Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Boy Scouts releases sex-abuse bankruptcy plan, with $300 million coming from local councils
Last edited Tue Mar 2, 2021, 02:52 PM - Edit history (1)
Boy Scouts releases sex-abuse bankruptcy plan, with $300 million coming from local councils
Link to tweet
Social Issues
Boy Scouts releases sex-abuse bankruptcy plan, with $300 million coming from local councils
By Samantha Schmidt
March 2, 2021 at 12:15 a.m. EST
The Boy Scouts of America released a bankruptcy reorganization plan late Monday calling for local councils to contribute at least $300 million to a trust to settle tens of thousands of sex-abuse claims.
The long-awaited reorganization plan, filed as part of the Boy Scouts’ Chapter 11 bankruptcy proceedings, begins to outline how the organization aims to compensate the deluge of about 85,000 potential victims who came forward last year with claims. But lawyers on behalf of both the victims and the group’s insurers say they are unsatisfied with the plan.
The Boy Scouts of America, which filed for bankruptcy in February 2020, had initially sought to shield its local councils from the bankruptcy process. But more recently, it became clear that any settlement was going to involve local council participation, and Monday’s filing anticipates a $300 million contribution from some of the Boy Scouts’ 253 councils across the country. The plan did not state which councils would contribute to the fund, or how.
To fund the settlement trust, the Boy Scouts of America will also contribute a collection of Norman Rockwell paintings, a warehouse facility in North Carolina, the rights to a Scouting University property in Texas, certain oil and gas interests in several states, and any unrestricted cash above a $75 million minimum.
{snip}
Samantha Schmidt
Samantha Schmidt is a reporter covering gender and family issues for The Washington Post. Follow https://twitter.com/schmidtsam7
Boy Scouts releases sex-abuse bankruptcy plan, with $300 million coming from local councils
By Samantha Schmidt
March 2, 2021 at 12:15 a.m. EST
The Boy Scouts of America released a bankruptcy reorganization plan late Monday calling for local councils to contribute at least $300 million to a trust to settle tens of thousands of sex-abuse claims.
The long-awaited reorganization plan, filed as part of the Boy Scouts’ Chapter 11 bankruptcy proceedings, begins to outline how the organization aims to compensate the deluge of about 85,000 potential victims who came forward last year with claims. But lawyers on behalf of both the victims and the group’s insurers say they are unsatisfied with the plan.
The Boy Scouts of America, which filed for bankruptcy in February 2020, had initially sought to shield its local councils from the bankruptcy process. But more recently, it became clear that any settlement was going to involve local council participation, and Monday’s filing anticipates a $300 million contribution from some of the Boy Scouts’ 253 councils across the country. The plan did not state which councils would contribute to the fund, or how.
To fund the settlement trust, the Boy Scouts of America will also contribute a collection of Norman Rockwell paintings, a warehouse facility in North Carolina, the rights to a Scouting University property in Texas, certain oil and gas interests in several states, and any unrestricted cash above a $75 million minimum.
{snip}
Samantha Schmidt
Samantha Schmidt is a reporter covering gender and family issues for The Washington Post. Follow https://twitter.com/schmidtsam7
