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Boy Scouts of America Considers Bankruptcy Filing Amid Sex-Abuse Lawsuits - WSJ

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I got a cryptic mail from the national BSA and that made me decide to to see if there were any Boy Scouts stories.  And it's a biggie (behind a paywall too).  No one else has picked it up yet but since it's the Wall Street Journal it seems reputable.

Boy Scouts of America Considers Bankruptcy Filing Amid Sex-Abuse Lawsuits
https://www.wsj.com/articles/boy-scouts-of-america-considers-bankruptcy-filing-amid-sex-abuse-lawsuits-11544649657

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Read the rest of the article.  There's not much beyond the first paragraph, other than comparing the BSA to the Catholic Church with regards to their issues with sexual abuse lawsuits.

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Wow!  That is jaw dropping.

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37 minutes ago, Calm said:

Wow!  That is jaw dropping.

Did you subscribe, I didn't. But maybe it's worth it.

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No, just the idea of them possibly declaring bankruptcy is jawdropping to me.  BSA is such a staple of American culture in my view.

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Here is another article on this topic.  

"Amid falling membership and rising costs of battling lawsuits, the Boy Scouts of America is reportedly weighing filing for bankruptcy.

The decades-old youth organization has hired a law firm to look into chapter 11 bankruptcy filing, according to the Wall Street Journal.

The group plans to “explore all options available to ensure that the local and national programming of the Boy Scouts of America continues uninterrupted,” according to a letter sent to its employees Wednesday and acquired by the Wall Street Journal.

Since its peak in the 1970s, the Boy Scouts has seen massive drops in membership, including 610,000 in the last two years when the Mormon Church yanked its scouts from the rank.

But the larger issue at work is the influx of lawsuits related to sexual assault allegations; dozens of suits have been filed stemming from hundreds of claims of abuse in the ‘70s and ‘80s.

Legal fees have also gone to fight a lawsuit from the Girl Scouts, who sued the Boy Scouts in November after the group tried to expand recruitment to girls and transgender scouts.

Last year alone, the Boy Scouts paid $7.6 million to an outside law firm to help fight legal battles, according to the Wall Street Journal."

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Well, that clinches it. I am not giving to Friends of Scouting this coming year.

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If you get a chance read the comments to the WSJ article. Always the best part of the online experience. 

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Too cheap...a few tidbits please. :spiteful:

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13 hours ago, Calm said:

No, just the idea of them possibly declaring bankruptcy is jawdropping to me.  BSA is such a staple of American culture in my view.

Kind of like Sears?

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Reddit has a good FAQ on the possible bankruptcy.  faq_bsa_bankruptcy

Basically national is separate from all the councils but still the target of most abuse cases because the Chartering Organizations and Local Councils (who are really the ones to blame in these cases being closest to the offense) may not have the same bags of money national has.  They can handle at most 50 more such settlements before going under because their liability insurance providers are being difficult when it comes to paying up.  The issue is they don't know how many more such cases are out there.  Could, be two could be two thousand.  A bankruptcy plan should give them some financial certainty regardless of how many past cases come up.

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No problem. All the people who were certain that the BSA would be revitalized by the departure of the LDS church (and other homophobes) are sure to step into the funding breach.

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