Boy Scouts Fall Short of Desired Vote on $2.7 Billion Abuse Settlement
Source: The Wall Street Journal.
PRO BANKRUPTCY
Boy Scouts Fall Short of Desired Vote on $2.7 Billion Abuse Settlement
In an initial vote tally, the youth group fell short of the 75% support it believes will ease approval of a chapter 11 plan covering roughly 82,200 sex-abuse claims
By Soma Biswas
https://twitter.com/SomaBisWSJ
soma.biswas@wsj.com
Jan. 5, 2022 1:31 am ET
The Boy Scouts of America fell short of winning the level of support it sought from sex-abuse victims for the nearly $2.7 billion settlement plan that would lift the organization out of bankruptcy, according to a preliminary vote count released Tuesday.
The proposed settlement of 82,200 claims of childhood sexual abuse earned the support of just over 73% of those who cast votes, falling just shy of the 75% support the Boy Scouts were targeting. The youth group has said it believes that level of acceptance would ease court approval of its chapter 11 plan, while anything less makes it more vulnerable to challenges from the minority of abuse victims who reject it.
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Read more: https://www.wsj.com/articles/boy-scouts-fall-short-of-desired-vote-on-2-7-billion-abuse-settlement-11641364299