Custodial account – Sarah Long http://sarahlong.org/ Wed, 29 Jun 2022 04:29:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Custodial account – Sarah Long http://sarahlong.org/ 32 32 Aeromexico shareholders support exit from Mexican stock exchange as part of bankruptcy restructuring https://sarahlong.org/aeromexico-shareholders-support-exit-from-mexican-stock-exchange-as-part-of-bankruptcy-restructuring/ Wed, 29 Jun 2022 03:59:00 +0000 https://sarahlong.org/aeromexico-shareholders-support-exit-from-mexican-stock-exchange-as-part-of-bankruptcy-restructuring/ MEXICO CITY, June 28 (Reuters) – Aeromexico said on Tuesday a majority of its shareholders had approved a proposed exit from Mexico’s main stock exchange as part of the airline’s bankruptcy restructuring. Shareholders on Monday approved a plan to deregister the shares and delist them on the stock exchange in order to launch a buyback […]]]>

MEXICO CITY, June 28 (Reuters) – Aeromexico said on Tuesday a majority of its shareholders had approved a proposed exit from Mexico’s main stock exchange as part of the airline’s bankruptcy restructuring.

Shareholders on Monday approved a plan to deregister the shares and delist them on the stock exchange in order to launch a buyback program, the company said in a statement.

Aeromexico, which filed for bankruptcy in June 2020 after the coronavirus pandemic reduced travel demand, emerged from bankruptcy protection in March with a $5 billion investment plan and changes to its fleet. . Read more

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Delta Airlines (DAL.N), which held a 49% stake in Aeromexico before Chapter 11 bankruptcy proceedings, ended with a 20% stake. Private equity firm Apollo Global Management (APO.N) became the company’s largest shareholder after Chapter 11. read more

“Aeromexico used its status as a Chapter 11 debtor to negotiate,” said Katie Coleman, co-chair of corporate reorganization and bankruptcy law firm Hughes Hubbard & Reed, who served as lead counsel for Delta. Airlines in this case.

By negotiating with aircraft leasing companies, Aeromexico was able to “really optimize its fleet,” Coleman said.

Aeromexico’s delisting was described in the company’s so-called registration rights agreement in the Chapter 11 proceedings, according to Coleman.

“Old shares are canceled and new shares of a company are issued. Mexican law requires delisting as part of this process,” Coleman said.

The move makes Aeromexico the last Mexican company to go private.

Of the approximately 150 companies listed on Mexico’s main stock exchange, seven, such as dairy producer Grupo Lala, telecommunications company Maxcom and paper producer Bio Pappel, have recently delisted or announced their intention to do so. .

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Reporting by Kylie Madry; Editing by Clarence Fernandez and Kenneth Maxwell

Our standards: The Thomson Reuters Trust Principles.

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This week in Charlotte: 4th of July fireworks, Panthers headquarters collapse https://sarahlong.org/this-week-in-charlotte-4th-of-july-fireworks-panthers-headquarters-collapse/ Sun, 26 Jun 2022 10:00:00 +0000 https://sarahlong.org/this-week-in-charlotte-4th-of-july-fireworks-panthers-headquarters-collapse/ Work was well underway at what was to be the Carolina Panthers headquarters and training facility in Rock Hill in April 2022. Jeff Siner jsiner@charlotteobserver.com The real estate company created by Carolina Panthers owner David Tepper in a now unsuccessful attempt to build a team headquarters in Rock Hill will meet with creditors and a […]]]>

Work was well underway at what was to be the Carolina Panthers headquarters and training facility in Rock Hill in April 2022.

Work was well underway at what was to be the Carolina Panthers headquarters and training facility in Rock Hill in April 2022.

jsiner@charlotteobserver.com

The real estate company created by Carolina Panthers owner David Tepper in a now unsuccessful attempt to build a team headquarters in Rock Hill will meet with creditors and a bankruptcy judge this week.

GT Real Estate Holdings filed for bankruptcy earlier this month after a dispute with Rock Hill over funding for the $800 million, 240-acre facility.

