World Wide Construction comes to a Shuddering Halt - Jehovah's Blessing has Evidently been Suspended!

by Slidin Fast 113 Replies latest watchtower scandals

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  Simon

  No one government can force a coporation to shut down world wide.

  Despite their claims of being a world-wide religion, they are really mostly a US based one. Their HQ is in the US and most of their operations are directed from their and it also has their largest membership.

  If the US was shut down it would be devastating to them.

  Possibly the worst thing ever was the Scientologists war against the IRS which they won. They, like the WTS, should be forced to pay taxes. They would soon shut up shop without the need for any outright ban.
• 

  OrphanCrow

  WitnessMy Fury: An externally forced shut down would be sweeping and complete i would have thought, including the dumbass new headquarters.
  I still think it's about money.

  Of course it is about money.

  Do you remember when the WTS was stopped from completing a proposed sale when Candace Conti's payout was still in the air? A full shut down isn't necessary - but a partial shutdown makes sense.

  I think the WTS owes money somewhere - maybe a big demand note or something like that. Something came due that they couldn't/wouldn't pay.
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  notjustyet

  I wonder if they lost some money in the Hedge Funds business.

  NJY
• 

  _Morpheus

  Fair enough simon, as headquarters goes so does the rest of the org.... But for something that significant to go down with not a wiff or slightest hint picked up...? No way. That would have made major news
• 

  millie210

  Well we can solve this easily...arent there court reporters constantly scouring the courthouse news?

  This would be big news - as Morpheus said.

  Any of our legal people know how long something can be kept under wraps before it is public record?
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  Vidiot

  Tax-exempt organizations aren't supposed to make profits, right?

  Could the IRS have discreetly investigated the WTS, determined that they were, in fact making profits (in all but name only) via real estate, and made some quiet threats to the WT Legal Dept.?

  After all, unlike Scientology, the WTS never made "friends in high places" who could pull strings and get them off the hook.
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  steve2

  Some of the comments on this thread indicate a simplistic take on corporate law. It has strict provisions and protections - and despite some posters' desires, the "state" of a specified corporation such as the Watchtower Society is strictly confidential - as indeed it should be under the law.

  To the best of my 'legal' knowledge, corporations are usually directed by their own legal advisors and the Watchtower is no different.

  It would not have to take an "external" ruling to bring construction to a halt. Instead, their own attorneys and accountants would be up with the play and provide clear warnings about the financial health of the organization.

  Besides, the financial state of corporations is not accessible to the public - unless there are clear indications of illegal activities - and then that would need to be determined by the judiciary.

  It is akin to an individual facing tough measures to bring his/her finances back into line yet, to date, he/she has not committed any crime. Nosy neighbors may want to know what is going on but, by law, they cannot and should not. Yes, there is a lot of speculation about the "health" of the organization - but unless there is any illegal activity, the likelihood is slim of the public being granted access to the Watchtower's books.
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  Vidiot

  Hmm.

  It occurred to me that the WTS might find it somewhat difficult to spin a much-publicized loss of tax-exempt status due to repeated instances of breaking the law (i.e., using said status to make ridiculous profits via real estate) as "persecution".

  And, incidentally, would the Org also be at risk of having said real estate seized by the government, should an investigation prove the action warranted?
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  mana11

  maybe they had a rock solid investment in one of their hedge funds that went sour, maybe something like ...

  
  

  Glencore Capitulates: Scrambles To Preserve Investment Grade Rating By Selling Equity And Assets, Cutting Dividend

  http://www.onenewspage.com/n/Markets/755894t2g/Glencore-Capitulates-Scrambles-To-Preserve-Investment-Grade-Rating.htm
  
• 

  millie210

  Well count me in the simplistic group!

  Financial law is way over my head.

  I was thinking more along the lines of watching in stunned disbelief as helicopters whirled over the Enron parking lot while stunned employees stumbled out of the building, cardboard boxes of their former offices in hand.

  Someone had to tip off the helicopters to be there to film it, right?

  But lets go with this statement:

  steve2
  , their own attorneys and accountants would be up with the play and provide clear warnings about the financial health of the organization

  
  

  so last January was the big meeting with elders. The letter about construction had to have been drafted before it was read, so the very latest it was being composed in late 2014 correct?

  So what thing of magnitude would they have been unaware of? Its only been 3 financial quarters since then,

  Jan - March, Apr - June, July- Sept.

  So what huge thing happened (in accounting terms) between January and now that accountants would have had no way to see coming?