Corps_Ag12 said:
TexasAg95 said:
Leggo My Elko said:
Marvin_Zindler said:
This hearing this morning has felt like a funeral for Camp Mystic and the Eastlands ever running a camp again.
I just don't see how they open in 28 days.
Yeah my gut says nothing will come from the criminal investigation, but in terms of the civil side, the facts don't look good for the camp. How they plan on opening this summer is beyond me. From a publicity stand point alone, how can they not see it's a terrible idea.
they need to tell their attorneys to start settlement talks and tell their realtor to start looking for buyers. Try to walk away with a little money and dignity.
The camp operations and the property itself are separate legal entities. I'm interested in how these get intertwined or kept separate throughout this process.
Dick & Tweety owned the camp operations 100% (Camp Mystic) as well as 51% of the property through a family partnership with Dick's siblings.
Based on how we set up businesses, Camp Mystic seems to be set up as a pretty normal LLC. There is an operating side, a holding side, and some other entities. I haven't dug into the businesses to figure out how the other entities are linked, but be aware that they are listed on the lawsuits because the slick attorneys are damn sure going to try to get to all of them.
The long and short of this is that Camp Mystic, does not own the land or the assets. It's an operating entity (Camp Mystic, LLC). The big ticket items like live with the holding company (Natural Fountains Properties) or within the other entities in some fractional amount to limit exposure, help with estate planning, or whatever. So, ideally, Camp Mystic gets sued for a gazillion dollars, but the payouts are limited to insurance and whatever is in the operating accounts which should be very little. They lose nothing but some petty change, dignity, and their reputation, and go back to business when their license is renewed.
But, this situation is anything but ideal or cut and dry, so there are several ways this can go south for them and I'd say losing everything is unlikely, but not out of the realm of possibility in an indirect capacity.
Camps like this are very risky and they usually carry beefy insurance for coverage in situations like this.
Nonetheless, their insurance carrier has probably chewed all the nails off their fingers watching this.