Attorneys representing GT Real Estate, the City of Rock Hill and other parties named in the case met with a bankruptcy judge for two hours on June 6. They agreed to another virtual hearing – scheduled for Wednesday at 10 a.m. – with Judge Karen Owens.

CLT_Celebrateamerica_00 (1).JPG
Fireworks will love the skies around the Charlotte area this week and next as the country celebrates Independence Day. Observer file photo

4th of july fireworks

America’s birthday is next week, but some places around Charlotte are starting the celebrations earlier.

Here are a few :

▪ Carowinds Packages fireworks next Saturday, Sunday and July 4.

▪ The Optimist Room will offer live music and fireworks for free Star Saturday.

▪ The Town of Matthews will host a holiday celebration next Saturday, starting with food and live music by Next Level Band at Stumptown Park, followed by fireworks at MARA Fields and Matthews United Methodist Church.

▪ The Charlotte Symphony will give a patriotic-themed concert at Lake Park in Pineville at 7 p.m. on Thursday, followed by fireworks.

▪ Fort Mill, South Carolina, and Belmont will also host the 4th of July celebrations next Saturday. Every city will have fireworks.

▪ The Whitewater center will host two days of musical races and other activities on July 3 and 4. However, the center has canceled its fireworks this year, citing “multiple abrupt changes” in the permitting process put in place by Mecklenburg County and the City of Charlotte. A county spokeswoman told the Charlotte Observer last month that no changes had been made to the permitting process recently.

Look for a list of July 4 events this week on CharlotteFive.com.

Bond referendum on the agenda of the municipal council

The $3.2 billion budget for fiscal year 2023 approved last month by Charlotte City Council included a referendum on the $226 million bond that voters are expected to approve in November.

The referendum includes $146.2 million in street bonds, $29.8 million for neighborhood improvements and $50 million for housing. The ordinances will be presented at Monday’s council meeting. Council members will then vote to schedule a public hearing on each of the bond orders for July 11.

The the board will meet at 4 p.m. Monday. The meetings will be broadcast on the Government channel and that of the city Facebook and Youtube pages

Mecklenburg County Council Commissioners: Boards public policy meeting will not take place on Tuesday. The next commissioners’ meeting is scheduled for Wednesday, July 6 at 5 p.m.

From CharlotteFive

▪ Explore the mysterious world beneath the sunlit surface of the world’s oceans at Discovery Place Science exhibit, “Unseen Oceans.” 10am-4pm Monday. Buy your tickets online. Discovery Place Science, 301 N. Tryon St. https://bit.ly/3bdVqfW

bandoleros
Some of NASCAR’s top stars will battle it out in Bandolero and Legend Cars at Charlotte Motor Speedway. Jeff Siner jsiner@charlotteobserver.com

▪ Watch NASCAR champions including Chase Elliott and Joey Logano battle it out in Legend Cars and Bandoleros on the front quarter mile at Cook Out Summer Shootout. 5-9 p.m. Tuesday. Charlotte Motor Speedway, 5555 Concord Pkwy. S https://bit.ly/3MZtbyI

▪ Join beginners cluba community running training program to prepare you for the annual Around the Crown 10K, which begins on Wednesday. RSVP online. NoDa Brewing, 2921 N. Tryon St. https://bit.ly/3nd4wMA

Playing sports in Charlotte

▪ Charlotte F.C. gets a rare game of the week Thursday against Austin F.C. at Bank of America Stadium. Kickoff is at 7 p.m. on WAXN.

▪ The Knight Charlottets host the Durham Bulls in a six-game series starting Tuesday (11:05 a.m.). Among this week’s promotions are Splash Day (water slides and misting stations) and three nights of fireworks.

