It might not be that big a deal. If the financial statements we've seen are correct the WTBS has tons of cash of late. They could dump 28 million of it into an escrow account pending all the appeals etc and carry one business as usual. Even if they don't have the cash they could use a property they don't plan on selling (some of the land in NY?) as security for a bond which would accomplish the same purpose. I suspect this is routine legal manuvering and I wouldn't read too much into it, beyond the fact that the judge thought it worth recording as official.
Read what happened in court June 19th & 20th. A summary copied from court documents
by AndersonsInfo 44 Replies latest watchtower child-abuse
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snowbird
Any action taken against the Watchtower by a court of law, routine or otherwise, is a cause for exultation.
It's about dadgummed time; their exaltation of themselves has gone on far too long.
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Gayle
wow,, thanks Barbara,,I just finished the recording of the conference call of you and Mr. Simmons last Saturday. Thanks so much for your comments! Wow, such intriguing times!!
Guess the Watchtower may not get to move upstate so soon if Brooklyn props. are getting frozen. Mr. Simmons stated if the WTS does appeal, that'll take a couple years at least,,more if the WTS has to take it all to CA. Supreme Court, or higher. If the WTS has to take a 'hit,' they may have their Headquarters in a mere 'trailer city' in the boonies. Seems there will be at least more than a handful of such future cases and Mr. Simmons indicated he is part of a strong network of such expert attorneys to help other attorneys with such cases to succeed.
Thanks so very much for all the assistance you gave for Ms. Candace and also Mr. Simmons!
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Refriedtruth
Lets call this phase two it's like the UN freezing a dictators assets
This is the BIGGEST news adverse to the Watchtower since the advent of the Internet and Ray Franz COC
This is HUGE very exciting
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laverite
The Society has been streamlining for some time now. I am curious about their cash flow. They are good at contracting when they need to contract to save money. I wonder to what extent they were relying on these properties being sold? I wonder what kind of pinch this could induce short-term? Probably not all out crisis-inducing, but this has to be of concern to them nontheless.
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jwfacts
To avoid a massive transfer of real estate assets worth, at present, approximately $1 Billion, from Watchtower to another corporate entity of Jehovah’s Witnesses, which would leave Plaintiff with no enforcement right for the Judgment, Plaintiff requests that any stay be subject to the condition that defendant Watchtower Bible and Tract Society of New York, Inc. not transfer, convey, or change title to any of its real property prior to the filing of a bond or undertaking required as a condition of appeal.
What it seems to be saying is that all transfers and sales can only occur after obtaining permission. This prevents them moving all assets to other Watchtower entities, so that there is nothing left from which to make payment in .
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Diest
Considering the fact that they have 1 Billion in real estate assets this wont effect much. All they have to do is get permission to sell or transfer properties and leave about 30 million behind. Which is basicly 1/33 of the value of the real estate.
This won't effect them beyond a little paper work hastle.
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Iamallcool
Can we ask for another WT press release?
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cedars
I've updated my article with this development...
Assets Frozen Pending Appeal
In a remarkable twist, on June 20th Judge Robert D. McGuinnes ruled that the real estate assets of the Watch Tower Society are to be effectively frozen pending the outcome of the Society’s appeal against the judgment, which is estimated to take up to two years to reach a climax.
This means that, for the next two years, the Watch Tower Society cannot buy, sell or exchange property without first seeking the permission of the court in Alameda. It is estimated that the total value of the Watch Tower Society’s property portfolio is a staggering 1 Billion dollars. By effectively freezing these assets, the Judge has unknowingly put a huge strain on the Society’s abilities to respond quickly to its recent financial decline, which has already seen it close an increasing number of branches worldwide.
I will write more on this particular development (i.e. the freezing of assets) once I have more information.
Cedars