Watchtower Corp of New York worth over$ 2 billion

by Diogenesister 38 Replies latest watchtower child-abuse

  • Diogenesister
    Diogenesister

    In the Montana Sex abuse court case For the first time Watchtower has been required by the courts to give a financial statement to the court to assess awardS of punitive damages for negligence AND (for the first time)MALICE in non compliance of mandatory reporting laws.

    Watchtower Corp of New York has finances in excess of $2 billion while CC of JW is worth $49 million. This doesn't include the Pensylvania Corp or what overseas branches may have.

    Pretty healthy bank balance by any standards.

  • pepperheart
    pepperheart

    They should have a vast amount of savings with all the cut backs they have been making these 6 years.The question is how long will the money stay in the bank before they have to start paying bills with it

  • Sigfrid Mallozzi
    Sigfrid Mallozzi

    Two Billion= Fixed assets + cash? Are they having to include all the local KH property values?

  • Liberty93
    Liberty93

    Link?

  • zeb
    zeb

    The one kh in my town was recently revamped. It was once in a edge of town area but the town has crept out to it. I wonder how long before the for sale signs go up...

    The next nearest one is many kilometres away...

  • slimboyfat
    slimboyfat

    The figure I heard was $1.6 billion from John Redwood in a podcast. He also said this was a net figure and includes the value of property including Kingdom Halls.

    There are 13,500 congregations in the United States. If on average each KH is used by two congregations or slightly more that indicates around 6000 KHs in the United States. How much would each KH be worth? If each KH was worth $266,000 on average then that would account for the whole figure of $1.6 billion with no cash left over.

    This doesn’t even take into account the value of Warwick, Patterson, Wallkill, Assembly Halls, and whatever other property they own.

    Surely their property holdings alone are worth far more than $1.6 billion? So the figure raises more questions than it answers. For one: what other corporations are associated with JWs and what is their net value? Does the Pennsylvania corporation have many assets? It seems like this would be a reasonable question to ask in court if the purpose of the exercise is to ascertain the ability of JWs to pay compensation.

    How much money does Watchtower actually have in the bank? Very little, could be the answer. Unless conspiracy theories about them holding lots of money in other corporations is true.

    But at the end of the day their money comes from donations from JWs. And JWs are not wealthy, or generous with donations. So the idea that Watchtower has a huge secret reserve somewhere does not seem very credible. Where would it have come from?

    If Watchtower does end up paying $35 million for this latest case, that’s equivalent to JWs in the United States putting their hand in their pocket and paying $30 each, for this one case alone.

    And some people still argue they are not in financial difficulty?

  • Gorbatchov
    Gorbatchov

    They have offshore savings. The property sale revenue is somewere else. Swiss I heard.

    G.

  • smiddy3
    smiddy3

    I think slim has made some valid points here

    what other corporations are associated with JWs and what is their net value?

    Warwick, Patterson, Wallkill, Assembly Halls, and whatever other property they own.?

    And I agree that the figure given raises more questions than it answers


  • slimboyfat
    slimboyfat

    The Swiss branch was another one they sold, after 100 years, or something. You can only sell assets once. Once it’s gone it’s gone. Ultimately Watchtower depends on donations from JWs for funding. How can Watchtower ask JWs to pay $30 each for cases like this, on top of everyday running costs? It’s not sustainable whatever way you look at it. Any nest egg they have from property sales is far from inexhaustible. In fact it may not have been all that large, and already near exhausted. They’ve already cut, and begged, and sold assets. So what do they do next?

  • smiddy3
    smiddy3

    At least when they printed Books ,Bible Aids ,Magazines etc,they got profits from those sales to over 8 million +followers ,surely it would have still been profitable for them to pay a tax and still reap the rewards.?

    I think they have cut their nose off despite their own face . { or whatever the saying is }

    I think any worldly publisher would relish a guaranteed market of 8+ million sales or their about`s of anything they produced ,maybe the Governing Body are not as smart as they think they are or just maybe the Holy Spirit is not operating on this religion.

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