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Tommy Lee, left to right, Nikki Sixx, Vince Neil and Motley Crue’s Mick Mars will join fellow rockers Poison and Def Leppard at Bank of America Stadium this week. Chris Pizzello Invision file photo via AP

Don’t miss

▪ Concerts this week: Def Leppard/Mötley Crüe/Poison/Joan Jett and the Blackhearts (Tuesday, Bank of America Stadium); Form (Thursday, PNC Music Pavilion); Chicago and Brian Wilson (Friday, PNC Music Pavilion); 5 seconds of summer (Sunday, Charlotte Metro Credit Union Amphitheatre).

Compiled by Rogelio Aranda

Charlotte Observer Related Stories

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Sri Lanka on the brink of bankruptcy | Global 3000 – The Globalization Agenda | DW https://sarahlong.org/sri-lanka-on-the-brink-of-bankruptcy-global-3000-the-globalization-agenda-dw/ Fri, 24 Jun 2022 10:07:36 +0000 https://sarahlong.org/sri-lanka-on-the-brink-of-bankruptcy-global-3000-the-globalization-agenda-dw/ Also on Global 3000: The environmental balance sheet of sea freight Shipping accounts for about 3% of global emissions, second only to the aviation industry and more than all coal-fired power plants in the United States. So why isn’t shipping getting more attention? How did he manage to stay under the radar? Indigenous peoples and […]]]>

Also on Global 3000:

The environmental balance sheet of sea freight

Shipping accounts for about 3% of global emissions, second only to the aviation industry and more than all coal-fired power plants in the United States. So why isn’t shipping getting more attention? How did he manage to stay under the radar?

Global 3000 |  13.09.21 |  Chile Araukarienbäume

Indigenous peoples and the Araucaria forest in Chile

The monkey tree is one of the oldest tree species in the world, dating back to the age of the dinosaurs. Climate change and deforestation are a threat to trees, but in areas inhabited by indigenous peoples in Chile, their numbers are increasing.

DW Sendung Global 3000 - South Africa

Global Snack – South African Roosterkoek

“Roosterkoek” is a bread snack with a filling, which has been made in the Western Cape for centuries. Nobody makes them better than Casper Moss at the Route 27 snack bar.

Broadcast hours:

English DW

MON 27.06.2022 – 00:30 UTC
MON 27.06.2022 – 05:02 UTC
MON 27.06.2022 – 11:30 UTC
MON 27.06.2022 – 19:30 UTC
TUE 28.06.2022 – 23:30 UTC
WED 29.06.2022 – 02:30 UTC
WED 29.06.2022 – 21:30 UTC
FRI 01.07.2022 – 08:30 UTC

Lagos UTC +1 | Cape Town UTC +2 | Nairobi UTC +3
Delhi UTC +5.5 | Bangkok UTC +7 | Hong Kong UTC +8
London UTC +1 | Berlin UTC +2 | Moscow UTC +3
San Francisco UTC-7 | Edmonton UTC-6 | New York UTC -4

DW Deutsch+

FRI 01.07.2022 – 08:30 UTC

Vancouver UTC-7 | New York UTC-4 | Sao Paulo UTC -3

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Colorado bankruptcies drop 30.9% in May https://sarahlong.org/colorado-bankruptcies-drop-30-9-in-may/ Tue, 21 Jun 2022 23:29:53 +0000 https://sarahlong.org/colorado-bankruptcies-drop-30-9-in-may/ Colorado bankruptcy filings fell 30.9% in May from the same period a year ago, continuing a downward trend seen throughout 2021 and so far in 2022. Filings also fell in Boulder, Larimer and Weld counties from the year-ago period, with only Broomfield County seeing a slight increase. That’s according to a BizWest analysis of US […]]]>

Colorado bankruptcy filings fell 30.9% in May from the same period a year ago, continuing a downward trend seen throughout 2021 and so far in 2022.

Filings also fell in Boulder, Larimer and Weld counties from the year-ago period, with only Broomfield County seeing a slight increase.

That’s according to a BizWest analysis of US bankruptcy court data. The figures quoted include all new filings, including cases opened, closed and dismissed. Colorado recorded 446 bankruptcy filings in May, down from 646 in May 2021.

Since the start of the year, the state has recorded 1,960 bankruptcy filings, compared to 2,971 in the first five months of 2021, down 34%.

