MYCVAStory Posted April 12, 2023 Share Posted April 12, 2023 1 hour ago, SNEScouter said: Now we wait for the Third Circuit to rule on the stay requests in the coming days (weeks?). If stay motions are denied, expect the plan to go effective & BSA to emerge from Chapter 11 shortly after. The District Court's stay denial included more than the usual statement. It provides a bit of a roadmap and reasoning for the Circuit to say "makes sense to us" and deny a permanent stay pending appeal. When I asked a legal type how long it could take before the Circuit says something next the guess was 2-4 weeks. Not bad in the grand scheme of how long this has taken. Fingers still crossed. Link to comment Share on other sites More sharing options...
PaleRider Posted April 14, 2023 Share Posted April 14, 2023 https://mediatbankry.com/2023/04/11/boy-scouts-plan-pays-all-claims-in-full-100-and-is-affirmed-on-appeal/ Check this out and share your thoughts on this. 1 Link to comment Share on other sites More sharing options...
clbkbx Posted April 14, 2023 Share Posted April 14, 2023 3 hours ago, PaleRider said: pays-all-claims-in-full-100 The article says "the committed amounts to be paid under the plan total more than $3.0 billion" which is news to me... the last I recall was around $2.5 billion. That two plus years of negotiating with the biggest insurance companies yielded $1.6 billion but "additional funds from non-settling insurance companies could add another $4 billion" always seems laughable. A restated conclusion: A payment in full plan—100%—would be impressive. I hope this plan goes into effect but I think many are willfully delusional about the required level of funding. Again, hope I'm wrong! 1 Link to comment Share on other sites More sharing options...
Eagle1993 Posted April 15, 2023 Share Posted April 15, 2023 14 hours ago, clbkbx said: The article says "the committed amounts to be paid under the plan total more than $3.0 billion" which is news to me... the last I recall was around $2.5 billion. That two plus years of negotiating with the biggest insurance companies yielded $1.6 billion but "additional funds from non-settling insurance companies could add another $4 billion" always seems laughable. A restated conclusion: A payment in full plan—100%—would be impressive. I hope this plan goes into effect but I think many are willfully delusional about the required level of funding. Again, hope I'm wrong! Prof.Jacoby questioned the "paid in full" due to valuation issues & cost of trust. No one really knows, it is a guess. I think the hope is the non settling insurance companies will pay up ... that is in question as well. In any case, I still think this is likely the best deal available. Link to comment Share on other sites More sharing options...
MYCVAStory Posted April 15, 2023 Share Posted April 15, 2023 10 hours ago, johnsch322 said: I question it myself. Latest payment calculator I looked at calculated penetration in an open state claimant would get $57,000. Yikes that is payment in full? That website assumed ALL claims were credible and would be pursued. That article is the opinion of one attorney who from my observations has little to nothing to do with this bankruptcy. It reads at best like someone who scanned the DC opinion and just rehashed it. Ultimately, payments will come down to two things, the numerator and denominator. We know part of the numerator now, 2.6B. Additional monies will come through insurance settlements and litigation against non-settling insurers. The denominator will be determined by how many Survivors complete the questionnaire and have credible claims. The Bates numbers made assumptions for each. We'll know the denominator better after the deadline for the questionnaire passes AND THEN as the Trust starts reviewing claims. Until then, any of these "articles" have to be taken with a very big grain of salt. 1 1 2 Link to comment Share on other sites More sharing options...
MYCVAStory Posted April 18, 2023 Share Posted April 18, 2023 Hearing Info for Wednesday, Docket 1113. Hearing essentially addresses substantial claim request for the Coalition and the effort to provide "startup" funds for the Trust. The startup funds would help demonstrate to the Circuit that work is underway. Interestingly, the BSA now is not a "movant." Disappointing but perhaps an attempt by the debtor not to seem too presumptuous to the Circuit. Fingers crossed Silverstein allows it. After years of waiting ANY effort to get some work done in a more timely manner would be a nice change. NOTICE OF AGENDA OF MATTERS SCHEDULED FOR HEARING ON APRIL 19, 2023, AT 10:00 A.M. EASTERN TIME This hearing will be conducted in-person. Any exceptions must be approved by Chambers. Parties may observe the hearing remotely by registering with the Zoom link below no later than April 19, 2023, at 8:00 a.m. Eastern Time. COURTCALL WILL NOT BE USED FOR THIS HEARING. Please use the following link to register for this hearing: https://debuscourts.zoomgov.com/meeting/register/vJIsfuqprDspHXdbRPTd0fYN_1ebjiD6sJ0 After registering your appearance by Zoom, you will receive a confirmation email containing information about joining the hearing. Topic: Boy Scouts of America Time: April 19, 2023, at 10:00 a.m. Eastern Time (US and Canada) 3 Link to comment Share on other sites More sharing options...
Eagle94-A1 Posted April 18, 2023 Share Posted April 18, 2023 Please keep us posted. Link to comment Share on other sites More sharing options...
Eagle1993 Posted May 1, 2023 Share Posted May 1, 2023 (edited) Locked as this thread hit its end. Various other topics spun off, but to continued discussion re: Bankruptcy can be found below. Edited May 1, 2023 by Eagle1993 1 Link to comment Share on other sites More sharing options...
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