Record of the WT "Controling" $2.8 Billion

by Gerard 19 Replies latest watchtower scandals

• 

  Gerard

  SEC web site

  497 Filing from Nov 1 st. 2004

  http://www.sec.gov/Archives/edgar/data/763852/000110465904032738/a04-10711_3497.htm

  JPMorgan Liquid Assets Money Market Fund 2,812,686,762. (That's more than $ 2.8 Billion)

  As of October 27, 2004, the following persons owned of record or beneficially 5% or more of the outstanding shares of the class identified of any of the Acquired Funds or Acquiring Funds. Shareholders indicated below holding greater than 25% or more of a Fund are "controlling persons" under the 1940 Act.

  Fund				Class				Name and Address of Owner				Type of Ownership				Percentage of Class of Shares				Percentage of Fund				Percentage of Combined Fund after Reorganization*
  JPMorgan Liquid Assets Money Market Fund				Agency				JPMORGAN INVESTOR SERVICES CASH MGMT INVESTMENT SUPPORT ATTN CASH SWEEP OPERATIONS 14221 DALLAS PARKWAY 2JIP 6TH FL DALLAS TX 75254-2942				Record					40.207	%			3.839	%			0.921	%
  JPMorgan Liquid Assets Money Market Fund				Agency				JPMORGAN INVESTOR SERVICES CASH MGMT INVESTMENT SUPPORT ATTN CASH SWEEP OPERATIONS 14221 DALLAS PARKWAY 2JIP 6TH FL DALLAS TX 75254-2942				Record					35.324	%			3.373	%			0.809	%
  JPMorgan Liquid Assets Money Market Fund				Agency				STROOCK STROOCK & LAVAN LLP 180 MAIDEN LANE NEW YORK NY 10038-4925				Record					8.384	%			0.801	%			0.192	%
  JPMorgan Liquid Assets Money Market Fund				Institutional				WATCHTOWER BIBLE & TRACT SOCIETY OF PENNSYLVANIA ATTN TREASURERS OFFICE DOMESTIC CASH MANAGEMENT 25 COLUMBIA HTS BROOKLYN NY 11201-1300				Record					7.337	%			6.427	%			1.541	%

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  WT is riding on 7.337% of 2.81 Billion =

  $206'366,827. ( Two hundred six million $) of liquid ca$h.
• 

  kls

  I don't know what to say . I am truly speechless and numb.
• 

  zugzwang

  $206 Million really isn't that much money. Even if the only contributors were Americans, and say there are 1 Million Witnesses in the US that would only be $206 per person. The WTS has to have a lot more than that.
• 

  Happy Guy :)

  Excellent investigative work Gerard except one minor error:

  You highlighted the wrong section as it does not apply to the WT in this particular fund.

  If you look closely you will see that they only own 7.337 percent of the outstanding shares of that

  fund. This does not qualify as a "control position".

  If you look carefully you will notice that the fund lists persons (or entitities) that own 5 percent

  orm more. The reason for this is because it is in keeping with the "early warning" requirements in

  the regulated securities business. By giving this "early warning" shareholders are and insiders are

  able to get an idea if there is a large accumulation of ownership. This is meant to give an early

  warning to a potential takeover bid (which is highly unlikely where a money market fund is concerned.
• 

  Happy Guy :)

  Sorry about the double posting but the formatting was acting wierd on me I must have pressed something.
  

  To continue:

  So in actuality they do not have a controlling interest in that particular fund. As well they are only holding a couple hundred million in that fund. There are however thousands of funds and well over one hundred money market funds. WT could very well be holding interests in other funds and probably are in keeping with the rule of thumb of diversification.

  I wonder who receives any "trailer fees" from all of their massive holdings? but that is another thread topic.

  I also wonder about their choice of a J.P Morgan fund. In and of itself it does not mean anything however often corporations will select and use a banker for multiple roles and purposes. I wonder if there may be a deeper relationship beyond the ownership of the funds. My impression of J.P. Morgan is that they are the banker of choice for U.S. companies/entities/individuals who wish to do business in Europe as well and also wish to be very discreet.....but this too would be a topic for another thread.
• 

  Gerard

  So in actuality they do not have a controlling interest in that particular fund.

  You are right. I thought I read 2.5% to have control. It is 25%.

  Bear in mind that the WT has been diversifying its assets for a few years now. This is only one cash nest of many possible.
• 

  juni

  That is something! And we were encouraged to buy term insurance instead of whole life as this system was going to end soon. Now our term ins. is costing a fortune at our age.
• 

  juni

  Also it was impressed not to be materialistic. 2 sets of values beyond belief!
• 

  candidlynuts

  i've been piss poor all my life..could someone explain briefly what a money market fund is and why it would be beneficial for the org to have money in it?
• 

  ChristianObserver

  A money market fund is a place where you can put your cash and earn interest on it.