Among the counties in the region:

  • Boulder County saw 13 bankruptcy filings in May, down from 14 in May 2021. The county has seen 68 filings year-to-date, down from 108 in the first five months of 2021, down 37%. Boulder County recorded 12 bankruptcy filings in April 2022.
  • Broomfield recorded nine bankruptcy filings in May, down from seven in May 2021. Year-to-date filings totaled 26, down from 30 a year ago, down 13%. Broomfield recorded two bankruptcy filings in April 2022.
  • Larimer County filings totaled 27 in May, down from 36 a year ago. Filings in the first five months of the year were 118, compared to 142 in the first five months of 2021, a decline of 16.9%. Larimer County recorded 28 bankruptcy filings in April 2022.
  • Weld County bankruptcy filings totaled 32 bankruptcy filings in May, up from 45 recorded a year ago. Year-to-date filings totaled 148, down from 219 a year ago, down 32.4%. Weld County recorded 27 bankruptcy filings in April 2022.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

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Revlon’s bankruptcy complicated by Citi’s $900 million mistake https://sarahlong.org/revlons-bankruptcy-complicated-by-citis-900-million-mistake/ Mon, 20 Jun 2022 04:00:44 +0000 https://sarahlong.org/revlons-bankruptcy-complicated-by-citis-900-million-mistake/ While Revlon prepares to negotiate its restructuring after filing for bankruptcy last week, the American cosmetics group still does not know the identity of all its main creditors, the result of a bizarre banking error. In August 2020, Citigroup mistakenly used its own money to repay a $900 million term loan it was administering on […]]]>

While Revlon prepares to negotiate its restructuring after filing for bankruptcy last week, the American cosmetics group still does not know the identity of all its main creditors, the result of a bizarre banking error.

In August 2020, Citigroup mistakenly used its own money to repay a $900 million term loan it was administering on behalf of Revlon and which was held by multiple asset management groups. The $400 million holders of the loan quickly repaid the mistaken payment. However, the funds that owned $500 million of the loan, many of whom were furious with Revlon over a previous debt restructuring, kept the money.

In 2021, a federal judge in New York ruled that those keeping the refund were legally entitled to do so. Citi appealed the decision. With the higher court yet to issue a final decision, Revlon faces the possibility that the repaid lenders will be forced to return the proceeds and become creditors of Revlon again.

Citi said in the securities filings, however, that if the original decision is upheld, it will assume the $500 million claim against Revlon, pitting the Wall Street titan against a loyal customer. Revlon said it was ready for this potential fight, writing in court documents that it “reserves[s] all rights and defenses with respect to any claims that Citibank may assert against debtors. »

Revlon’s bankruptcy was already complex. In recent months, a liquidity crunch has engulfed the company, long controlled by billionaire Ron Perelman, leaving the court-supervised Chapter 11 process as its only way to stay afloat.

A lawyer representing Revlon said in an initial hearing on Thursday that it was “frustrating” that the fallout from Citi’s error remained unresolved. This pitted the company against loan and bondholders and simmered tensions between various creditors.

According to the company, the bankruptcy filing was not precipitated by a lack of demand for its beauty products, but by supply chain hiccups, labor disruptions and inflation, which drove it down. left short of cash and working capital.

“[B]Because many of the company’s competitors have more cash on hand, they have been able to build up more inventory ahead of time, invest in stocking components and raw materials, and pay upfront or a premium if needed. to secure additional supplies,” Revlon wrote. in its declaration of bankruptcy last week.

According to the filing, the company’s debt exceeded $3 billion. It has just $13 million in cash and has only generated $300 million in operating cash flow in the past 12 months.

Revlon held restructuring talks with groups of creditors, but the uncertain status of $500 million in loans made negotiations on a major debt tranche impossible. “The company has effectively had, since August 2020, no 2016 term loan counterparty with which it can negotiate,” according to the bankruptcy filing.

