I'm afraid that I don't really understand what you're saying. You seem to be saying two exactly opposite things. On the one hand, you say that we can't have a Foundation in Europe because if we do, it would be legally liable (for takedown notices and the like). On the other hand, you say that we need to have a Foundation in Europe so that it can take on that sort of legal liabilities.
I can tell you that I will not support any Foundation using the Wikimedia name that is formed without the ability to prevent it from doing bad things -- trust in the individuals involved is not enough, because over the passage of time, things may change, and I see grave dangers for us all in that regard.
I think that the solution is quite simple -- for the Wikimedia Foundation to form and control the German subsidiary. This subsidiary will give the ability for Germans to give tax deductible donations, will serve as a legal point of contact for any Germany-specific concerns, etc.
There are already talks in progress for us to do exactly that with a French foundation, and I will gladly pursue that in Germany as well, if that would be useful.
But I will not support a foundation using the Wikimedia name that might *or might not* send money to the international organization, and that might serve as a way for some people (not you, I am speaking 30 years in the future) to split the project or use it to make a lucrative income for themselves without regard to the overall goals of the international community.
--Jimbo