Will Child Molestation Lawsuits Against The Watchtower Corporation Make It Claim Bankruptcy?

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    M frankiespeakin posted Sun, 02 Feb 2014 01:23:00 GMT(2/2/2014)

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    Joined 9/9/2003

    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?

    Band on the Run posted Sun, 02 Feb 2014 01:44:50 GMT(2/2/2014)

    Post 8164 of 9774
    Joined 12/18/2010

    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.

    RunAsFastAsYouCan posted Sun, 02 Feb 2014 01:46:22 GMT(2/2/2014)

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    Joined 1/7/2014

    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.

    Finkelstein posted Sun, 02 Feb 2014 02:49:19 GMT(2/2/2014)

    Post 4028 of 5155
    Joined 4/10/2008

    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.

    wannabefree posted Sun, 02 Feb 2014 03:30:46 GMT(2/2/2014)

    Post 2537 of 2747
    Joined 4/5/2010

    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)

    metatron posted Sun, 02 Feb 2014 16:34:27 GMT(2/2/2014)

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    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.

    metatron

    M frankiespeakin posted Sun, 02 Feb 2014 17:24:32 GMT(2/2/2014)

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    Joined 9/9/2003

    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.

    http://en.wikipedia.org/wiki/Bankruptcy

    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.

    Band on the Run posted Sun, 02 Feb 2014 18:57:32 GMT(2/2/2014)

    Post 8169 of 9774
    Joined 12/18/2010

    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.

    Also, I assume that jw.org is very inexpensive compared to the all the printing apparatus and space they needed before jw.org.

    truthseekeriam posted Sun, 02 Feb 2014 19:32:22 GMT(2/2/2014)

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    Joined 5/13/2009

    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.

    M frankiespeakin posted Sun, 02 Feb 2014 19:33:16 GMT(2/2/2014)

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    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.

    http://www.youtube.com/watch?v=movv92UJ36M

    http://www.youtube.com/watch?v=T7AJLHOnti8

    M lrkr posted Sun, 02 Feb 2014 19:36:51 GMT(2/2/2014)

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    They have hundreds of millions in real estate which they are now liquidating. If there is to be a financial problem- its at least 20-30 years out.

    M lrkr posted Sun, 02 Feb 2014 19:36:58 GMT(2/2/2014)

    Post 743 of 781
    Joined 4/2/2007

    They have hundreds of millions in real estate which they are now liquidating. If there is to be a financial problem- its at least 20-30 years out.

    M frankiespeakin posted Sun, 02 Feb 2014 20:07:29 GMT(2/2/2014)

    Post 10544 of 11481
    Joined 9/9/2003

    O and can the local incorporated congregation that owns a kingdom hall change its bylaws without notification of the Watchtower's CEOs? Or is their some way a congregation that is defecting from the clutches of the Watchtower Corporation can change its Corporation bylaws to keep Kingdom Halls from being liquidated to pay off WT debts?

    4thgen posted Sun, 02 Feb 2014 20:29:36 GMT(2/2/2014)

    Post 62 of 338
    Joined 1/9/2014

    They prepared well a few years ago by liquidating the protecting their assets via legal vieils. Unfortunately, they will remain solvent. Remember they do not have to pay lawyers and fees, their labor is free like all the other volunteers. Yes, 'Religon is a snare and a racket".

    M frankiespeakin posted Mon, 03 Feb 2014 06:00:56 GMT(2/3/2014)

    Post 10546 of 11481
    Joined 9/9/2003

    There must be a loophole in the bylaws that can give ownership back to the congregation corporation, so that it can't be liquidated to pay off child molestation lawsuits? if so what is it?

    http://en.wikipedia.org/wiki/Loophole

    A loophole is an ambiguity in a system, such as a law or security, which can be used to circumvent or otherwise avoid the intent, implied or explicitly stated, of the system. Loopholes are searched for and used strategically in a variety of circumstances, including taxes, elections, politics, the criminal justicesystem, or in breaches of security, or a response to one's civil liberties.

    Historically, arrow slits were narrow vertical windows from which castle defenders launched arrows from a sheltered position, and were also referred to as "loopholes". [1] Thus a loophole in a law often contravenes the intent of the law without technically breaking it, much as the small slit window in a castle wall provides the only ready means of gaining entry without breaching or destroying the wall or a gate. For example, in some places, one may avoid paying taxes to the jurisdiction by forming a second residence in another location, or a commercial property can be built in a residential zone if it is made also for residential use. [citation needed]

    In a security system, the one who breaches the system (such as an inmate escaping from prison) exploits the loophole during the breach. Such weaknesses are often studied in advance by the violator, who spends time observing and learning the routine of the system and sometimes conducts surreptitious tests until such a loophole can be found.

    Examples

    M smiddy posted Mon, 03 Feb 2014 06:12:19 GMT(2/3/2014)

    Post 3432 of 4286
    Joined 3/30/2007

    I`m pretty sure they have millions of $ `s in investments also which will generate more $`s .

    smiddy

    joe134cd posted Mon, 03 Feb 2014 09:52:44 GMT(2/3/2014)

    Post 443 of 922
    Joined 4/13/2013

    This subject greatly interests me. Although they are downsizing and cutting back, I do believe they are far from going under. The Conti case is a drop in the bucket for what they are worth. I think what Wt needs to be more concerned about, is the damage to their reputation, which would be more than any financial settlement. Although I do believe child abuse is a problem in this organisation trying to get it to stick to them through the legal system is quite another matter. I also don't think that there wouldnt be the volume of good quality cases to Finnish them. I'm guessing there may be a couple dozen successfull cases at the most, and probably a $200-400 million pay out in total. Will be enough to certainly give them a serious head ach, but won't Finnish them - but hey I'm no legal expert.The difference between sex abuse with the Catholic church is that the priest were paid employees of the catholic church, and the Catholic Church should of known better. With the witnesses is was a case of , lousy advice, poor controls, and the restriction of information. I suppose with the witnesses every body's problem was no body's problem. Not as cut and dry as the catholic example. Well that is my opinion.

    Phizzy posted Mon, 03 Feb 2014 11:19:37 GMT(2/3/2014)

    Post 5450 of 7048
    Joined 12/17/2011

    How about if the WT claim it is all down to the Governing Body, they are uiltimately responsible, so only they ,and not the Corporation should be sued.

    The GB then point out that they have no money whatsoever. Job done. WT assets preserved in tact. The GB carries on its Rock-star life-style as before.

    factfinder posted Tue, 04 Feb 2014 01:00:59 GMT(2/4/2014)

    Post 1909 of 2252
    Joined 9/1/2010

    I wonder if the wts could have problems with embezelment. Is it possible some in charge of the funds could be getting away with stealing money from the society on a regular basis?

    We would not be told of this of course, as 'brothers' never steal (lol), but is it possible it has been happening?

    I doubt the wts will ever need to file for bankruptcy, nor would any lawsuits be enough to do any major damage.

    But could mishandling of the assets, or actual embelzelment of monies be taking place? Perhaps the wts could be vulnerable to that.

    joe134cd posted Tue, 04 Feb 2014 01:07:43 GMT(2/4/2014)

    Post 444 of 922
    Joined 4/13/2013

    Embezzlement. I doubt it.

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