Interesting points..... Also consider the reason for filling chapter 7/11 is to protect assets and deal with creditors... Would that apply to the wt? What assets are up as collateral and what would need protection? Would there be hope for them to pay off debt? If not what would happen? A sell off?
How bad do the JWs need to be doing financially
by cognac 51 Replies latest jw friends
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Finkelstein
Apparently they can as this legal paper explains, the Crystal Cathedral in the US filed for bankruptcy not long ago.
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Boeing Stratofortress
Don't underestimate the cumulative affect of abuse lawsuits:
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cognac
Apparently they can as this legal paper explains, the Crystal Cathedral in the US filed for bankruptcy not long ago.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2219964
Thanks for the input and link Fink...
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DesirousOfChange
Remember, "the JWs" is a vague term.
The JWOrg (aka Watchtower) has a multitude of different legal Corporations, some relatively new and some over 100 years old.
Only the Corporations that can be held legally liable for bad child abuse decisions of the past need to shown to be now "bankrupt"
For example, the "Christian Congregation....." is a relatively new Corp (if it is even legally incorporated) and thus it is doubtful if any of the bad decisions regarding Child Abuse can be attributed to it or it's directors. I believe most of the lawsuits are against WTBTSof NY.
I'd be interersted to know how it's assets have declined in recent years. What Corporations owns title to the new branch project at Warwick? If a suit is brought against any local Cong, all the WTS has to do is insist on it being sold and the bylaws direct all proceeds to go to some WT Corporation, and most likely a "new" Corporation that cannot be shown to be liable in the lawsuit. Go ahead there, bloodsucking attorney, sue us! We have no assets! Nothing! Nada!
I still believe that to be what is behind this new "We are Broke" strategy.
Doc
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cognac
Doc - That's wrong. There's a parent company, anything associated with it is still liable. -
joe134cd
If they are not going bankrupt then one thing is for sure. They are certainly experiencing financial pressures that the organisation has never undergone before. Especially after such such a long history of financial stability. Wt has always had stacks of money. -
Beth Sarim
Let us not forget the Borg has billions of dollars worth in property/assets at their disposal. -
Boeing Stratofortress
Let us not forget the Borg has billions of dollars worth in property/assets at their disposal.
Exactly. But, since there's no liquidity there, they are begging for cash, stopping (or slowing) new construction, and laying off Bethelites, ect. Sure, they can sell off their property assets, but that won't turn a profit overnight. It would ALSO cause them to further cannibalize their organization, which might serve to wake more JWs up. I tend to think they're screwed either way.
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Brokeback Watchtower
And their credit rating poor some said. So it may happen sooner than we think. Poor business decisions chasing aftet a worthless printing operation when they should have been down siizing long ago and getting out of that business all together.