Why the WTS is selling their assets

by Amazing 12 Replies latest jw friends

  • Amazing
    Amazing

    The recent post by Randy Watters is very good regarding the Watchtower selling assets. Some posters suggested that maybe they were doing this because the clean-up of asbestos is too expensive, making a sale more rational.

    IN the USA, any building containing asbestos insulation must be dealt with by the Seller of a property. When you sell any residential or commercial building, you must disclose any asbestos, lead-based paint, and other material defects, and then submit to a property inspection. In commercial real estate, the inspections are not your typical residential house inspector who can be complete a typical inspection in a 2 to 3 hour period. Instead, engineers and environmental experts take days at a significant cost. I doubt that the WTS would sell to hide asbestos or other such issues. They would more likely call upon JW engineers and other in-house experts to solve the problem.

    Rather, I strongly believe that the Watchtower Society is selling its assets to make their USA holdings more liquid. They can then easily move money out of the country when plaintiffs in lawsuits prevail with judgments against the Watchtower. If the WTS sells its assets now, it will be harder for the courts to get their hands on the money. The only way to get at Watchtower liquid assets is for there to be a way to place them under the same rules affecting international terrorists ... rules that allow the government to seize assets in cooperation with other nations.

    A possible way to pre-emptively stop the WTS: Another way is for USA attorneys now involved in lawsuits against the Society (e.g. the pedophile issue) to get the courts to cloud the title of all Watchtower properties in ALL 50 STATES, making any sales impossible, and in this way keep the Society chained down until the lawsuits are fully litigated and the plaintiffs prevail. - Jim W.

  • metatron
    metatron

    Good point

    Although, I would add that I legitimately think that these assets must be redundant at present.

    Since the 'preaching work' is ineffective in the US and since they can't afford subscriptions - and since they

    reduced hard bound printing due to lack of contributions, there is plenty of room for rationalizing their assets.

    metatron

  • outoftheorg
    outoftheorg

    I have a question to present. Does anyone have any answer?

    There appears to be some activity within the wbts to protect their assets. Maybe more like a scramble?

    I can not imagine this to be the work of the gb. They are just not up to the task, in my opinion.

    What is going on, is more like what a company CEO and attorneys and financial experts would be involved in.

    This tells me that the legal department is running things in this area.

    As this department becomes stronger and sees the threat to the wbts is largely due to the wbts wierd rules. Such as shunning, disfellowshiping, 2 witness rule, concealing wrong doing, "pedophiles" no blood transfusion and on and on.

    Do any one of you see the legal dept. demanding changes in these areas? Could they succeed? Would the waves this would create in the rank and file, be the demise of the wbts?

    This scramble to save assets and the resulting actions, would, (if made known to the public), destroy the aura of holiness and godliness that the wbts so long has promoted.

    What do you think?

    Outoftheorg

  • Mary
    Mary
    I can not imagine this to be the work of the gb. They are just not up to the task, in my opinion. What is going on, is more like what a company CEO and attorneys and financial experts would be involved in. This tells me that the legal department is running things in this area.

    Ya, sounds kind of like what happened at Enron, eh? However, I don't believe that this is all happening without the full knowledge and approval of the Governing Body--------no way. While it may not be their signatures on the paper, they are the ones responsible for what goes on in the Borg. Just as it may be a local elder body that disfellowships a victim of pedophilia for going to the police, it is ultimately the Governing Body's fault because they are the ones that make the rules in the first place.

    Should be interesting to see what happens here..............didn't they sneak something out of France a couple of years ago so it couldn't be taxed by the French government??

  • outoftheorg
    outoftheorg

    Hi Mary.

    In no way am I trying to exonerate the gb. I am sure they know of these activities. The point I was trying to make is, that I don't think they have the brains or education to come up with or orchestrate such a move as shielding assets etc. They must agree to and support these efforts and share more guilt than most others, in my opinion.

    My question basicly is, if the legal dept. sees these things as a cause of the legal problems, will they try to get the gb to agree to dropping such as the disfellowshiping, transfusion, and will the gb ever give it up and let these changes happen.

    If this does happen, will the rank and file lose faith in the wbts?

    Outoftheorg

  • Gerard
    Gerard

    My question basicly is, if the legal dept. sees these things as a cause of the legal problems, will they try to get the gb to agree to dropping such as the disfellowshiping, transfusion, and will the gb ever give it up and let these changes happen.

    If this does happen, will the rank and file lose faith in the wbts?

    Will the relatives of victims sacrified at the Watchtower's altar loose faith? I'm guessing: yes.

  • metatron
    metatron

    You may not be familiar with the internal changes that have taken place over the past couple of years.

    Technically, the GB were removed from actual administration of the organization - so that their function is now 'spiritual'.

    The assets were chopped up into different corporation groups for legal protection. This way, assets can be shifted away

    from capture in a lawsuit AND there's less chance of putting some elderly GB member on the witness stand amid

    embarrassment. I got this from guys at headquarters

    metatron

  • Shakita
    Shakita

    Interesting stuff, Amazing.

    Mary said:

    Just as it may be a local elder body that disfellowships a victim of pedophilia for going to the police, it is ultimately the Governing Body's fault because they are the ones that make the rules in the first place.

    Exactly what I was discussing this past weekend with some JW relatives. We were discussing many JW topics, but when this was brought up about the pedophilia problem in the organization, the relatives agreed that the 2 witness policy is wrong and that the elders should always point the person seeking help to the proper authorities. I also brought up the point that the elders are following direction from the governing body, they are the ultimate authority in this issue. We talked for over an hour on this and other issues, and I came away from that conversation with more hope than ever that the up and coming new generation of JW's will not bow down to the GB and do their bidding like previous JW generations. There is hope out there for those of us who still have family members who refuse to leave the organization. New light is on the horizon, I think.

    Mrs. Shakita

  • Gerard
    Gerard

    I think we have just entered an era of political correctness and corporate scandals. If the Watchtower wants to avoid more problems it will have to change dramatically.

  • Amazing
    Amazing

    Hi Metatron: I am not sure who you were addressing your comments to, but I thought I would respond anyway:

    You may not be familiar with the internal changes that have taken place over the past couple of years.

    Technically, the GB were removed from actual administration of the organization - so that their function is now 'spiritual'.

    My understanding is that the GB - as dominated by Jaracz - resigned in order to have an "Arms Length" relationship to the Society. This helps make them less liable ... in their own minds that is ... the recent application of RICO laws to the Catholic Church will penetrate this barrier.

    The assets were chopped up into different corporation groups for legal protection. This way, assets can be shifted away from capture in a lawsuit AND there's less chance of putting some elderly GB member on the witness stand amid embarrassment. I got this from guys at headquarters.

    Dividing a corporation's assets is no longer a sure safe bet. Corporations can now be penetrated right through to related corporations and right into the private liability of its officers and defactos leaders. The guys at headquarters are either not familiar with current case law and more recent legislation, or they are spinning this, or they have been mislead by the Big Boys.

    The safest way to protect wealth is to liquidate hard assets and then move that liquidity around the globe. There is already of cases where the Watchtower Society is moving liquidity under various guises, such as its charitable status in some countries ... and this strongly suggest that their real motive is to liquidate more and more assets to continue this process. This is why I hope that the attorneys of various litigants will cloud Society property titles to prevent their liquification. - Jim

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