yknot Posted January 30, 2023 Share Posted January 30, 2023 2 hours ago, Eagle1970 said: This is sort of along the lines of my question. And how would a surviving member present further claim info. In the current bankruptcy case, I am pretty sure I saw some cases that were "estate of... " Maybe one of our legal eagles would remember or know where to find where those cases might be listed to provide an example. 1 Link to comment Share on other sites More sharing options...
MYCVAStory Posted January 30, 2023 Share Posted January 30, 2023 12 hours ago, yknot said: In the current bankruptcy case, I am pretty sure I saw some cases that were "estate of... " Maybe one of our legal eagles would remember or know where to find where those cases might be listed to provide an example. If you have a claim and pass away it becomes the "property" of your estate. That, and questions about documenting things NOW are reasons to lawyer up if you have any concerns. It IS an issue for many. I seem to remember hearing at some point that something on the order of 10,000 claims were from Survivors over 70, with 2,000 from those over 80. No, I'm not a lawyer so remember when you get free legal advice you get what you pay for 😉 3 Link to comment Share on other sites More sharing options...
ThenNow Posted January 30, 2023 Share Posted January 30, 2023 19 hours ago, yknot said: In the current bankruptcy case, I am pretty sure I saw some cases that were "estate of... " Maybe one of our legal eagles would remember or know where to find where those cases might be listed to provide an example. The signature block has 3 options that can be checked above the signature to identify the party executing the POC. They are: (1) SA Survivor; (2) Survivor's...executor or Authorized Representative; (3) Other. I added my wife's name, residence and email address to my file in the form of a very simple amendment, since she is my designated executor under the trusty ol' will. I just enjoy adding digital sheets of paper to my ShareVault drawer. 1 Link to comment Share on other sites More sharing options...
Popular Post Eagle1993 Posted January 31, 2023 Author Popular Post Share Posted January 31, 2023 On 1/28/2023 at 7:45 PM, MYCVAStory said: Small other reminder, District Court hearing 2/9-10 is NOT on Zoom. It has been a while, but it feels like we are getting close to the end (or the beginning of the actual trust). It doesn't seem like District Court is pushing to overturn. In Purdue, the confirmation was September 17th and it took the District Court less than a month to reject the deal. I also do not see the US DOJ pushing hard against the BSA deal (compared to what they did in Purdue). I'm starting to get the impression that approval by District Court is highly likely. If they had major concerns, one would think they would push to hear the appeal more quickly. That doesn't guarantee anything, but the arguments put forward by the insurance companies seem weak (for the most part, they can still fight the settlement trust). There are a few claimants, but the vast majority seem to support the plan. This circuit already allows non debtor releases ... so, I just don't see much momentum behind rejection. That said ... there is always a path. I am hopeful by March we may see the approval of the plan by District Court. I believe further appeals can happen after that, but from what I understand, the plan would start being implemented after district court and appeals could quickly become moot. 2 5 Link to comment Share on other sites More sharing options...
Eagle1970 Posted January 31, 2023 Share Posted January 31, 2023 9 hours ago, Eagle1993 said: It has been a while, but it feels like we are getting close to the end (or the beginning of the actual trust). It doesn't seem like District Court is pushing to overturn. In Purdue, the confirmation was September 17th and it took the District Court less than a month to reject the deal. I also do not see the US DOJ pushing hard against the BSA deal (compared to what they did in Purdue). I'm starting to get the impression that approval by District Court is highly likely. If they had major concerns, one would think they would push to hear the appeal more quickly. That doesn't guarantee anything, but the arguments put forward by the insurance companies seem weak (for the most part, they can still fight the settlement trust). There are a few claimants, but the vast majority seem to support the plan. This circuit already allows non debtor releases ... so, I just don't see much momentum behind rejection. That said ... there is always a path. I am hopeful by March we may see the approval of the plan by District Court. I believe further appeals can happen after that, but from what I understand, the plan would start being implemented after district court and appeals could quickly become moot. From your lips to god's ears. Link to comment Share on other sites More sharing options...
Eagle1993 Posted January 31, 2023 Author Share Posted January 31, 2023 The USDOJ brings the people's elbow (The Rock reference) to the Roman Catholic Church Ad Hoc, Coalition and Pfau request for payment. Easy read. Basically tells them they should pound sand. I have a hard time seeing the judge disagree with the DOJ. I expect a hard rebuke... Perhaps that is hope talking. https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/95089527-7d85-4e92-b5ac-57f1c41f9158_10944.pdf 2 Link to comment Share on other sites More sharing options...
