by jwleaks 102 Replies latest watchtower child-abuse
JW LEAKS has published the latest court documents, in PDF, relating to "Candace Conti v The Watchtower Bible and Tract Society of New York" as filed on November 16, 2012.
The Watchtower Society Motion to Substitute or Reduce Bond on Appeal is DENIED.
Oh man, just think of all those "dedicated funds" that will now be going to waste defending the WT against Jehovah's enemies!
So sad.
om
The good news about this is it will put more pressure on the WTBTS to settle up with Conti; $86K/year of bond premium is now added to almost $100k/month of post-judgment interest that is accruing on the judgment ($11M judgment @10% interest per annum).
Curious, does anyone know did Travelers Insurance actually ever BIND (promise) a bond to Watchtower?
Travelers is a VERY conservative insurer, and has no problem saying NO (unless the underwriter is a JW who has not fully informed the boss about Watchtower). If this is the case, a few emails to Travelers Insurance Investors relations, and loss control Dept. might be in order.
Travelers did provide a bond in this case, and that bond is still in existence. Now that the court had ruled against the WTBTS, Travelers will soon be collecting $86K in bond premium from the WTBTS.
Travelers isn't stupid. The way this works is, they sign a document, agreeing to be liable for the entire amount of the judgment. They then cover their risk by taking collateral from the party who wants the bond, so in this case, Travelers is likely to have taken WTBTS real estate as collateral already. Unless the WTBTS fails to pay upon the disposition of the appeal in Conti's favor, Travelers will never have to pay anything out. And if they do have to pay something out, they will be selling WTBTS real estate to cover whatever amount they had to pay.
Emails to Travelers would be a waste of time. They will have no effect on this situation.
I doubt traveler's will take colateral on properties outside of the U.S. Makes you wonder what buildings they may have put up for the bond. Traveler's aint gonna bond em for free...so the total property is going to have to be much more valuble than the the cash they are putting up. property doesn't pay bills (atleast not in this market)...cash pays bills.
Interesting info, 144.001.
The Alameda Co Court House website shows that a $17 Mil bond was posted on Sept 20 by WTBTS, with an annual premium of $86k (due in December). So whatever arrangement WT made with Travelers is water under the bridge now (although it seems likely they didn't use Patterson for security with Travelers, as they stated in their motion that it was unencumbered at the time of filing, so free of any liens when they sought to use it for substitution in the denied motion).
144k said-
The good news about this is it will put more pressure on the WTBTS to settle up with Conti; $86K/year of bond premium is now added to almost $100k/month of post-judgment interest that is accruing on the judgment ($11M judgment @10% interest per annum).
Yup.
The bad news is she likely doesn't have the deep pockets of WTBTS, so if the appeal fails, she's going to owe a WHOLE lot more $$$ for those annual premium costs. It's a bold move to deny, unless she's just planning to file BK anyway if she loses the appeal.
Iam said-
Traveler's aint gonna bond em for free...so the total property is going to have to be much more valuble than the the cash they are putting up. property doesn't pay bills (atleast not in this market)...cash pays bills.
The bond is basically an IOU from Traveler's saying they will pay Conti IF and ONLY IF WTBTS fails to pay the judgment if the appeal fails. The issue of WT securing with Travelers is a separate deal, ie whether they posted cash or property as collateral.
