COHI Towers Associates

by ErEf 17 Replies latest watchtower scandals

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  ErEf

  In the story of Barbara Anderson she mentions COHI Towers Assiociates and she mentions them as very rich witnesses.

  They bought buildings (Standish Hotel & Bossert Hotel) which where renovated (by voluntair witnesses presumably) and with goods of the WBTS and afterwards sold to the watchtower.

  Is that the way some people gets even more rich? Is that the purpose of the organization? Is the selling/buying of these big buildings written down in archives? I guess such big buildings and what they where sold for has to be recorded somewhere?

  The watchtower libraryCD points twice to COHI in an Awake in 1989. I don't know if we (in holland) where already simultaniously with the US but it was g89/22/4 pag. 25.
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  nicolaou

  Hello ErEf

  I'm sorry I cannot help with your specific questions, hopefully others more knowledgable might be able to. I just wanted to say welcome to the forum and give your Topic a boost!

  Nic'
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  ErEf

  tnx nicolaou

  we have a small forum setup in The Netherlands with just over 100 members and new members are coming to this new forum like rain is dripping.. steady but filling the ranks.

  One member of our board took the effort to translate the complete story of Barbara. I will post the translation in her topic.

  He also came with this question.. if this may be the way dubs who are not really publicly known like the GB get rich.. like there is an organization behind the organization.
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  Kaput

  ErEf ---

  Don't know if you have seen this information or not: http://www.freeminds.org/history/margarethotel.htm

  And IMO, there IS an organization behind the organization.
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  JWdaughter

  I want to be sure I am understanding. You say that a company that is NOT the WT had the use of WT volunteer labor and supplies to renovate buildings? Then the WT purchased the buildings that had been improved with their own resources (JW RESOURCES)? Did they pay market rate or get a corresponding discount? If they had a fair discount I don't imagine it's hinky, but otherwise, it looks like money laundering. I will assume they did this honestly, but I would be interested to know for certain.

  I keep thinking that there is something funny going on with the org. but no one seems to have any actual dirt and I don't like to think I am some kind of muckraker. Then again, there is some appeal to showing up this publishing company AKA religion for what it actually is-whatever IS is. :)
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  ErEf

  You're understanding me perfectly, I just don't know the facts.

  Those buildings where renovated with JW labour that is a fact as Barbara Anderson writes how plumbers and other handworkers where needed to improve bought buildings. We don't know if the material was also delivered by the society and what the price was they had to buy it from COHI T.A.

  It stinks .. that it does, because the WT has a huge bank account they didn't need COHI to buy the buildings in the first place, it was to deceive the public society. Unless it was a gift, but then the Awake! wouldn't say they bought it from COHI. And if it was a gift they surely wouldn't name who donated the gift, but they mentioned COHI. And if it was a gift they could have given it directly (same year) to the WT but remember the deceiving part ;)
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  SadElder

  As we understand it, the COHI group was formed to purchase property and avoid issues with the Brooklyn Heights people. Some would have refused to sell to the Dubs. Likely there were other reasons not known to us personally.

  One of the princpals in COHI was Dallas (Dick) F. Wallace, a very wealthy Dub. He was the founder of Tech Tire Patch which in turn gave way to the Mighty Distributing franchise empire. Dick died several years ago, he had MS I believe.
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  garybuss

  It's not that unusual in the commercial real estate world for there to be a stealth buyer, or third party transfers and re-sales. It's done every day. I'm not sure how many churches do it. I'd guess not many. The Watch Tower Society is more of a media business conglomerate than a religion.
  
  The assigned sale is just done with a contract that lists the buyer as XYZ Company or assignee. The XYZ Company makes the offer and negotiates the details and opens escrow, then at closing the attorneys for the stealth buyer show up with the check. Sometimes XYZ Company becomes the buyer's agent and shows up at closing with a limited power of attorney and closes for the stealth buyer.
  
  Other times the XYZ Company is the buyer and closes escrow, then at some future date re=sells the property to a prearranged buyer. It's all legal and ethical. The only thing that might be unethical for a religion would be the misrepresentation of the acquisition date.
  
  I had heard the Watch Tower Society was having two problems expanding it's real estate property ownership portfolio in Brooklyn because of the factor of the price increase to a wealthy buyer syndrome, as well as the resistance of the community to sales to non-profits resulting in more property being taken off the tax payer rolls.
  
  If I bought a fixer upper property and a not for profit corporation paid in tangible assets to have the property repaired and renovated without proper resolutions and actions, they might be accountable to their shareholders for improper use of funds. I still doubt there is a problem.
  
  A non-profit can help people and even other corporations even if later the receiver of the help profits from the help. Helping people who benefit from the help is typically what non-profits do.
  
  If there can be a connection to a fraud, I'd be as anxious to see it as anybody. With a staff of over 60 attorneys, I have to doubt anything but shrewd business was done and that's still not a crime.
  
  
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  MinisterAmos

  as well as the resistance of the community to sales to non-profits resulting in more property being taken off the tax payer rolls.

  And that hits the nail on the head....
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  garybuss

  Just as a side-bar, a really good study of real estate stealth buyer strategy is the Florida property acquisitions by the Disney Corporation. Many of the sellers of the Florida real estate property had no idea who the "real" buyer was until much later.
  
  Once the "cat" was out of the bag, the remaining property needed to make up the required plottage was acquired at a much higher price. This is one problem a large and wealthy corporation like the Watch Tower faces when they try to acquire property. I'd bet most of their real estate purchases in recent history have been done by third party transfers.
  
  They are almost disloyal to their shareholders if they don't use the best strategy possible. I'm not exactly sure the Society is very worried about removing profits from worldly business owner's bank accounts in a one time land purchase. Possibly no more than Disney was worried about the Florida farmers.