USA Gymnastics, which channeled many excellent female gymnasts into Olympic competition but could not keep Larry Nassar's filthy paws off the gymnasts, has filed for Chapter 11 bankruptcy.
https://www.msn.com/en-us/news/other/usa...smsnnews11
Quote:(AP) USA Gymnastics is turning to bankruptcy in an attempt to ensure its survival.
The embattled organization filed a Chapter 11 bankruptcy petition on Wednesday in an effort to reach settlements in the dozens of sex-abuse lawsuits it faces and to avoid its potential demise at the hands of the U.S. Olympic Committee.
USA Gymnastics filed the petition in Indianapolis, where it is based. It faces 100 lawsuits representing over 350 athletes in various courts across the country who blame the group for failing to supervise Larry Nassar, a team doctor accused of molesting them. Nassar, 55, worked at USA Gymnastics and Michigan State University for decades. He is serving effective life sentences for child porn possession and molesting young women and girls under the guise of medical treatment.
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(Kathryn) Carson, who replaced Karen Golz as chairwoman last week, said she accepted the position because she believes in the direction of USA Gymnastics, which she said doesn't need money but rather time.
"We think we're changing the dynamic and we certainly believe that we will try to remain the NGB," Carson said. "To be clear, it is our lawyers' firm belief that the bankruptcy will automatically stay (decertification) ... and we will work with the USOC to regain credibility."
Nicholas Georgakopoulos, a bankruptcy expert and law professor at the Indiana University's Indianapolis campus, said USA Gymnastics is "hoping for a miracle" with its legal maneuvering.
"The USOC says you violated this relationship, here are the consequences and USA Gymnastics is saying it filed for bankruptcy, there are no consequences," Georgakopoulos said. "This is like a gambling addict who goes to the casino and gambles every day and one day the casino says you can't come anymore, you've lost too much, and addict says, I filed for bankruptcy, you can't stop me from coming to the casino."
If the USOC wants to go forward with decertification, it must now go to court.
https://www.msn.com/en-us/news/other/usa...smsnnews11
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