Silentlambs says Watchtower's Assets frozen only for a very short time

by chichimama_2 14 Replies latest jw friends

• 

  chichimama_2

  Found here

  https://www.facebook.com/williamh.bowen

  Highlights mine

  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 f or 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. The point is this remains a major victory for abuse survivors everywhere. Institutions are being called into account for bullying victims into silence and in many instances hiding behind the first amendment as religion. We can finally see the brave efforts of those that have come forward having a huge impact and forcing unethical and immoral men to face responsibility for their actions. Thanks to all that speak out and help others to know they are not alone.
  
  Silentlambs

  AKA ,

  Ranchette
• 

  JakeM2012

  It will probably cost from 10-15% for a bond that they won't get back. I don't think they could legally print one for themselves.

  It is great to see that bullying will be eventually punished. If this case hasn't got WT's legal department drafting a new child sexual abuse policy they better step up to the times. For this publishing company to have representatives call you personally to get your report, you would think they understood what the law says and the benefit for all victims to report these sexual crimes against children. The current policy of bullying victims, their families, and congregation elders to not report has to stop. Hopefully, this immenient threat of dimenished wealth will.
• 

  skeeter1

  An "Appeal Bond" usually costs the ENTIRE amount of the judgment plus interest/costs.

  I don't know California's requirements, but WTS has to pony up for this bond.
• 

  skeeter1

  http://www.californiaappeals.com/civil-appeals-process.html

  "The default rule under California law is that the filing of a notice of appeal stays a judgment or order automatically. However, there are significant exceptions, which together seem to swallow up the rule. Perhaps the biggest of these involves money judgments. A money judgment is not stayed on appeal (unless the money is only for costs and attorney fees). In order to stay it, the party who was unsuccessful at trial needs to post a bond or other form of undertaking. The bond must be for 1.5 times the amount of the judgment. Although it is theoretically possible to seek a waiver of the bond requirement, these are very rarely granted.
  
  Bonds can also stay other types of judgments or orders where the stay is not automatic. There, the size of the bond is normally set by the trial court."
• 

  sir82

  So the WTS has the option to:

  1) Post a $40+ million bond right now to free up their potential real estate deals, and end up paying millions in fees even if they win an appeal, or

  2) Let their real assets continue to be frozen for the 2 or more years until the appeal is heard, or

  3) Drop the appeal and pay the penalty now

  Do I understand correctly?

  I'm thinking there's some pretty glum faces in Watchtower land today.....
• 

  skeeter1

  Well, I am running short on time this afternoon. I don't know if the WTS has to pay for the congregation's or the pedophile's %. They could hang them out to dry; or pony up for the whole amount. Either way, that's alot of dough.
• 

  Athanasius

  The Watchtower would probably pay for the congregation. If they didn't and the elders had to pay up there would be a flood of elder resignations. After that no sane person would want to face the financial liabilities of being an elder.
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  chichimama_2

  It's going to be interesting to see how they handle it.

  Aka ,

  Ranchette
• 

  JW GoneBad

  Right about now the WTBTS is speculating......'Wonder where Jehovah is!'
• 

  Disillusioned Lost-Lamb

  BWA HA HA HA HA HA