Warwick news

by Rattigan350 21 Replies latest watchtower scandals

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  Rattigan350

  What does this mean?
  

  http://www.warwickadvertiser.com/apps/pbcs.dll/article?AID=/20151001/NEWS01/151009998/Warwick-seeks-amendment-to-town-code

  Supervisor Michael Sweeton also sought a resolution to reduce the Performance Bond from Pledged Collateral Account Control Agreement with the Watchtower Bible and Tract Society of New York, Inc. from $22.6 million to $7.3 million and to authorize the release the difference to the organization.
  
  The Watchtower Bible and Tract Society Jehovah’s Witnesses World Headquarters is advancing in its new construction. The 45-acre development site on the Tuxedo-Warwick border, in Sterling Forest, is set to be completed by the end of 2016.
  
  The motion passed.
  

  
  
• 

  cognac

  "reduce the Performance Bond from Pledged Collateral Account Control Agreement"

  What does this mean?
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  JWdaughter

  Probably is a surety to make sure they didn't start a project and leave it half done and moldering for decades, depreciating local property values. Now that it has reached a degree of completion, they believe it will be completed and they have the wherewithal to finish what they started.

  The timing makes me wonder, of course! Maybe they need that TO complete it, or to hold them over until their ship comes in. I think that returning it in chunks might be normal. Or maybe not!
• 

  Pete Zahut

  Often, part of the Conditions of a City or County Building Permit is that a Performance Surety Agreement be signed and a Surety Bond, Cash Deposit or an Assignment of Funds in a Bank, to be set aside for use if the permit holder fails to complete the project.

  My first thought is that their Performance Surety may have been in the form of Cash or an Assignment of Funds in which case, they have asked for it to be reduced because they've run short of funds. Sounds like the release of around 15 million dollars has been approved if that's the case.

  If they had a Surety Bond and the amount was reduced, their Bond payment will be reduced accordingly which in turn will ease their financial strain somewhat but they won't get a lump sum of money returned to them, rather their cash outlay during the project will be less.

  I can't imagine any of these things happening without some other form of collateral (perhaps and existing Brooklyn property) having been obtained first.
  
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  Crazyguy

  Just the fact that they asked for the reduction is very telling.
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  Vidiot

  @ Crazyguy...

  Agreed.

  In fact, if I were the suspicious type (and given the mass shutdown all over the world), I'd almost be inclined to interpret the request as a lack of confidence in even being able to finish the Warwick compound...
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  steve2

  Whether you're the type who prays to an invisible being or not, the bottom line is: No money, no completion.

  Chuck Russell followed the stately principle of assessing a project's viability by whether donations would cover the cost of completion. If they did not, he took it as a sign Jehovah did not back the project. He refrained ftom begging letters or appeals.

  The current breed of GB and their associated bean counters could do worse than to emulate their founding father.
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  Vidiot

  Having to suspend construction on Warwick would be a tremendous blow to their pride
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  TheListener

  It goes without saying that if they suspend construction on Warwick I will be sooooo happy.
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  notjustyet

  I would love to have a print of a "bounced check" from the WTBTS, I would frame that sucka!!

  NJY