Will Child Molestation Lawsuits Against The Watchtower Corporation Make It Claim Bankruptcy?
We all know sales are dropping in money recieved from printing literature and that it must have been a money drain for quite some time now at least from the time they went to a completely free literature offer to avoid paying Ceaser's things to Ceaser, so that now the next big finacial move is thru real estate flipping and capitalizing of the JW work force thru slave labor working conditions.
Could these lawsuits bring them to the breaking point finacially I know there are a lot of nay sayers among us, but what say you and what is your gut feeling on this one?
I believe it will be no more than an annoyance. Their real estate holdings and investment portfolio must earn hundreds of millions. They aren't transparent so we will never know. No one wants to believe me but Candice Conti's case is an aberration. The WTBTS has no liability in the typical law suit. Priests are employees of the Roman Catholic Church. Publishers and pioneers are individuals with no ties to the WT. Conti's case may not succeed. The appeals court must find that the WT had a legal duty to Conti. The law is not clear. It is clear now but it was not clear at the time of the incident. The WT had notice in Conti's case.
They don't seem to spend their money on much compared to other groups. We just guess at their holdings.
You can be assurred the money is being laundered and the guys at the top won't be hurt. they will walk away with plenty of money. The corporate shell could BK not unlike the crystal cathedral (which was all the rage). Crystal cathedral went down without any scandels. This is the enron of religion. These guys are running scared and blowing out their real estate holdings. Who knows what will happen. Don't wish bad on these clowns but you don't have to aide and abet them either.
I can't really think of anything good to say about the WT. So yeah all dogmas fail eventually.
Naaaa ... the WTS has hundreds of millions stored up in bank accounts around the world.
I doubt very much if that many cases go to court and the WTS. looses them creating a
situation of bankruptcy.
There's too much money there.
People have no idea just how rich the WTS. is particularly the JWs themselves.
They have protected assets by creating all of those different coporations years ago. The problem with the Conti suit I believe is that the molestation predates the new protective corporate structure. I think it would be a possibilty down the road if there are law suits that apply after the corporation changes, no doubt they created them to protect assets. Certainly if a Catholic Diocese can go bankrupt while protecting Mother Vatican, it could happen to whichever JW corporation is held liable if they have little or no assets. (since I have no legal credentials, this is nothing but assumption and of course is meaningless other than being opinion)
Sadly, I think they will weather the abuse lawsuit storm.
I suspect that deepening apathy is their biggest problem. If only somebody could tag publishers as agents of the WTS, we'd really have something.
While it is true they are a tax exempt nonprofit religious organization and thus can acummulate wealth tax free. We also do not know how they invested all that money most I think went into real estate. I think that paying off these lawsuits that are running into the millions$$$ they will do some massive sell offs to stay in operation, consolidating two congregations into one and selling them and using the proceeds, selling branches, as the lawsuits become very numerous and costing an average of say one million$$$, they will be forced to sell big giant gobbs of their non liquid assets further causeing a faster/excelerated exodus for those who are starting to wake up and smell the coffee bouquet.
I see a snowball rolling down a hill effect in the making when it comes to pay out time for a lot of these aready waiting in the wings with some law firms due to the publicity over past victories and increasing their clientele drastically, and thus making a killing off the WT corporation and their ever so much dumbed down and delusional Governing Body. The sharks with increasing numbers are already smelling the blood in the water and circling the Watchtower Corporation and their ever so nutty and perhaps senile Governing Body calling the shots and juggling the asset making them even more hungry as they hope for bigger and better pay offs in the not too distant future, and it looks very promising till this Corporation goes belly up. They want to strike before their cash cow thows up one of those bankruptcy chapters to stop the feeding and try tokeep them at bay.
United States [ edit ]
Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States". The Congress has enacted statutes governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often not possible to generalise bankruptcy law across state lines.
Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt. Generally, when a debtor files a voluntary petition, his or her bankruptcy case commences.
Do you have any idea of the complexity of a bankruptcy involving the WT? It is wishful thinking. Besides, they are a religion. They could re-appear. Does anyone believe that Roman Catholic diocese is going away? Imagine all the donations that would flow world wide from individual Witnesses. It is not very likely.
The idea that they are losing vast millions in child abuse cases is a leap, too. I have yet to read a settlement figure. As for Conti, don't count your chicks before they are hatched.
Wishful thinking is better then we had before the Conti as well as other cases were filed. I'm good with that :)
At least the word is getting out and more and more lawyers are interested. I remain positive that changes will happen, bankrupt? Possibly. Who knows, but having a positive outlook keeps me going.
I bet some smart Lawyers can find out or get a good picture of the WT corporations worth is before they proceed to break the bank. When finding a money cow like the WT Corporation with massive real estate holding and what-not, it would be good for them to investigate the potental limits of collecting their monitary rewards before proceeding to take certain case/cases/class action lawsuits against them.