The Boy Scouts of America has filed for bankruptcy protection as it faces a barrage of new sex-abuse lawsuits.
FILE - This July 8, 1937 file photo, President Franklin D. Roosevelt stops briefly to pin an Eagle Badge, highest honor of "scoutdom" on the chest of Franklyn C. St. John, 17, of Poughkeepsie, N.Y., at the jamboree camp in Washington. The filing Tuesday, Feb. 18, 2020, in Wilmington, Del., is an attempt to work out a potentially mammoth compensation plan for abuse victims that will allow the 110-year-old organization to carry on.
The bankruptcy petition listed the Boy Scouts’ assets as between $1 billion and $10 billion, and its liabilities at $500 million to $1 billion. The Boy Scouts’ finances have been strained in recent years by declining membership and sex-abuse settlements. “We are outraged that there have been times when individuals took advantage of our programs to harm innocent children,” said Roger Mosby, the BSA’s president and CEO. “While 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.
Amid the crush of lawsuits, the Scouts recently mortgaged the major properties owned by the national leadership, including the headquarters in Irving, Texas, and the 140,000-acre Philmont Ranch in New Mexico, to help secure a line of credit.
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