Holders of the $500 million in loans not returned to Citi included groups as large as Brigade Capital Management and HPS Investment Partners. Their recalcitrance stems in part from a controversy over an $880 million loan taken out by Revlon in May 2020 amid the early crisis of the pandemic.

As part of this transaction, the company transferred the intellectual property underlying Revlon labels such as Elizabeth Arden, Almay and American Crew to a new subsidiary called BrandCo, with the loan secured by these assets. The new loan caused an existing 2016 Revlon senior loan to drop in the repayment rankings, a move that infuriated some of the investors who held that loan.

A lawsuit filed in August 2020 by a subset of existing business lenders, who believed Revlon rigged BrandCo’s financing approval vote among existing lenders, called the maneuver a “sham.” Revlon has denied any wrongdoing.

This lawsuit was filed just a day after Citi mistakenly wired the $900 million refund. It was only intended to transfer $8 million in interest, but a data entry error led to the principal repayment error. If the U.S. Court of Appeals let the funds keep repayment, it would be a boon for these groups as they would keep 100 cents on the dollar while the open market loan trades at distressed levels.

Lawyers for the repaid lenders at Thursday’s bankruptcy court hearing described their clients as merely “contingent creditors” who, since they have already been repaid, will not need to participate in the fight against the bankruptcy unless the appeals court orders them to return the money to Citi.

Citi said if the repayment decision stands, it is ready to become a creditor of Revlon. “Following the [lower] court decision, Citi now has creditor rights related to the Revlon loan,” the bank recently wrote in a title filing.

Other creditors as well as Revlon shareholders are closely monitoring what happens to Citi’s claim because its ranking would influence the amount available for recoveries from other stakeholders.

The bankruptcy court has already approved $575 million in financing provided by existing senior lenders who will fund the company through the deal. Revlon’s attorneys acknowledged in court that resolving both the Citi refund lawsuit and the suitability of the BrandCo 2020 financing transaction will be key issues in the bankruptcy.

“The tricky thing about Revlon going bankrupt is you have to figure out not just how to split the pie – which is the typical problem – but also how big the pie is and who actually owns the shares,” he said. Elisabeth de Fontenay, professor. of law at Duke University. “It will complicate things and possibly slow down the process.”

Bankruptcy funding does not require a restructuring plan to be filed until November, and the company said it hopes its operating performance will have rebounded by then.

A person involved in the case said Revlon’s value analysis, a traditional function of the bankruptcy process, will eventually become the central issue of the case once the capital structure is settled.

Even though Revlon loans and bonds are trading at distressed levels, the company’s market capitalization remains around $200 million. “It’s really set up to be a hardcore evaluation fight,” the person said.

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Google’s Russian subsidiary files for bankruptcy, Interfax reports https://sarahlong.org/googles-russian-subsidiary-files-for-bankruptcy-interfax-reports/ Fri, 17 Jun 2022 22:58:00 +0000 https://sarahlong.org/googles-russian-subsidiary-files-for-bankruptcy-interfax-reports/ June 17 (Reuters) – Alphabet’s (GOOGL.O) Russian subsidiary Google has filed for bankruptcy, Interfax reported on Friday, citing online court documents. The subsidiary announced plans to file for bankruptcy in May after authorities seized its bank account, making it impossible to pay staff and suppliers. Read more “The seizure by Russian authorities of Google Russia’s […]]]>

June 17 (Reuters) – Alphabet’s (GOOGL.O) Russian subsidiary Google has filed for bankruptcy, Interfax reported on Friday, citing online court documents.

The subsidiary announced plans to file for bankruptcy in May after authorities seized its bank account, making it impossible to pay staff and suppliers. Read more

“The seizure by Russian authorities of Google Russia’s bank account has rendered the operation of our office in Russia untenable…As a result, Google Russia has filed for bankruptcy,” a company spokesperson said.

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“People in Russia rely on our services…and we will continue to keep free services such as Search, YouTube, Gmail, Maps, Android and Play available.”

Russia has restricted access to Twitter (TWTR.N) and the flagship social networks of Meta Platforms Inc (META.O), Facebook and Instagram.

