Boy Scouts of America files for bankruptcy protection

NEW: Barraged by hundreds of sex-abuse lawsuits, the Boy Scouts of America filed for bankruptcy protection on Tuesday in hopes of working out a potentially mammoth victim compensation plan that will allow the 110-year-old organization to carry on.

The Chapter 11 filing in federal bankruptcy court in Wilmington, Delaware, sets in motion what could be one of the biggest, most complex bankruptcies ever seen. Scores of lawyers are seeking settlements on behalf of several thousand men who say they were molested as scouts by scoutmasters or other leaders decades ago but are only now eligible to sue because of recent changes in their states’ statute-of-limitations laws.

By going to bankruptcy court, the Scouts can put those lawsuits on hold for now.

But ultimately, the BSA organization could be forced to sell off some of their vast property holdings, including campgrounds and hiking trails, to raise money for a compensation trust fund that could surpass one billion dollars

https://www1.cbn.com/cbnnews/us/2020/february/boy-scouts-file-for-bankruptcy-due-to-sex-abuse-lawsuits-nbsp

 

 

Verne Hill

Verne Hill

The News Guy – WBFJ Family Friendly Morning Show at WBFJ fm - Your family station!
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Verne Hill


Verne Hill

I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace… VERSE: “Let everything that has breath praise the LORD” Psalm 150 QUOTE: “A person who loves his job, will never work a day in his life.” MON-SAT 6A-10A (& Sunday@5 host) verne@wbfj.fm