Watchtower's Billion Dollars of Property Cannot Be Sold until Outcome of Conti Appeal
by Dogpatch 171 Replies latest watchtower child-abuse
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cedars
I've just 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
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Dogpatch
For 30 years I have received phone calls and cried with heartbroken victims of the Watch Tower Societies. Maybe now they will begin to get their dues.
Scandals and word-of-mouth are far more devastating than just the money verdict. Just look at how the media views the Catholic Church now.
It's the irreversible primal effect on the members and their leaders. Sure they will survive... but so did Christian Science, the Bible Students, Crowleyism, Elizabeth Claire Prophet, Charles Manson, Tony Alamo, the Hare Krishnas, the Black Panthers, and the list goes on. But how many of you know who they are? Ancient sects are irrelevant to mainstream society. There is a psychological dominoe effect among the members, which can happen very quickly under certain circumstances, regardless if they last another 50 years with even half a million members.
You can bet a rep. from every high-control religion in the wortld will be a friend of the court in this appeal.
Randy
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Qcmbr
They will treat this as kindling to their belief that the world will finally turn against them. They will be the happiest they've ever been.
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Dogpatch
Cedars, you say,
It is estimated that the total value of the Watch Tower Society’s property portfolio is a staggering 1 Billion dollars
That was taken from one of the WT's attorneys who apparently estimated IN COURT that the value of the Society's property in Brooklyn alone was worth well over one billion dollars (like 1.3). We've known that for years. Who knows how much else they have around the world, but I'm sure it's not $200 billion.
Randy
Cedars, we must do a audio or video interview! Or at least send me a blog. :-))
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Dogpatch
OCMBR,
Normally that might be true... but over child molestation? They may choose to see it that way, but the public won't.Neither will a lot of elders. And neither will the ones who will also be in court in the coming years with this precedent. It practically destroyed the Krishnas.
Randy
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JW GoneBad
Randy says: 'The psychological effects on the organization will still be pretty much the same I would think.'
Just ask anyone who has ever had a hefty lien on their property. And they'll tell you what it's like. Sometimes it can feel like someone has you by the nuts!
Thank you Randy
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Qcmbr
Let's hope this is a significant wake up moment for many people. I have a JW friend on Facebook and I want to post this (for my LDS friends and family) but I'm unable to click the buttons....aahhhrrgg social constraint, so alien!
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Juan Viejo2
One point that may have been overlooked: This judgement and freeze on Society assets only applies to the New York corporation. The Watchtower has several other corporations in New York alone, and of course there is the Pennsylvania corporation.
The Watchtower made some big moves in 2001 that were meant to muddy the waters when it comes to Society assets. We all know that IBSA, the Canadians, and Australia/NZ are fair sized branches with sizable assets, but it is doubtful that any are at risk.
Now might be the time for victims in these other countries to start visiting quality attorneys and point them to the Conti case. Rick Simons did a hell of a job organizing everything and even though the laws might be somewhat different, the odds are that attorneys and solicitors in those countries could crack the shell and start the ball rolling there as well. That would also prevent the WT from transferring assets to its foreign branches.
Watch for even more Kingdom Halls to be sold off over the next five years. You can just see the elders being pressured to put the squeeze on for more and larger donations. Any JW over 70 with assets is going to be shamed into signing over their wills and property to the Society. Now it's time for heirs and family members to start taking steps to protect family assets as well as watching out for possible abusers.
Keep your babies and your dollars very close to you at all times if you want to continue to be a JW.
JV
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cedars
Thanks Randy, I've reworded my article accordingly.
I'm sending you an email!
Cedars
