Watchtower Corp of New York worth over$ 2 billion

by Diogenesister 42 Replies latest watchtower child-abuse

• 

  The Fall Guy

  My understanding of the cult's structure is that the Watchtower Bible & Tract Society of Pennsylvania & New York Inc. is the "Big Momma" which has created numerous other Watchtower Bible & Tract Societies around the world.

  The Christian Congregation of Jehovah's Witnesses on the other hand is the paradoxical "child" of Big Momma. Paradoxical, because it's a child who feeds the mother with money in exchange for "spiritual food."

  Due to the raid on every congregation's bank account and the enormous economies implemented by Big Momma to replace the costly physical "food" with a digital substitute, every year Big Momma can now hold onto hundred$ of mi££ion$ more than she needs.

  So what is all this money now being used for? Certainly not for KH construction!
• 

  Diogenesister

  You're right slim ooops , misheard I thought he said 2.6 million, must have wax in my ears. Can't change the title of the post now
• 

  Corney

  slimboyfat The figure I heard was $1.6 billion from John Redwood in a podcast. He also said this was a net figure and includes the value of property including Kingdom Halls.

  As to the latter statement, does he know this or just assume? And did he provide any details relating to the value and composition of the Society's assets and liabilities?

  If on average each KH is used by two congregations or slightly more that indicates around 6000 KHs in the United States.

  The most recent published figure is around 7,000 KHs.

  what other corporations are associated with JWs and what is their net value? Does the Pennsylvania corporation have many assets?

  Book value of assets of WTS Pennsylvania was $965.8M in 2011, $1,119.1 M in 2012, $1,154.5M in 2013, $1,020.4M in 2014, $593.75M in 2015 and $558.8 in 2016.

  Book value of assets of WTS NY was $399.3M in 2009, $675.4M in 2014, $1,451.2M in 2016 and $1,590.2 in 2017.

  Combined book value of the two societies' assets was $1,695.8M in 2014 and $2,010M in 2016.

  But (IMO) this info isn't very valuable since the amount and composition of their assets and liabilities aren't known.

  If Watchtower does end up paying $35 million for this latest case, that’s equivalent to JWs in the United States putting their hand in their pocket and paying $30 each, for this one case alone.

  IF. Let's wait for judge's order and decision of the MT Supreme Court. Again, the case could be settled.
• 

  _Morpheus

  So, slim one, you acknowledge that they have at least 1.6 billion .... but they are broke?

  1.6 billion greenbacks...

  but they are broke.

  yours is a specal kind of denail. Never ever change, slim.
• 

  JW GoneBad

  My money is on the scenario that WTBTS is 'House Rich, Cash Poor'. WT is strapped for cash on a monthly basis. Most of their $1.6 billion is tied up in real estate. They constantly need to sell off property to meet their extremely large fixed overhead expenses.

  With WT's current financial state of affairs...next year WT's net will drop to $1.4B; the following year $1.2B; the 3rd year to less than $1B and so on.

  As many here are predicting...this cult is beginning to implode...with a little help here and there from class action lawsuits and child related molestation settlements, etc... soon she'll be in rags...Yay!
• 

  shepherdless

  A few comments.

  I thought the $1.6 billion figure came from a document extract, that was placed on another thread (perhaps another site). I recall the figure was slightly less, but close enough to $1.6 billion.

  As Corney says, the info is of limited use, as we don’t know anything about the composition of the assets and liabilities. For example, we don’t know if it includes the Kingdom Halls. If it does, then either they have been assigned a book value equivalent to (say) their original purchase price, rather than their current market price, or WTBTS is carrying some serious debt. I can’t see how the figure would be as low as $1.6 billion otherwise.

  As JWGonbad points out, most of that money will almost certainly be tied up in property, and other illiquid assets. They won’t have “1.6 billion greenbacks”.

  Also, as Corney says, there is a long way to go, before that $35 million is paid out.
• 

  _Morpheus

  @shepherdless- dont mistake my 1.6 greenback remark for my assessment of their bank account. I agree with your perspective and have said exactly the same thing dozens.... and dozens... of times. We dont know anything in detail. You also left out the fact that they could be hiding money in different corporations or 1000’s of other ways... but the point is, as far as my post a few moments ago, is that slim is willing to say in the same breath “they have 1.6 BILLION dollars and they broke and have collapsed”. Its incongruous and, as per the norm, im trying to help slim be logical and think about what hes saying. It dosent seem to work , but thats my windmill.
• 

  slimboyfat

  I am just going by what they said on the podcast, which was based on what was said in court. If documents were provided to the court with greater detail are they publicly available?

  Yes the problem with the $1.6 billion figure is that it’s either too high or it’s too low.
  

  If it’s the money Watchtower has in cash and other liquid assets that’s far too high a figure.

  If it’s the total value of all assets including KHs then it’s far too low.

  So what are the possibilities?

  That the figure includes HQ and other property, but excludes KHs?

  And/or Watchtower has taken on significant debt which counts against their assets in their net worth? If that’s the case they may be in serious trouble, because even selling KHs may not be enough to cover payouts, and stay operational as an organisation.

  Even if Watchtower don’t end up paying the full $35 million, the news story itself is bound to have a chilling effect on Watchtower donations. And more is surely on the way.
• 

  shepherdless

  Understood , Morpheus.

  My guess (and only a guess) would be that the figure does not include Kingdom Halls. The accounts of other branches that I have seen do not include Kingdom Halls. Warwick is probably listed in the accounts at the cost of construction, and that may be half a billion on its own.
• 

  slimboyfat

  Morph, if the $1.6 billion figure does include KHs and all other property assets then they are effectively broke. Because their property in total is certainly worth a lot more than $1.6. So the only way they could have a net value of $1.6 billion is if they have significant debt. If they are in serious debt then it’s an indication that they have little cash on hand. If they have little or no cash in hand then they would need to sell KHs, assembly halls and/or other property to pay for damages awarded against them. At which point the integrity of the organisation itself becomes difficult to maintian.

  A news article states the intention of some to either force Watchtower to change its protection policies or else go broke defending them. This seems a realistic prospect, so it’s interesting to see what they will do, assuming it’s not already too late for them to turn the situation around.