I think what happens to Chelmsford, and the money set aside for it (which is separately itemized in the UK accounts), will be the litmus test. If that project stops and the money taken, we will know they are in a bad financial state.
Reasons for concluding that Watchtower is in (serious) financial trouble
by slimboyfat 151 Replies latest members private
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Ruby456
Shepherdess the Chelmsford project is actually very very successfully on its way. There is no prob there re completion. I think they will be moving in during 2019 -2020. They don,t even need to sell all of the ridgeway estates so they will still have a presence there. Makes sense to keep something in london
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slimboyfat
Agreed, Chelmsford is The test.
They say it will cost another £100 million, but there is no discernible use for it now that the planned increase in printing has been halted. Gillies is being parachuted out to New York and others sent home. They will be extremely reluctant to backtrack at such a late stage. But if they really need the money they will simply need to sell it. Maybe they will complete the building but sell it shortly after, with as little fanfare as humanly possible.
As I understand it there are countries that allow money to be sent to the US and countries that don't. I think the UK does allow money to be transferred. So if the US headquarters is in trouble they will take everything they can out of the UK to keep afloat.
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Ruby456
Slim That isn,t going to happen and it is more likely that the headquarters itself will move to Europe. Aren,t the headquarters in Canada now anyway. The US is losing its world status.
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slimboyfat
What isn't going to happen? Where have you heard they don't need to sell London properties to fund the project? The accounts indicate the project will cost a further £100 million and they don't have that in the bank. Additionally they cite legal costs as their biggest threat. The British branch has also benefitted historically from transfers from other countries to pay for literature. That will come to a complete halt as literature is no longer printed in Britain.
I am aware that a local congregation has raised £800 in total for the new branch. If every congregation has done similar this amounts to little over £10 million.
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Ruby456
Where you getting your info?
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_Morpheus
Slim is pulling numbers out of his ass. Also ruby, the hq is still in the usa. Its in warwick. Canada has a branch office of their own, yes, but world hq is in the usa.
facts matter.
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Ruby456
Thanks Morpheus. For some reason I thought Warwick is in Canada. Shows u how little I know about this. I,m never going to live down am I
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Hanged Man
Chelmsford has officially been downgraded....they're now going to Argos to buy a 4 man tent.....it was in the papers somewhere.....near the obituaries.
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Hanged Man
Right Ruby...you won't ever live that down!...you'll now be sent to Coventry.....or according to your geography....Hobart. : )