Cofty
- Because of bad management and probably a large amount of 'Jehovah will provide' rhetoric, they carried on living beyond their means and selling off real estate to make up the shortfall in revenue.
Living beyond one’s means involves credit. If you are not issued credit, then you cannot live beyond your means.
If you have $5.00 to go to the candy store with, then you get exactly $5 worth of candy, not beyond. Only when the store owner says “take more and pay later” can you go the candy store and walk in out with $10 worth of candy.
The WTS has been eating more candy than they took in. You cannot pay bills with real estate.
”hello electric company, here’s a bucket of dirt from our properties to go towards our bill this month...”
You CAN leverage your properties for credit, but alas, we are at credit again. Any way you slice it, you cannot live beyond your means without borrowing. Period.
The WTS is under water, they owe, and I suspect the amount is grand. I suspect they gorged on cheap credit for years, and the banks were happy to loan it as that is there job. To loan.
And why not, the WTS had a steady source of income and vast real estate holdings to use as collateral. The perfect debtor.
But the perfection is wearing thin. As a bank, you don’t want to hear that a major debtor is being sued repeatedly for child molestation. Also, as a bank, you don’t want to hear that revenues are drying up.
FORCLOSURE
I am now searching to find evidence of bank forclose of WTS. This would explain where the $1,000,000,000 went, and why they are selling properties like mad.
To say that they are selling at the rate they are selling is to cover a historical extravaganza doesn’t balance the sheet.... without credit.
The WTS is a ponzi scheme, and Ponzi schemes do not die a slow death. Once they peak, they fall off a cliff.
