Chapter 11 announced - Part 14 - Plan Effective

[PaleRider]

I am glad I found this forum.Just reading others comments from the abused and the ones that wasn't abused has helped me. Especially the ones that wasn't abused.It means the world to me that y'all took time to send kind words,your compassion,let us know that you would be willing to just listen if we ever needed to just decompress.I could never show just how much that means to me.Again thank you all. ✌️

[mrjohns2]

So, what about the non-settling insurance companies that didn’t agree? How does that get resolved? Is that only upside? That is more money into the trust? Who lays the legal part of getting those to settle? 

[fred8033]

24 minutes ago, mrjohns2 said:

So, what about the non-settling insurance companies that didn’t agree? How does that get resolved? Is that only upside? That is more money into the trust? Who lays the legal part of getting those to settle? 

Those insurance companies have a right to not settle and go to trial ... if they choose.  From what I understand, the trust would have the right to fund and represent all those covered by the trust.  Effectively, trust money could be used to advance the victim's claims.  

[Eagle1993]

Today is my birthday... What a present.

While the process was terrible I'm not sure there was a better path to compensate victims. I hope the trust is able to ramp up quickly and find a way to provide some sort of closure to those abused. 

BSA exits in a much weaker state than it entered.  For it to survive, strong leadership and bold action is needed.  

In the end, I'm glad this forum was a spot where both victims and scouters were able to interact. I hope it helped on various levels. Most of all, I hope child abuser find less and less opportunities to harm children and perhaps this case will help.

[MYCVAStory]

3 hours ago, mrjohns2 said:

So, what about the non-settling insurance companies that didn’t agree? How does that get resolved? Is that only upside? That is more money into the trust? Who lays the legal part of getting those to settle? 

The Trust may now engage in settlement discussions AND litigation against the non-settlers.  There are years when Survivors have claims, and the covering insurers didn't settle, that the Trust will now allow to "go to court."  There's a formula in the settlement agreement discussing how that works if there is a positive outcome.  But, the Trust still acts as a gatekeeper so the best examples of "slam dunk" cases will move forward.  The STAC has a hand in that determination.  The strategy is that a handful of verdicts against an insurer will be good motivation for it to settle and stop the bleeding.  The Trust will employ insurance litigation experts with all of this.  Remember that there are not only primary insurers in a given year but also "excess" insurance.  It's complicated and will see insurers do what they do best.  Delay.

[TheRealDK]

I would like to personally thank everyone who has participated in all the discussions in this forum and others.  As I sat in Court today reflecting on the three-year journey we have all been through I thought about all of the passion that has been displayed.  Regardless of whether I agreed with any opinion it helped to inform my thinking by understanding the views of others, and recognizing the amount of education the TCC needed to undertake.  The nine of us on the TCC sought to do what was best for ALL Survivors and be agnostic about the BSA.  We recognized that Survivors fell into three camps; abolish the BSA, preserve the BSA, and disinterested in its future.  Because all three of these groups agreed on keeping youth safe that became an important goal of the TCC as well as the Survivors Working Group from the Coalition.  Now, we will see the product of a hard-fought battle to get the second agreement approved as it revolved around Trust governance issues.  I was fortunate to spend time with Judge Houser in Wilmington and left extremely confident that she will be an excellent manager of OUR Trust.  The Plan going effective does signal the end of the TCC by bankruptcy code but we will have a Town Hall or video that will discuss the transition to the Trust.  I imagine it will also be heavy on asking for patience as the Trust gets operating.  Everyone wants an award and everyone wants valid claims to receive them.  Those two forces aren't opposing each other but the latter will take time to ensure the former occurs correctly.  Be patient and stay strong.  It has been an absolute honor to serve on this committee and the other eight Survivors served tirelessly during hundreds of meetings, often making decisions that ran counter to their individual benefit.  Covid prevented the TCC from ever meeting in-person and I regret deeply that I can't give each member a long overdue hug and the most sincerest of thank-yous.

There will be more to share as time passes but for now I just want to repeat my thanks for everyone's participation in this and other avenues.  Our Country is regrettably harmed right now by people who are quick to stake out a side based upon false information, unwilling to listen to opinions other than their own, and prevent the kind of growth and resolution that will take us to a better place.  The battle has been long and hard, sometimes ugly, but didn't lack for a minute in passion and all of you have played a part. 

