. The third party releases Purdue Pharma are about protecting the doctors and administrators who were making money off of Purdue Pharma and are the literal perpetrators of the crime. The third party releases in the BSA lawsuit do not protect the literal perpetrators of the sexual assaults or the people who covered up those assaults; the BSA third party releases are to protect ancillary entities. There is also a huge contrast between coordinated bribing operations perpetrated by Purdue Pharma to get doctors and administrators pulling a paycheck to commit illegal acts. No such comparable act was perpetrated by BSA. 

[InquisitiveScouter]

6 minutes ago, Tron said:

I don't see the connection. The third party releases Purdue Pharma are about protecting the doctors and administrators who were making money off of Purdue Pharma and are the literal perpetrators of the crime. The third party releases in the BSA lawsuit do not protect the literal perpetrators of the sexual assaults or the people who covered up those assaults; the BSA third party releases are to protect ancillary entities. There is also a huge contrast between coordinated bribing operations perpetrated by Purdue Pharma to get doctors and administrators pulling a paycheck to commit illegal acts. No such comparable act was perpetrated by BSA. 

Chartering Organizations are implicated.  And they are purchasing a release from liability.  Therefore, connection.

https://news.bloomberglaw.com/bankruptcy-law/purdue-pharma-tests-limits-of-liability-shields-in-bankruptcy

[ThenNow]

39 minutes ago, Tron said:

What does your post have to do with the BSA bankruptcy? Are you blaming BSA for the opioid epidemic?

I assume this is a serious question and you're not just messing with me. If the latter, yes, and COVID, gas prices and and global warming.  Just levity, my friend. See, below. 

As follows:

1. Relevance - See Inquisitive's comments. 

2. Relevance - Purdue got kicked back to Judge Drain after the District Court said it can't be approved due to the third party, non-debtor releases. 

3. Relevance - This case, like Purdue and as stated in the excerpt, will end up being more about protecting those that follow us than providing closure, justice and recompense to survivors of past BSA child sexual abuse. Thus, my previous rantings about YPT and youth protection. 

An emphasis on prevention rather than the past

Lahav says she sympathizes with individuals who call the settlement unfair. That maximum payment for a death, in the range of $40,000, is a fraction of what other drugmakers have paid to settle lawsuits, according to attorneys who review such cases.

But this settlement is different because it was negotiated in bankruptcy court and there was a fixed pot of money.

[Tron]

25 minutes ago, ThenNow said:

I assume this is a serious question and you're not just messing with me. If the latter, yes, and COVID, gas prices and and global warming.  Just levity, my friend. See, below. 

As follows:

1. Relevance - See Inquisitive's comments. 

2. Relevance - Purdue got kicked back to Judge Drain after the District Court said it can't be approved due to the third party, non-debtor releases. 

3. Relevance - This case, like Purdue and as stated in the excerpt, will end up being more about protecting those that follow us than providing closure, justice and recompense to survivors of past BSA child sexual abuse. Thus, my previous rantings about YPT and youth protection. 

An emphasis on prevention rather than the past

Lahav says she sympathizes with individuals who call the settlement unfair. That maximum payment for a death, in the range of $40,000, is a fraction of what other drugmakers have paid to settle lawsuits, according to attorneys who review such cases.

But this settlement is different because it was negotiated in bankruptcy court and there was a fixed pot of money.

This absolutely absurd; the private owners of Purdue Pharma are the target of the third party waivers. Are you attempting to say that Councils and Charter Organizations own BSA national?

[ThenNow]

48 minutes ago, Tron said:

This absolutely absurd; the private owners of Purdue Pharma are the target of the third party waivers. Are you attempting to say that Councils and Charter Organizations own BSA national?

Cool. This is the first time I and/or one of my posts has been dubbed absurd. I think I’ll let someone who “knows” me, the case, my posting history, and this specific issue defend the point (and me). 

Edited June 2, 2022 by ThenNow

[johnsch322]

51 minutes ago, Tron said:

This absolutely absurd; the private owners of Purdue Pharma are the target of the third party waivers. Are you attempting to say that Councils and Charter Organizations own BSA national?

We are a little feisty today LOL.

I don't see @ThenNow saying anything in the vein that you are saying.

I believe (and if I am wrong correct me) he is saying just that the third party releases are being paid for (does not matter what the relationship is the debtor) for less money than they would have to normally pay.

Kind of like a get out of jail card for 10% on the dollar for the whatever should be levied.

Edited June 2, 2022 by johnsch322

[Eagle1993]

1 hour ago, Tron said:

This absolutely absurd; the private owners of Purdue Pharma are the target of the third party waivers. Are you attempting to say that Councils and Charter Organizations own BSA national?

Chartered Organizations are directly responsible for the units where abuse occurred.  So, they will face liability in individual cases.  How liable they are will vary case by case.  Now, I believe only 2 chartered orgs are fully freed from pre 2020 liability (LDS & Methodist) if this deal goes through.  The remaining chartered orgs are free from ~1976 and prior liability but could face lawsuits post 76 to present.

Councils ... similar.  They were responsible for providing oversight to units ... so could be found liable for the abuse.  Again, that will vary case by case.  100% of councils are buying coverage through this bankruptcy for abuse pre Feb 2020.

So, this is very similar to many other cases where non debtors are receiving nonconsensual releases.  What is unique is that nearly 40,000 (or more) chartered orgs are receiving releases for pre 1976 abuse.  

I think that is why Purdue applies.  There is a big question if the bankruptcy & district court will allow the releases in BSA's case.

 

Edited June 2, 2022 by Eagle1993