WATCHTOWER has posted a $40,000,000 bond !

by ZindagiNaMilegiDobaara 27 Replies latest jw friends

  • careful

    Don't know about Morph, but for those poor souls like me who don't know what a supersedeas bond is, here's help:

    "A supersedeas bond, also known as a defendant's appeal bond, is a type of surety bond that a court requires from an appellant who wants to delay payment of a judgment until the appeal is over."

    So it looks like they're putting up the cash in order to keep the appeals process going. Given the courts' record elsewhere, they may well be fighting a losing battle appeal-wise. They sure do love those legal delays, don't they?

    Thanks for your work Zing!

  • slimboyfat

    Say what? It doesn’t necessarily spell imminent Watchtower demise after all? Bummer! Morph, stand down from red allert.

    But the days are coming...

  • AudeSapere

    I wonder if most of WT cash is actually stashed off-shore for 'safety' / obscurity?

  • La Capra
    La Capra

    The way a bond in an appeal works is that the appealing defendant (WTBTS) MUST deposit the actual judgment amount with the surety company for the duration of the appeal. Once the appeal is decided, the surety company distributes the funds in the bond to the prevailing parties as decided by the appellate court.

    So they did have that cash. And currently they don't. That's a lot of money to be sitting in someone else's account for who knows how long. OK rank and file how do you feel about that? You gave them that money.

  • zeb
  • lastmanstanding

    I believe that Watchtower is moving more and more money into squirrels holes.

    What I mean is this.

    In the congo I attend, sparecely mind you, the constitution was recently rewritten to allow for large sums of money to go on deposit with the congo and earn a “profit”... new Canadian law last year.

    What this means is, if the cobe is an ultr orthodox burned in his soul trusted watchtower man, then the Society will put a bag full of loot in his charge, hidden away from lawsuits.

    This change was made in “selected congregations” according to the letter from Georgetown.

    Now, there will be a paper trail. But will the courts be smart enough to follow the bread crumbs.

  • Vidiot

    So, they dropped 40 mil into the legal equivalent of an escrow account, just in case they - ultimately - lose the appeals they intend to keep on requesting (from "Satan's World")?

  • Solzhenitsyn

    Yes, Watchtower has $40 million cash they could get their hands on immediately. One would be wrong (at this time) to think otherwise.

    This is a Supersedas Bond or "Appeal Bond". Watchtower has been in bed with Travelers Insurance for decades and they have held WT's hands through many Risk Mgmt, Trucking, Construction Liability, Property, ect...endeavors. This $40,000,000 case is no different.

    This court requires a bond to be in place UP FRONT through the appeal process as often, major companies will drag things out in appeal so they can "go broke" on the books and ultimately have nothing to eventually be able to give should they loose on appeal.

    In essence: Watchtower would rather pay a fee to Travelers to handle the bond work vs. directly offer up a even more publicized lien on one of their sizable real estate assets. Behind the scenes Travelers will lock down the risk as they will not put their neck on the line for $40 mil based on WT's credit rating alone.

    I am not an attorney, but I play one on TV (joke) + having a long time PIMO friend in the WT Treasury Dept helps (no joke).

  • cofty
    having a long time PIMO friend in the WT Treasury Dept helps

    Does your friend have a view on whether or not the organisation has chronic financial problems?

    Is it accurate to connect the sale of kingdom halls to an ongoing shortfall in income?

  • pepperheart

    Idont think an ongoing shortfall of income but since about 2012

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