Google and its YouTube video hosting service, although under pressure, remain available for the time being. Moscow, in particular, objects to YouTube’s treatment of Russian media, which it has blocked.

But Anton Gorelkin, deputy head of the State Duma committee on information policy, said the American company was not yet at risk of being blocked. Read more

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Reuters Editing reporting by Jason Neely and Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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Brazos bankruptcy judge rejects arbitration over $770 million contract claim https://sarahlong.org/brazos-bankruptcy-judge-rejects-arbitration-over-770-million-contract-claim/ Wed, 15 Jun 2022 23:09:00 +0000 https://sarahlong.org/brazos-bankruptcy-judge-rejects-arbitration-over-770-million-contract-claim/ Overhead power lines are seen during record temperatures in Houston, Texas, U.S., February 17, 2021. REUTERS/Adrees Latif Join now for FREE unlimited access to Reuters.com Register Summary Law firms Related documents Brazos walked away from a long-term power purchase agreement with Sandy Creek Energy Associates Companies are co-owners of a coal-fired power plant Brazos said […]]]>

Overhead power lines are seen during record temperatures in Houston, Texas, U.S., February 17, 2021. REUTERS/Adrees Latif

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  • Brazos walked away from a long-term power purchase agreement with Sandy Creek Energy Associates
  • Companies are co-owners of a coal-fired power plant
  • Brazos said arbitration would have delayed bankruptcy filing for months

(Reuters) – A Texas judge overseeing the bankruptcy of Brazos Electric Power Cooperative Inc has denied a request by one of its creditors to arbitrate a contract dispute worth up to $770 million, saying the arbitration proposed could derail the restructuring of the electricity cooperative and harm consumers in rural areas. Texas at a time when energy prices are already high.

In a hearing on Wednesday in Houston, lawyers for creditor Sandy Creek Energy Associates LP pushed Brazos, Texas’ largest electric cooperative, to arbitrate a contract dispute outside of bankruptcy court.

U.S. Bankruptcy Judge David Jones sided with Brazos, saying Sandy Creek’s proposal could “radically change the landscape” of bankruptcy and ultimately hurt other creditors, including rural customers of electricity.

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“I don’t accept the explanation that it’s going to be faster at all,” Jones said.

Brazos filed for bankruptcy after a historic winter storm in 2021 left millions of Texans without power and sparked a $2 billion battle between Brazos and the state’s power grid operator. The deadly storm sent energy prices up several thousand percent and caused several other energy companies to file for bankruptcy.

Brazos is trying to settle its dispute with the Texas electricity grid operator before proposing a restructuring plan in court.

Sandy Creek said Brazos must pay for its decision to terminate a power purchase agreement at a coal-fired power plant jointly owned by the two companies.

Brazos has agreed to buy fixed amounts of power generated by the coal-fired plant, and arbitration would quickly clarify how much Brazos owes for backing out of the deal, Paul Hastings attorney Ken Pasquale said.

Brazos refuted Sandy Creek’s estimate of $640-770 million in damages and said the dispute should stay in bankruptcy court. Brazos attorney Holland O’Neil of Foley & Lardner argued that the arbitration would stay the bankruptcy until at least February 2023 and could invite other contract partners to make similar demands.

Jones said he’s been “unusually possessive” of the bankruptcy case because of its potential impact on everyday Texans whose energy bills could rise at a time when utility prices gasoline are $5 a gallon.

“They’re unrepresented, they don’t have a lawyer,” Jones said. “These are people who live in small houses and trailers across Texas, who don’t even know this case is going on.”

The case is In re Brazos Electric Power Cooperative Inc, US Bankruptcy Court, Southern District of Texas, No. 21-30725.

