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TCC CASE UPDATE - PLEASE READ

 

The Judge in the Boy Scouts bankruptcy has issued her ruling. The TCC, its attorneys, professionals and State court counsels are all reviewing the decision. Please check back for a notice of when the TCC will hold its next Town Hall Meeting via Zoom to discuss this development. The ruling may be found here.
 
All other general questions can be emailed to: tccquestions@pszjlaw.com.

Zoom link: https://pszjlaw.zoom.us/j/82272826295 (no registration required) 

or by phone: 888-788-0099 (toll free), Webinar ID: 822 7282 6295

The last Town Hall was held on Thursday, March 3, 2022

Trust Distribution and Independent Review Process

For your convenience, the above 50-minute video has been broken down in time stamps below:


00:00 - General Overview
04:00 - Three Paths to Have Your Claims Reviewed
05:11 - Electing the $3500 Expedited Distribution
08:00 - Flow Chart and Trust Claim Process Overview
15:46 - Application of Claims Matrix and Scaling Factors
24:00 - Reconsideration of Trust Claim ($1000 admin fee)
27:30 - Flow Chart for Independent Review
28:55 - Overview of Independent Review
32:00 - Independent Review Process
35:20 - Requirements for Independent Review
39:45 - Administrative Fee for Independent Review
43:45 - Questions and Conclusion

TCC PRELIMINARY STATEMENT REGARDING PLAN CONFIRMATION DECISION

August 8, 2022

 

Dear Survivors and Counsel:

 

On July 29, 2022, the Bankruptcy Judge in the Boy Scouts of America’s (“BSA”) bankruptcy case issued her preliminary opinion (the “Preliminary Opinion”) regarding BSA’s proposed plan of reorganization (the “Plan”). The Plan was supported by approximately 85% of Survivors who voted on the Plan. The Preliminary Opinion is long (over 280 pages) and leaves certain disputed issues requiring further attention from the parties supporting the Plan and ultimately the Bankruptcy Court for approval of the entire Plan.

 

The Tort Claimants’ Committee and its advisors have spent over a week reviewing and analyzing the Preliminary Opinion for the purpose of developing a strategy to push the plan confirmation process forward towards completion.  The Preliminary Opinion does not approve or deny the Plan. Instead, the Preliminary Opinion is more like a scorecard that highlights provisions in the Plan the Bankruptcy Court is willing to approve (with and without modification) and others that she will not approve.

 

The Tort Claimants’ Committee and its advisors are meeting with the other supporters of the Plan and their advisors to determine which aspects of the Plan can be accepted and how other provisions need to be changed in response to the Preliminary Opinion. The Tort Claimants’ Committee expects that the BSA will present a revised Plan to the Bankruptcy Court for approval after the parties supporting the Plan have reached an agreement over any necessary modifications to the Plan. We know that Survivors have shown a great deal of patience thus far and we ask that they try their hardest to remain patient as we work to achieve a plan that is in their best interests.

 

The Tort Claimants’ Committee does not have an estimate when the Bankruptcy Court will consider proposed revisions to the Plan but will work to move the process forward as quickly as possible so that Plan can be presented to the District Court for approval.

 

The Tort Claimants’ Committee will schedule a Town Hall to discuss the Plan and any modifications after it concludes working with the other supporting parties to finalize the Plan for the Bankruptcy Court’s consideration. Please check the Tort Claimants’ Committee’s website, www.tccbsa.com, for the date and time of the next Town Hall. If you have any questions, please contact tccquestions@pszjlaw.com.

 

The Tort Claimants’ Committee

 

Important Dates and Upcoming Hearings

Links to hearings via Zoom will be listed here as soon as the Bankruptcy Court issues them, which is generally two days before the hearing.

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Plan, Disclosure Statement, TCC Presentation on Solicitation and Ballots, and TCC Letter

 

Links to Documents and Websites

 

Now that the Bankruptcy Court has approved the Disclosure Statement, survivors will have the opportunity to vote whether to reject or accept the Plan. Each survivor's decision as to how to vote on the Plan is THEIR OWN DECISION; the decision cannot be made for them by their attorneys. Survivors may receive ballots directly or the ballots may be received by their counsel (if they retained counsel) on their behalf.