BREAKING: Boy Scouts Files For Bankruptcy As Sex Abuse Lawsuits Pile Up
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February 18, 2020
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February 18, 2020I guess the decades of sexual abuse allegations are finally catching up as the Boy Scouts of America (BSA) organization files for Chapter 11 bankruptcy.
The settlements were putting that much of a strain on their finances, you guys.
…over 110 years of finances…
I hope they at least attempt to receive money from the individuals who are guilty of these heinous crimes, on top of the organization.
Also, keep in mind, girls were able to join the Boy Scouts just a few years ago.
According to Fox News:
Mike Pfau, an attorney whose firm was representing 300 victims in New York as of last April, said the bankruptcy would be “bigger in scale than any other sex abuse bankruptcy.”
“You’re talking about thousands of perpetrators,” Seattle-based lawyer Michael Pfau, who has represented more than 300 Boy Scout victims in 34 states, told the New York Daily News. “You’re talking about tens of thousands of victims. This will be the largest bankruptcy the country has ever seen, and likely one of the largest corporate bankruptcies.”
The national organization said they made the move to fairly compensate victims harmed during their time in scouting and to keep the 100-year-old nonprofit running for years to come.
A Victims Compensation Trust will reportedly be set up during the bankruptcy process, which the organization says will provide “equitable compensation to victims.”
The bankruptcy petition reportedly listed the Boy Scouts’ assets as between $1 billion and $10 billion, and its liabilities at $500 million to $1 billion.
The organization has stated they will continue scouting programs throughout the bankruptcy process and thereafter.
BSA has even submitted an Open Letter to Victims, which will appear in USA Today as a full page ad.