For Brazos: Lou Strubeck and Nick Hendrix of O’Melveny & Myers; Jason Boland, Paul Trahan and Steve Peirce of Norton Rose Fulbright; Lino Mendiola, Michael Boldt and Jim Silliman of Eversheds Sutherland (USA); and Holland O’Neil of Foley & Lardner

For Sandy Creek Energy Associates: Ken Pasquale of Paul Hastings

For ERCOT: Kevin Lippman, Deborah Perry, Jamil Alibhai and Ross Parker of Munsch Hardt Kopf & Harr

Read more:

Brazos Electric asks for more time to control bankruptcy in mediation

Lawsuit over Texas co-op’s $2 billion energy bill suspended for mediation

Texas bankruptcy lawsuit begins with energy bill over $2 billion after 2021 winter storm

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Reporting by Dietrich Knauth

Our standards: The Thomson Reuters Trust Principles.

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Why did BSA file for bankruptcy? Cause explored before Hulu documentary Leave No Trace https://sarahlong.org/why-did-bsa-file-for-bankruptcy-cause-explored-before-hulu-documentary-leave-no-trace/ Mon, 13 Jun 2022 22:10:35 +0000 https://sarahlong.org/why-did-bsa-file-for-bankruptcy-cause-explored-before-hulu-documentary-leave-no-trace/ With Hulu’s latest documentary on BSA, Leave No Trace: A Hidden Scout History, nearly ready for its theatrical and online release, there have been a slew of questions surrounding the prolific organization, also known as the Boy Scouts of America, one of the oldest active institutions, which has more than ‘a century. Irene Taylor will […]]]>

With Hulu’s latest documentary on BSA, Leave No Trace: A Hidden Scout History, nearly ready for its theatrical and online release, there have been a slew of questions surrounding the prolific organization, also known as the Boy Scouts of America, one of the oldest active institutions, which has more than ‘a century.

Irene Taylor will attempt to uncover the dark moments of BSA sexual assaults and cover-ups in the upcoming film, which has touched more than 82,000 Boy Scouts over the decades. The organization also reportedly actively hid and protected perpetrators within its ranks for years.

youtube cover

Although sexual abuse claims continued to pile up for a long time, by 2018 cases had spiked to the point that BSA insurance companies began to deny payments. This, coupled with declining membership numbers and widespread negative coverage, led to the BSA filing for bankruptcy in Delaware court.


Reasons for BSA’s bankruptcy filing

I’ve heard the most horrible statistic: 82,000 elders #Scouts have reported sexual abuse. WTF is wrong with these organizations? Say what you want about Bill Maher, but this quote is correct: “Any institution where there are no women…it’s bad…”

The Boy Scouts of America is one of the oldest institutions founded in 1910. With over 1.2 million members, it is one of the largest Scouting institutions in the world. However, over the past decade, multiple allegations of sexual misconduct, abuse and rape have surfaced against the organization, with the number now numbering over 82,000.

The organization had been planning to file for bankruptcy since 2018, when multiple lawsuits were filed by hundreds of victims across the country, amid a failing membership and negative media coverage. After a long legal battle, the BSA reportedly filed for bankruptcy in 2020 under pressure from a growing number of sexual abuse complaints. Insurance companies also withdrew their support, refusing to pay for malpractice within the BSA.

BSA is said to have filed for Chapter 11 bankruptcy, which involves reorganizing a business and keeping it alive to pay the party involved over time. The Boy Scouts addressed victims of abuse in an open letter, which read:

“I am outraged that individuals have taken advantage of our programs to commit these heinous acts. I am also outraged that there have been times when volunteers and staff ignored our procedures or condoned unforgivable transgressions. In some cases , this has led to tragic acts of abuse.While these cases have been limited, they mean that we have not done enough to protect the children in our care — to protect you.

It was signed by BSA Chairman Jim Turley. He continued:

“On my behalf and on behalf of the entire Scouting community: I am sorry. I am devastated that there have been times in the past where we have failed the children we were meant to protect.”

The court then gave a deadline for the victims to come forward and file a lawsuit. This time the number rose to 82,000 victims out of the initial 300.

