Jules,
Here is a repost of an "explanation" of the "overlapping generation which Oubliette put together a few years ago. Personally, I believe Splane completely plagiearized this for his presentation, the difference being that Splane evidently believes this crap whereas Oubliette was showing what nonsense it is:
[Everything between the horizontal lines is quoted from the original post. The first sentence has a link to that post.]
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This Overlapping Generation teaching is really complete nonsense.
I was trying to wrap my head around the latest "update" to it in this
week's WT Study article; not to try and understand it--because, hey,
it's nonsense--but to make clear to any lurkers how silly and
implausible it all is. - Watchtower, January 15, 2014, p. 30-31, paragraphs 14 - 16.
Here's my take on it:

So, apparently, there are now three groups of "anointed" ones:
- Those anointed before 1914
- Those anointed after 1914, but before the death of the last of those in group #1.
- Those anointed after the death of the last person in group #1. (See point #2 above)
Although
not mentioned in the article, the key person in this concept is
Frederick William Franz. Born in 1893, Franz was baptized in 1913 or
1914, making him part of the first group. He is also presumably the last
person of the first group to die. Franz died on December 22, 1992.
According to this week's WT, the first two groups comprise the "this
generation" that Jesus mentioned at Matthew 24:34, albeit in an
"overlapping" manner. The third group is explicitly NOT part of "this
generation."
Thus, not every anointed person today is included in “this generation” of whom Jesus spoke. - w2014, 1/15, p. 32, para. 16
Careful readers of this week's study article will note that it contained no scriptural references or evidence of any kind to support this new twist on the "Overlapping Generation" idea. It is all just unfounded assertion.
But hey, who needs evidence when you're the leaders of a cult.
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