Will the Watchtower file for bankruptcy?

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    DevonMcBride posted Sun, 19 May 2002 23:38:00 GMT(5/19/2002)

    Post 49 of 1813
    Joined 1/25/2002

    I wonder if the Watchtower will use the same tactic as the Hare Krishnas.
    Devon

    >>Hare Krishnas to declare bankruptcy to avoid abuse lawsuit

    Hare Krishna congregations named in a lawsuit alleging sexual and emotional abuse of boarding school students will file for bankruptcy to avoid being sued.

    A spokesman for the Hindu sect said about a dozen congregations will start filing for bankruptcy reorganisation next week in several states.

    The group hopes that if their plan is approved by federal bankruptcy judges, the $400 million (280 million) lawsuit filed in Dallas by former boarding school students will be dismissed.

    Anuttama Dasa, a Maryland-based spokesman for the International Society of Krishna Consciousness, or ISKCON, said: "We don't believe that innocent members and congregations should be held accountable for the deviant behaviour of individual acts committed 20 or 30 years ago."

    ISKCON also plans to set up a fund to compensate children who may have been victimised in Hare Krishna schools during the 1970s and 1980s.

    The Texas lawsuit alleges young children at Krishna schools in India and the United States were terrorised by their instructors.

    There are 94 plaintiffs in the lawsuit, according to the office of Windle Turley, the Dallas attorney who filed the lawsuit.

    They allege that young girls were given as brides to older men who donated to the religious community. Children were also allegedly deprived of medical care, scrubbed with steel wool until their skin bled, and prevented from leaving the schools.

    Mr Turley says the abuse started in 1972 at ISKCON's first school in Dallas, and continued in six other US schools and two in India. He says ISKCON knew that sex offenders were working in their schools.

    ISKCON formed a "Child Protection Office" in 1998 to investigate allegations of abuse and some members have been removed from the Krishna community as a result of the probes, Mr Dasa said.

    M DIM posted Sun, 19 May 2002 23:55:00 GMT(5/19/2002)

    Post 430 of 676
    Joined 8/28/2001

    I always think in terms of "never say never", but with the vast finances that the WTS has, I'd say that that is many, many, many years away, if it ever happened.

    DevonMcBride posted Mon, 20 May 2002 00:17:00 GMT(5/20/2002)

    Post 51 of 1813
    Joined 1/25/2002

    Bankruptcy is a tool used by accountants and lawyers these days. The Hare Krishas are not as rich as the Watchtower Society, but their finances are staggering and they are sitting on their own pot of gold.

    Devon

    M DIM posted Mon, 20 May 2002 00:20:00 GMT(5/20/2002)

    Post 432 of 676
    Joined 8/28/2001

    I understand how bankruptcy works in these types of cases. I just think that (A) The WTS and its lawyers are far too arrogant and cocky to do such a thing and (b) they have the financial resources to protect themselves for quite some time. I'd love to see them go in to bankruptcy or cease to exist, but I just don't see it happening for quite some time, if ever.

    M Amazing posted Mon, 20 May 2002 03:12:00 GMT(5/20/2002)

    Post 2101 of 4238
    Joined 3/16/2001

    Bankruptcy is the legal basis to file for protection from creditors, usually lenders, or others whom debt is owed. It is very difficult to use bankruptcy to escape civil or criminal judgments.

    When a church or business use bankruptcy after being sued, it is to protect themselves from creditors, while they pay judgments, or once they have exhausted all assets to pay judgments, and they are still deficient to pay, then bankruptcy might be a tool employed to protect the broke individuals.

    Soooo ... The Watchtower typically, as a well run religion, is not likely to have any debt ... except 30 net obligations to vendors. If they get sued enough, and start paying out all their assets and go broke ... then I could care less if they file for bankruptcy ... for that means they are out of business.

    M rmayer32 posted Tue, 21 May 2002 05:31:00 GMT(5/21/2002)

    Post 202 of 396
    Joined 9/21/2001

    Always possible, but I wouldn't hold my breath. WOuld be nice though, just to add to even more bad press for them.

    -Rick

    M chasson posted Tue, 21 May 2002 11:40:00 GMT(5/21/2002)

    Post 384 of 861
    Joined 4/2/2001

    I think that it is possible.

    The french's branch is loosing money this last two years in the same time the others branch make a lot of money. In France, the JW's could payed a lot of taxes in the near future, this is, in my opinion, why the JW's official spend all their money before.

    Bye

    Charles

    M Gerard posted Mon, 03 Feb 2003 16:26:00 GMT(2/3/2003)

    Post 199 of 2687
    Joined 8/11/2002

    A Catholic parrish in Boston has recently filed banckrupcy following succesful law suits by plaintifs and the Vatican is unlikely to foot the bills. Similarly, the Watchtower may resort to 1) Flatly decline responsibility; 2) Use escapegoats; 3) Make localKHs responsible. That will shelter the WT's gold vaults.

    The ongoing law suits must target both the Borganisation in addition of the abusers.

    My 2 cents...

    JT posted Mon, 03 Feb 2003 17:03:00 GMT(2/3/2003)

    Post 3010 of 4261
    Joined 1/2/2001
    A Catholic parrish in Boston has recently filed banckrupcy following succesful law suits by plaintifs and the Vatican is unlikely to foot the bills. Similarly, the Watchtower may resort to 1) Flatly decline responsibility; 2) Use escapegoats; 3) Make localKHs responsible. That will shelter the WT's gold vaults.

    excellent point - as has been mentioned the wt is currently being run by the lawyers and accountants- if they were to file it would not be surprising at all-

    when you consider how in the last 5-10yrs they have been setting up the local congo and elders to be the fall guys, they have set up 5 corps that have NOTHING TO DO WITH DOCTRINES OR POLICY-

    they have removed ALL GBs FROM ALL CORP and the list goes on and on- they are indeed taking steps to protect their interest and for them to file bankrupty is not out of the picture-

    only time will tell-

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