As the financially-struggling Boy Scouts sell off a number of campgrounds, conservationists, government officials and others scramble to find ways to preserve them as open spaces. #Scouts bit.ly/ScoutsCamps

Leave No Trace: A Hidden Scout History will examine this endemic history of abuse and the subsequent cover-up measures the organization has taken to protect perpetrators of sexual violence. The organization would also have kept a record of these cases in a file, which would have been called the “perversion files”. Despite all this, the organization refused to act meaningfully when it mattered.

Paul Mones, a Los Angeles attorney who represents numerous abuse victims in this case, said:

“If the largest youth organization by far in the United States can be crippled under the weight of doing nothing about their sexual abuse allegations and covering up the problem, I think that’s a wake-up call to all the churches and youth organizations and schools that have this problem and are not proactively taking action to address it,”

The Boy Scouts of America would pay a $2.7 billion settlement to survivors of the abuse.

Leave No Trace: A Hidden Scout History will air on June 16, 2022.


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Beauty products giant Revlon in talks to file for Chapter 11 bankruptcy: report https://sarahlong.org/beauty-products-giant-revlon-in-talks-to-file-for-chapter-11-bankruptcy-report/ Sat, 11 Jun 2022 21:05:18 +0000 https://sarahlong.org/beauty-products-giant-revlon-in-talks-to-file-for-chapter-11-bankruptcy-report/ New York-based cosmetics and personal care company Revlon, Inc. ROUND would be close to filing for bankruptcy. Revlon is preparing to file for Chapter 11 bankruptcy as soon as next week, according to the Wall Street Journal, citing people familiar with the matter. The situation was precipitated by the huge debt burden the company faces, […]]]>

New York-based cosmetics and personal care company Revlon, Inc. ROUND would be close to filing for bankruptcy.

Revlon is preparing to file for Chapter 11 bankruptcy as soon as next week, according to the Wall Street Journal, citing people familiar with the matter. The situation was precipitated by the huge debt burden the company faces, according to the report.

The company is said to have entered into negotiations with its major lenders ahead of the maturity of several of its debts in the coming years. Its long-term debt stood at $3.31 billion at the end of March.

Related link: Analysis: The beauty industry after COVID-19

Revlon is owned by MacAndrews & Forbes, the billionaire’s holding company Ron Perelman. The private equity firm purchased Revlon in 1985.

Talks are ongoing and a Chapter 11 filing is not forthcoming, according to the report.

Discretionary consumer spending was hit during the pandemic years, and the current fluid macroeconomic environment has only made matters worse. That said, the reopening has recently given a small boost to demand for cosmetic products marketed by the company.

Reacting to the bankruptcy filing report, Revlon stock slid 7.32% to $1.90 in after-hours trading on Friday, according to Benzinga Pro.

Photo: Courtesy of Michael Mozart on Flickr

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FERC urges the 5th Circ. To let the bankruptcy contract order stand https://sarahlong.org/ferc-urges-the-5th-circ-to-let-the-bankruptcy-contract-order-stand/ Thu, 09 Jun 2022 23:14:00 +0000 https://sarahlong.org/ferc-urges-the-5th-circ-to-let-the-bankruptcy-contract-order-stand/ By Katie Buehler (June 9, 2022, 7:14 p.m. EDT) — The Federal Energy Regulatory Commission told the Fifth Circuit Thursday that while the court recently ruled the agency has a limited role in Chapter 11 reorganizations, the panel should let stand a FERC order that terminating a pipeline contract is not in the public interest. […]]]>
By Katie Buehler (June 9, 2022, 7:14 p.m. EDT) — The Federal Energy Regulatory Commission told the Fifth Circuit Thursday that while the court recently ruled the agency has a limited role in Chapter 11 reorganizations, the panel should let stand a FERC order that terminating a pipeline contract is not in the public interest.

FERC and Gulfport Energy Inc. agree that their dispute was raised by a March 14 panel decision in FERC v. Ultra Resources Inc. that FERC approval is not required for companies to reject contracts during Chapter 11 proceedings. But during oral argument, they split on whether the court should rescind the FERC orders on Gulfport…

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