I think the Society might drop its appeal over the Conti case (page 3)

james_woods

The appeal may just be leverage to settle this out of court, under a gag order, and let it die quietly for less money than the original award.

cedars

Marvin - a bond equal to the damages, if it's possible to buy one and get rid of those asset restrictions, would be a useful alternative.

I just can't see the Society living with such restrictions for two years, that's all. If they can find a way of circumventing them or rendering them "moot", then I'm sure this would be preferable.

It will be interesting to see how this pans out.

Cedars

james_woods

Just as an aside - what would you bet, Ceders, that the Governing Body has never even held a vote on what to do? (leaving everything to the all-powerful legal department, of course...)

They will appeal as it wouldn't be of benefit for them to drop it. There is no buyer for any of their buildings at the moment and if there is one they will deal with it once they get there. They would go through the courts and have the injunction altered or lifted.

Money flow problems? Maybe from r&f for the publications, maybe lower revenue but does that mean they have money flow problems? If the below info is legit, you'll notice that the revenue from interest alone in '97 was almost 25 million for WTS of Pennsylvania. I would imagine their growth in investment assets would have grown since then and interest revenue should be higher today then back then.

This is assuming interest was from non-kh investments, but again since then they aquired quite a bit more khs which also means they could part with more buildings if they needed cash. Stocks and bonds are very liquid so I don't see how frozen buildings would change their position on appealing the case.

They already said they would appeal, plus paying the amount now would set a precedence for future cases and increase their liability. Plus why would anyone assume they are not cold hearted basters run by lawyers and accountants is beyond me.

cedars

diamondiiz - "money flow problems" is not how I would put it. Just because the Watchtower is raking in serious sums of money each year, does not mean that everything in their garden is rosey. I assert that they are still making less money than they have done previously, which is why they are downscaling operations (i.e. halving magazine production in only 7 years) and closing branches. Obviously, only the chiefs at the Watch Tower Society know the full scale of their financial woes. I certainly don't think the moneypot has dried up - not by a long stretch. I'm just saying the amount of money coming in is less, just as the amount of publishers coming in (or the publisher growth figure) has reduced - even though it is not yet in minus.

James Woods - you raise a good question as to whether the Governing Body has a say in these matters at all any longer. I suspect they are kept aprised of the situation, but go with any recommendations their legal chiefs offer them.

Cedars

wannabefree

Cedars "I suspect they are kept aprised of the situation, but go with any recommendations their legal chiefs offer them."

According to the 2002 Watchtower about restructuring, that would seem to be accurate.

*** w02 7/1 p. 17 par. 10 Jehovah's Glory Shines on His People ***
about two years ago, there was another step forward. An adjustment was made in the directorship of certain legal corporations, making it possible for the Governing Body to concentrate more fully on the spiritual interests of God's people rather than being distracted by day-to-day legal matters.

Qcmbr

If they fight it and lose they save face with the congregations - if they give up and pay they lose internal consistency. If the JWs honestly feel that they should not be held accountable as an organisation then they should fight it. If they don't they lose far more than a mere 20 million dollars in my mind.

OUTLAW

Can the WBT$ afford to sit on 1billion dollars worth of frozen assets for 2 years?..

No..

Can the WBT$ afford to pay the Judgement and set a precident for up coming Law suits?..

No..

.......................... ...OUTLAW

cedars

Thanks OUTLAW - you've summed it up nicely, as always!

I think something's GOT to give, even if the Society figures out away of appealing but still having free use of their assets (i.e. by buying a bond).

Cedars

Qcmbr

Is it all their assets or just the Brooklyn ones?

If they are really smart they will appeal to the congregations and institute tithing..

I think the Society might drop its appeal over the Conti case

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