Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew 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.Kathryn Carson, the recently elected chairwoman of USA Gymnastics’ board of directors, said the organization’s goal is to speed things up after mediation attempts failed to gain traction.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back Chriss“Those discussions were not moving at any pace,” Carson said. “We as a board felt this was a critical imperative and decided to take this action.”The filing does not affect the amount of money available to victims, which would come from previously purchased insurance coverage, she said. Carson said the insurance companies “are aware we’re taking this action and our expectation is they will come to the table and pay on our coverage.” Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award MOST READ ‘Mia’: Rom-com with a cause a career-boosting showcase for Coleen Garcia LATEST STORIES No.13 lucky for Orlando Bloom Japeth Aguilar embraces role, gets rewarded with Finals MVP plum FILE – In this Feb. 26, 2014, file photo, the USA Gymnastics logo is displayed at AT&T Stadium during an news conference announcing in Arlington, Texas. USA Gymnastics has filed a Chapter 11 bankruptcy petition on Wednesday, Dec. 5, 2018, as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands of the U.S. Olympic Committee.(Ron Jenkins/Star-Telegram via 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.ADVERTISEMENT 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.USA Gymnastics has no timetable on how long the bankruptcy process will take and did not offer a ballpark on how much it expects to pay in settlements. Its doors, however, remain open for business.“We are continuing to pursue all aspects of our current operating model,” Carson said. “This affords us an opportunity to reorganize as well as resolve the claims with the survivors.”Sports Related Videospowered by AdSparcRead Next After winning title, time for LA Tenorio to give back to Batangas folk Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Flying high View comments Nadine Lustre’s phone stolen in Brazil Carson added: “This is not a liquidation. This is a reorganization.”John Manly, an attorney representing dozens of women who have pending lawsuits against USA Gymnastics, chastised the organization for continuing to “inflict unimaginable pain on survivors” and encouraged law enforcement officials to “redouble” their investigative efforts.“Today’s bankruptcy filing by USA Gymnastics was the inevitable result of the inability of this organization to meet its core responsibility of protecting its athlete members from abuse,” Manly said in a statement. “The leadership of USA Gymnastics has proven itself to be both morally and financially bankrupt.”USA Gymnastics insists that’s not the case, stressing that the filing is based on legal expediency, not fiscal distress.While Carson acknowledged that sponsorship is down since the first women came forward against Nassar in the fall of 2016, she described the financial condition of USA Gymnastics as “stable.”ADVERTISEMENT Ginebra beats Meralco again to capture PBA Governors’ Cup title Don’t miss out on the latest news and information. USA Gymnastics reported assets in a range of $50 million to $100 million and a similar range of liabilities, with 1,000 to 5,000 creditors. The organization said its largest unsecured creditor is former president and CEO Steve Penny, who is owed $339,999.96. USA Gymnastics is disputing Penny’s claim, though attorney Cathy Steege declined to get into the specific nature of the dispute.Penny resigned under pressure from the USOC in March 2017. Two other presidents — Kerry Perry and former U.S. Rep. Mary Bono — have followed in what has become a revolving door amid the organization’s hierarchy.It’s that chaos at the top that led the USOC to initiate the process of removing USA Gymnastics as the sport’s national governing body at the Olympic level — a step that’s taken only under the most extreme circumstances.In an open letter to the gymnastics community in November, USOC CEO Sarah Hirshland said “you deserve better,” and that the challenges facing USA Gymnastics were more than it was capable of overcoming as currently constructed.Carson said the legal maneuvering Wednesday delays the USOC’s efforts to strip its designation as a national governing body.“We always have a dialogue going with them and intend to make it clear with them we have a lot to talk about and we want to keep that going,” she said.USOC spokesman Patrick Sandusky said the committee is reviewing the filing’s potential effect on decertification. “Financial stability and viability are essential for a national governing body to operate in the best interests of the athletes,” Sandusky said.USA Gymnastics believes bankruptcy protects it from having opportunities or assets taken away by a debtor. Carson acknowledged that being a national governing body “is a big part of how we raise our revenue.”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.”
The Jubilee Float Parade set for Independence Day has seen a modification to its route as the National Commemoration Commission has announced that floats taking part in the event will now assemble at the Stabroek Market Square as opposed to Church Street.The Commission had sent out the advisory notifying those who are set to have their costume bands feature at the float parade that they will now be required to gather at the Stabroek Market Square after which the floats will move off East along Brickdam into the D’Urban Park.This is opposed to the recently adjusted route where costumes bands were assembling at the usual junction of Church and Camp Streets, after which they would’ve proceeded west along Church Street to Avenue of the Republic, south into Brickdam and then east along Brickdam, into D’Urban Park.Nonetheless, the provisions remain the same as it relates to students from schools along the route being relocated to other centres to sit their Caribbean Secondary Education Certificate (CSEC) and the Caribbean Advanced Proficiency Examinations (CAPE) on Independence Day.This float parade is anticipated to be the largest ever as it marks Guyana’s 50th anniversary as an independent nation.As a result of placing emphasis on this celebration, the usual Republic Day Float Parade had been postponed.Thus far, it has been reported that a number of ministries and private and public organisations, have gotten on board in having their floats be part of the grand celebration. With just two days to go, final touches are being made to the floats to have them ready for the road.Overseas support has been flowing as a number of persons from the Diaspora as well as tourists are flying into Guyana to be part of the monumental event. A number of activities to observe the celebration have occurred, but most persons are anticipating the Jubilee Float Parade set for Thursday.