Put another foot in...

Here's a quickie: two more have left the Spiritual Rights Foundation citing the July 2008 church service as the last straw.

The bishop of SRF has a mouth bigger than her brain, looks like.

Quite possibly in response to the defections caused by this infamous sermon in July, the recording of the church service has been removed from the SRF website.

Other defections may happen as well. I have no idea who they may be, when they may leave or for what reason. But an ever-increasing number of departures tends to keep going and going.

All of this can't be ignored by the leadership. After all, fewer people dropping 80% of their paychecks every month means less money in the Swiss bank and personal investment accounts.

I'm not saying that I have any special insider information, as I am an outsider (I guess that qualifies me as the Republican Party's next VP candidate) but I do have a theory on what will happen to SRF in the next two years.

I believe that the leadership of SRF will begin to convert as many SRF assets to cash as possible. Either through sales or (what I believe more likely) through leveraging the properties with as many mortgages, HELOC's and other credit lines as possible in the name of SRF, Inc. As soon as it's all tapped out, the leaders will abscond with the cash, handing the reins (and the debts) to the membership. The membership will immediately find their situation untenable.

The now-retired leadership will then blame the membership for being unskilled and clumsy in handling the SRF piggy bank and will sit back on their pile of cash while SRF is forced to liquidate.

Apparently, the SRF properties are currently being perused by appraisers.

The remaining members aren't sophisticated enough or sufficiently knowledgeable to see trouble on the horizon. So, they would not be willing to take action.

However, I'd wonder what would happen when the attorneys start looking into the subsequent bankruptcy? Generally, it's not worth an attorney's time to get too involved in challenging a bankruptcy as there usually little left to recover. But what if an organization officer sucks money out of a corporation's assets for personal gain?

Remember Dennis Kozlowski? The former CEO of Tyco in New York City used the company as his personal piggy bank.

Now he's playing human piggy bank with his new friends in Mid-State Federal Correction Facility in Upstate New York. They deposit and he oinks. And they're not dropping nickels from the tooth fairy.

Why would robbing a church be different from robbing a publicly-held company?

Honestly, I'd rather not see SRF go down because of the greed of a few dysfunctional leaders as several otherwise good people will go down with it. But I would not bet against that happening.

Bet you dollars to donuts that the leadership at SRF are doing some oinking of their own.

My favorites are old-fashioned, with a couple of french crullers thrown in.