That's the word from CNN, who cited a court document filed in Delaware bankruptcy court in their report on Tuesday. The organization listed liabilities as being between $100 million and $500 million, with an estimated $50,000 or less in assets.
Tuesday's report also included comments from attorney Paul Mones, who represents "hundreds”"of sexual abuse victims in multiple lawsuits.
"These young boys took an oath," Mones, who called this week's bankruptcy filing a "tragedy," said. "They pledged to be obedient, pledged to support the Scouts and pledged to be honorable. Many of them are extremely angry that that's not what happened to them and the Boy Scouts of America did not step up in the way they should have."
The filing, of course, has an impact on the ongoing lawsuits of alleged abuse victims as they will now have to file claims in bankruptcy court.
Jim Turley, National Chair of the Boy Scouts of America, shared an open letter to victims this week in which he claimed to be "outraged" about those who "took advantage of our programs to commit these heinous acts."
"The fact is that predators harmed innocent children in Scouting programs, and for this I am deeply sorry," Turley said. "The BSA cannot undo what happened to you, but we are committed to supporting you and to doing everything in our power to prevent it from happening to others. It is a social and moral responsibility that I and the entire organization take extremely seriously."
The bankuptcy decision marks a strategy not unlike the one used in sexual abuse lawsuits in multiple Catholic dioceses and USA Gymnastics. This year also notably marks the end of Boy Scouts sponsorship from the Mormon church.