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formergothardite

Latest Gothard News

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HereticHick
11 minutes ago, Pecansforeveryone said:

Ah Pecan Waller, the inspiration for my screen name. I predict he will make a stab at political office at the state level at some point, a seat in the Texas House of Representatives or something like that. 

I made him a campaign poster:

Pecan.PNG

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Depressed
formergothardite
2 hours ago, Palimpsest said:

I don't think 80 million is far off, and it may be even more.

I wouldn't either. There is a lot of money at stake here which is why Gothard is desperate to get back control(I think he is pretty much in poverty now) and the Bates and Paines are never going to let him get a stab at gaining control of the money back. 

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HerNameIsBuffy
2 hours ago, formergothardite said:

I wouldn't either. There is a lot of money at stake here which is why Gothard is desperate to get back control(I think he is pretty much in poverty now) and the Bates and Paines are never going to let him get a stab at gaining control of the money back. 

I bet Gil's IBLP power keeps JB up nights.

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Themanda Duggar

It is possible to have tens of millions in assets, and still be in financial trouble.  I think a lot of the IBLP net worth is tied up in real estate, and it can be tremendously expensive to manage and maintain real estate.    I know of one very large and fancy house in a warm climate that takes approximately 26,000 a month to maintain, can you imagine the costs of maintaining and heating all that property in Chicago?  All that free labor they have still has to be fed and housed, the materials and equipment they work with still has to be purchased.  IBLP expanded as its’ fortunes increased, and that level of income is probably necessary to run all of those properties.  With income down, they may actually be in pretty bad shape.

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Unimpressed
Palimpsest

I think a lot of their assets are in real estate.  In the glory days they bought up property as investments because the IRS doesn't like 501(c)3's to have too much cash lying around.

I think the big commercial properties, like the now shuttered HQ, are probably going to be hard to sell quickly.  I think this is the right listing.  https://www.loopnet.com/Listing/707-W-Ogden-Ave-Hinsdale-IL/14643949/

I also have the impression that they have a lot of residential rental properties.  Much easier to sell off as required.   

17 hours ago, Themanda Duggar said:

All that free labor they have still has to be fed and housed, the materials and equipment they work with still has to be purchased.

In the new, smaller, and desperately trying to rebrand IBLP, they have a only a tiny fraction of the paid staff and volunteer labor compared to 10 or 15 years ago.  The paid staff probably also have to pay rent to live on premises or they rent IBLP owned houses and apartments ... they owe their souls to the company store.

I'm sure they wouldn't still be running the Family Conferences and Journeys if they were not making money.  I think they will stop those when they are't cost efficient.  They are probably more than breaking even on dead-tree ATI materials and Wisdom booklet sales.  Most of their materials have already been developed and they sell them for cold hard cash, and far more than the waste paper and production cost them. 

The Embassy Media part of IBLP doesn't need many people to maintain and run it when you think about it.  The speakers are all the top echelon of IBLP.  

No, sadly I think they still have a long way to go before IBLP goes bust.  That is unless someone in the inner circle gets greedy and grabs more than their fair share of the perks and assets.

 

Edited by Palimpsest

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formergothardite
18 hours ago, Themanda Duggar said:

All that free labor they have still has to be fed and housed,

I don't know how it is now but the free labor wasn't just free in the past, they actually paid for to work unpaid. Free labor paid for their own food and housing and anything they needed. Bill had a great scam going on. 

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nokidsmom
4 hours ago, Palimpsest said:

I think the big commercial properties, like the now shuttered HQ, are probably going to be hard to sell quickly.  I think this is the right listing.  https://www.loopnet.com/Listing/707-W-Ogden-Ave-Hinsdale-IL/14643949/

I used to live a couple of miles east of there and passed by that property on Ogden Avenue regularly.   At that time, I did not recognize IBLP at all, not until I arrived here at FJ.    Mr. No worked at a local print shop the last year we lived there, and they got printing jobs from IBLP sometimes.

There's a number of similar office properties in that Oak Brook / Hinsdale area, some of them are owned by other businesses though.   I worked in one of them on a temp assignment once.  

Edited by nokidsmom

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onekidanddone
On 1/15/2019 at 2:38 PM, formergothardite said:

I don't think he actually has a lot of debt. Gothard was always very crafty about how he got things. