Another traditional instituion ruined by the Left and by its own evil-doers.
Ben Feuerherd reports for the New York Post that on Feb. 18, 2020, the Boy Scouts of America (BSA) filed for Chapter 11 bankruptcy protection in Delaware so as to keep operating while thousands of claims of sexual abuse by former members are litigated.
In filing for bankruptcy, all civil suits against the BSA will be suspended, and the organization will avoid lengthy and damaging jury trials in a number of states. However, BSA will likely have to pay victims.
Roger Mosby, the Boy Scouts’ president and chief executive officer, said in a statement:
The BSA cares deeply about all victims of abuse and sincerely apologizes to anyone who was harmed during their time in Scouting. We are outraged that there have been times when individuals took advantage of our programs to harm innocent children. hile we know nothing can undo the tragic abuse that victims suffered, we believe the Chapter 11 process — with the proposed Trust structure — will provide equitable compensation to all victims while maintaining the BSA’s important mission.
The Boy Scouts have struggled with declining membership and rising costs. According to BSA’s 2018 tax filing, it had $1.4 billion in assets. The bankruptcy filing document, Official Form 201, says BSA has an estimated 1,000 to 5,000 creditors, and liabilities estimated to be $½ billion to $1 billion.
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