USA Gymnastics files for bankruptcy after sex-abuse scandal

first_imgLights 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 Nextcenter_img 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.”last_img read more

Time running out: Wear The Boots We Wear – 40-boot giveaway going on now

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Work boots are a symbol of strength, determination, and resolve, much like the American farmer. They wholly represent the way of life found in the country.We at Ohio Ag Net & Ohio’s Country Journal see firsthand the hard work going on in the farms and fields around the state and admire the undertakings we witness. We therefore want to recognize that around-the-clock effort by offering our readers and listeners a chance to wear the boots we wear.Ty Higgins’ boots are perfect for his work on the crop tour.From now through Oct. 28, Ohio Ag Net and OCJ, in association with LACROSSE Footwear, will be giving away 40 pairs of boots for free.LACROSSE, established in 1897, specializes in footwear made to be dirty — whether that be in the woods, in the field, or hauling manure. The rubber and neoprene footwear are ready to wear.Bart and Sheryl Johnson wear their boots almost every day working with 4-H animals in the barn.As you can see, our staff members are active users of LACROSSE Footwear and hope you will be too. Enter to win one of the 40 pairs we’re giving away this fall through this link and become part of the family. If you simply can’t wait to get your feet in a pair of these exceptional boots, visit to find your local retailer.Five winners will be drawn each Friday during the contest. The giveaway is limited to one entry per person.Join us in recognizing the hard work across Ohio’s countryside while wearing the boots we wear!last_img read more

Ponting out, Clarke to lead in fifth Test

first_imgAustralia cricket captain Ricky Ponting will miss the fifth Ashes Test against England because of continuing problems with a broken finger, raising the prospect that his Test career is over.Clarke will start as captain for the first time, with wicketkeeper Brad Haddin named vice-captain in the Sydney Test starting on Monday.Ponting was ruled out of playing after further x-rays on his broken little finger on his left hand “showed evidence that the fracture . . . has moved during the course of the Melbourne Test,” Australia’s team physiotherapist Alex Kountouris said Thursday in a statement, adding that Ponting will likely return for the Cricket World Cup in February-March.”I’m devastated to tell you the truth, it was the news I was dreading,” Ponting said on arrival at Sydney airport on Thursday. “During the game I didn’t think I’d done too much more to it.”New South Wales batsman Usman Khawaja and paceman Doug Bollinger were included in a 12-man squad named Thursday for the final Test. Khawaja replaced Ponting while Bollinger was added as a replacement for Ryan Harris, who has a left ankle injury requiring surgery.Ponting’s injury, combined with the team’s failure to regain the Ashes and his own poor batting form, meant the fourth Test which finished Wednesday may have been his last.After England retained the Ashes with an innings win in Melbourne to take an unbeatable 2-1 series lead, Ponting said he was keen to keep playing but would consider the good of the team when making a decision about his playing status.advertisement”I’m not thinking about it at all,” Ponting said on Thursday when asked whether he would end his 152-Test career.Australia’s next scheduled Test series is in August against Sri Lanka.Australia fifth Test squad: Michael Clarke (captain), Shane Watson, Phil Hughes, Usman Khawaja, Mike Hussey, Steve Smith, Brad Haddin, Mitchell Johnson, Peter Siddle, Ben Hilfenhaus, Doug Bollinger, Michael Beerlast_img read more

Olympic tennis: Swiss Roger Federer beats Julien Benneteau of France, moves into third round

first_imgSwiss Roger Federer Monday kept on course for adding the Olympic title to his Wimbledon crown, beating Julien Benneteau of France in straight sets in the second round of the men’s singles tennis competitions at the All England Club.The World No.1 swept past his 32nd-ranked opponent 6-2, 6-2 in an hour and will now play either Luxembourg’s Gilles Muller or Uzbekistan’s Denis Istomin.Elsewhere in the draw, world No.2 Novak Djokovic will meet former US Open champion Andy Roddick in the second round of the Olympic tennis tournament after the American beat Slovakia’s Martin Klizan Monday.Roddick forced his way past Klizan 7-5, 6-4 thanks to late breaks in both sets as the Slovak, ranked 52nd in the world, put up stiff resistance.”It was good. I got myself a couple of great points and only a couple of breaks, but I served pretty well and got through,” Roddick said.The Olympic tennis is being played at Wimbledon, where Djokovic won last year and Roddick has reached the final three times, most recently in 2009.Argentinian World No.10 Juan Monaco booked his place in the second round by beating Belgium’s David Goffin 6-4, 6-1 and will now play Feliciano Lopez of Spain in the second round after he beat Russia’s Dmitry Tursunov 6-7, 6-2, 9-7.Croatia’s 13th seed Marin Cilic will face 2002 Wimbledon champion Lleyton Hewitt in the second round after beating Austria’s Jurgen Melzer 7-6(5), 6-2.”It was not as comfortable as I thought it was going to be,” Cilic said.”In the first set I had a break and then I thought I’m going to get that first set done but Jurgen played really well at the end of the first set and made me a little uncomfortable on the court.”Elsewhere in the draw, France’s World No.20 Richard Gasquet beat 33rd-ranked Robin Haas of the Netherlands 6-3, 6-3 while there was also a win for Canada’s Milos Raonic.advertisementlast_img read more