For those who are going to be deeply involved with the BSA moving forward, I just want to remind you of a favorite quote of mine by the philosopher George Santayana:

“Those who cannot remember the past are condemned to repeat it”
—Life of Reason, Reason in Common Sense, Scribner’s, 1905, p. 284.

Whatever else happens, PLEASE work hard to understand how the abuse happened, don't let anyone forget that it did, and by doing so we will all move toward a future where it isn't repeated.  If all we do is "move on", it will happen all over again.  For many, the end of this process resolves one thing for Survivors, their status as bankruptcy claimants.  It doesn't make the hurt go away but there still can optimism that the hurt we suffered won't be suffered by others.

Thanks for reading.  Been a long 24 hours of court and driving so I needed to vent.  The bankruptcy attorneys are all at an annual Bankruptcy conference in DC for a few days but I suspect we'll have a TCC Town Hall announced soon and the Trust Website live so you can start hitting "refresh" on a new bookmark!

Doug Kennedy

FORMER TCC Co-Chair

[BadChannel70]

BSA Settlement Trust (scoutingsettlementtrust.com)

[Eagle1993]

Prof. Jacoby insights below:

"Impact: trust can be implemented. Even if 3d Circuit were to find flaw in plan upon further insurer or survivor appeal, almost impossible to unravel plan under 3d Circuit precedent."

In addition the hearing over the coalition fees occurred yesterday and it sounds like the court is not fully on board but not yet decided.  We will have to wait for a ruling.

 

[ThenNow]

12 hours ago, Eagle1993 said:

Today is my birthday... What a present.

Happy birthday. Your presence here, your wisdom, knowledge, cool head and steady hand have been a gift to all. I appreciate you. I'm glad you like your present. We searched for a long time and, when we saw it, knew it was the perfect gift. We tried to wrap it but it was just too unwieldy and oddly shaped with lots of pointy edges. 😬

[ThenNow]

53 minutes ago, Eagle1993 said:

In addition the hearing over the coalition fees occurred yesterday and it sounds like the court is not fully on board but not yet decided.  We will have to wait for a ruling.

I reckon after blowing some ham-sized holes in the bottom of the Good Ship Lollypop she is rather disinclined to come aboard. Those in the know predict she either significantly cut back the number or let the vessel sink into the muck.

Edited April 20, 2023 by ThenNow

[Eagle1993]

Local council contributions hit the docket.  I was hoping to get more insights into the property but the file only lists values.  

 

74cf86b7-00e5-4564-b65e-e2ce974d9c86_11124 (1).pdf

[mrjohns2]

11 hours ago, 1980Scouter said:

Take away most of the investment earnings and they are in trouble. 

I hope those councils in that position have been in talks. I know my council, before this round of inflation, thought they could cover from the endowment without changes in future spending due to endowment growth. 

[Eagle1970]

Since you bring up inflation, I'm going to get this off my chest:

Inflation has tremendously eroded the compensation survivors may receive.  My abuse occurred about 50 years ago.  Since then, the cumulative "reported" inflation is around 900%.  Given my state's current SoL, if I were to receive $50k, the real value is closer to $5k in late 1960's terms, even with government inflation figures.  And the 60's is when the damage occurred.

I know of a clear policy limits situation that recently settled for limits after 5 years of delays (jurisdiction, discovery, motions, summer vacations, COVID).  As the trial date approached and they were facing actual expenses, the insurer wrote the check.  Meanwhile,  the dollars they paid had lost 25% of value since the injury, so the policy limit, in effect, was reduced by that amount.  The insurer's bottom line benefitted accordingly.  And the injured party suffered accordingly.

Without any consideration for the time-value loss of the dollar, there can be no truth to the statement I keep seeing about survivor claims being fully paid.  And the same goes for the contributions of settling insurers.  While I understand the need to settle with willing insurers in order to establish some sort of trust, those insurers know good and well what a bargain they are getting.  Justice delayed = justice denied.

 

[mrjohns2]

42 minutes ago, Eagle1970 said:

survivor claims being fully paid.

This is such a poor and untrue choice of words. They should never use this. The better phrase would be something about an organized distribution of funds so that all get something. Not anywhere near fully paid, nor is the debt incurred ever gone. Yeah, they should stop saying that. 

[ThenNow]

On 3/29/2023 at 10:23 AM, fred8033 said:

Complete wrap-up feels like it is years and years out. 

Yes. I’ve heard from insiders 3-4 years, always with an “ish” or +/- in the footnote. I doubt that’s tracking with the closing date for the Independent Review. Who knows. Not moi.