Societies $1billion in assets frozen until Conti case settles!

Fernando

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cedars

I've updated my article with this development...

Assets Frozen Pending Appeal

In a remarkable twist, on June 20th Judge Robert D. McGuinnes ruled that the real estate assets of the Watch Tower Society are to be effectively frozen pending the outcome of the Society’s appeal against the judgment, which is estimated to take up to two years to reach a climax.

This means that, for the next two years, the Watch Tower Society cannot buy, sell or exchange property without first seeking the permission of the court in Alameda. It is estimated that the total value of the Watch Tower Society’s property portfolio is a staggering 1 Billion dollars. By effectively freezing these assets, the Judge has unknowingly put a huge strain on the Society’s abilities to respond quickly to its recent financial decline, which has already seen it close an increasing number of branches worldwide.

I will write more on this particular development (i.e. the freezing of assets) once I have more information.

Cedars

tomdebash

SeekingTheRealTruth

Im trying Firefox to see if my posts are visible? Please respond if you can see my post. Then hopefully I can post more often! :-)

SeekingTheRealTruth

Ok..I can see it! Yay! I had originally tried posting the link from Cynthia Hampton to the court documents, but I see there are many other threads already. I am so glad to see the society exposed!! So glad Candace did not give up!

SeekingTheRealTruth

Thank you for the tip Fernando!

vinnie-xj

WT Assets Frozen Temporarily

WATCHTOWER ASSETS NOT FROZEN FOR TWO YEARS There have been many comments and some articles written about the freezing of one billion dollars of Watchtower assets following the loss of the Candace Conti court case. Those that have commented on this are technically true in part but in the typical court proceedings this is just a matter of the regular filing of documents to protect the settlement for the plaintiff. It is considered a typical move in a court proceeding to freeze the assets when the defendant had yet to obtain a bond to cover the settlement. It was apparent WT did not expect to lose and simply were not prepared for this. So the Judge doing his job made the ruling contingent upon WT obtaining a bond to protect the settlement for Ms Conti. The minute the Watchtower obtains the bond the all assets are free and clear to be used any way they wish. So this looks like more of a procedural matter. WT will obtain a bond in a week or so and the order will in a matter of typical court procedure be removed. Those are the facts. It would have been amazing to see their assets frozen for two years but in this instance it is just not the case.

Societies $1billion in assets frozen until Conti case settles!

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