Eagle1993 Posted February 1, 2023 Author Share Posted February 1, 2023 BSA financials released for end of Dec. Summary below of BSA's net unrestricted liquidity (combination of cash on hand + unrestricted investments). Dec/January is typically the peak and then liquidity drop as insurance premium is paid and income drops. Bankruptcy costs have been dropping but I expect that to pick up ... plus they will need to make some payments to the trust at some point. We will probably see 30 - 40M drop in their liquidity by August .. so down to $50-60M. Prior to bankruptcy they were at $240M. 1 Link to comment Share on other sites More sharing options...
MYCVAStory Posted February 2, 2023 Share Posted February 2, 2023 An administrator to manage the claims process has been designated. It is Ms. Randi Ilyse Roth. A full description is in Docket 10948 https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/e6b860d5-ea87-4d08-9283-894100d71c06_10948.pdf. She'll be responsible for managing the process to include hiring staff and sexual abuse experts, setting up the claim intake process, etc. Interestingly, she was the claims facilitator in US V. Fata. That case gives Survivors a bit of an indication of how the process will look, forms required and website if a Survivor's Trust is funded. The legacy website is via this PDF: https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/e6b860d5-ea87-4d08-9283-894100d71c06_10948.pdf Remember, she'll be one part of the Trust "team" with Barbara Houser overseeing all of it. So, she won't be judge and jury but will be developing the claim/award processes and implementing them. Also of note is that her selection came via interviews with Houser, the STAC, and representatives of Pfau/Zalkin, TCC, and the Coalition, It's a good sign when these groups can come to an agreement! 2 Link to comment Share on other sites More sharing options...
Eagle1993 Posted February 7, 2023 Author Share Posted February 7, 2023 Big week in the bankruptcy case. Feb 9th and 10th will be the appeals hearing. As mentioned, this will not be over zoom so we will have to wait to hear reporters take (unless any forum members attend). 2 Link to comment Share on other sites More sharing options...
mrjohns2 Posted February 7, 2023 Share Posted February 7, 2023 On 2/1/2023 at 4:48 PM, Eagle1993 said: Bankruptcy costs have been dropping but I expect that to pick up ... plus they will need to make some payments to the trust at some point. We will probably see 30 - 40M drop in their liquidity by August .. so down to $50-60M. Prior to bankruptcy they were at $240M. I wonder if the Jamboree with help or hurt cash flow even if net zero? I guess hurt as they aren’t likely to be extended credit? Link to comment Share on other sites More sharing options...
Eagle1993 Posted February 7, 2023 Author Share Posted February 7, 2023 9 hours ago, mrjohns2 said: I wonder if the Jamboree with help or hurt cash flow even if net zero? I guess hurt as they aren’t likely to be extended credit? During bankruptcy, BSA was clear that Jamborees and HA bases are profitable. Cash flow is typically positive early from what I see. They take in high fees up front and expenses drain that down later. 2 Link to comment Share on other sites More sharing options...
Eagle1993 Posted February 7, 2023 Author Share Posted February 7, 2023 33 minutes ago, Eagle1993 said: During bankruptcy, BSA was clear that Jamborees and HA bases are profitable. Cash flow is typically positive early from what I see. They take in high fees up front and expenses drain that down later. To be clear, they really need to be cash flow positive. Those are expensive facilities that require significant funds to maintain plus are under a mountain of debt. If you take into account the full balance sheet including debt and depreciation I bet the outcome is closer to 0 to negative... but short term positive on the cash side. This is just a guess. 1 Link to comment Share on other sites More sharing options...
Eagle1970 Posted February 7, 2023 Share Posted February 7, 2023 2 hours ago, Eagle1993 said: To be clear, they really need to be cash flow positive. Those are expensive facilities that require significant funds to maintain plus are under a mountain of debt. If you take into account the full balance sheet including debt and depreciation I bet the outcome is closer to 0 to negative... but short term positive on the cash side. This is just a guess. Given the lengthy appeals process, what happens to an enterprise like BSA if it runs out of money during a bankruptcy, especially with regards to this settlement?? Link to comment Share on other sites More sharing options...
InquisitiveScouter Posted February 7, 2023 Share Posted February 7, 2023 (edited) 3 minutes ago, Eagle1970 said: Given the lengthy appeals process, what happens to an enterprise like BSA if it runs out of money during a bankruptcy, especially with regards to this settlement?? They either secure loans, donations, sell more assets, etc. (some form of cash infusion), or file Chapter 7. Edited February 7, 2023 by InquisitiveScouter corrected Link to comment Share on other sites More sharing options...
Eagle1970 Posted February 7, 2023 Share Posted February 7, 2023 1 minute ago, InquisitiveScouter said: They either secure loans, donations, sell more assets, etc. (some form of cash infusion), or file Chapter 7. In the case at hand, what is the probability of Chapter 7? Link to comment Share on other sites More sharing options...
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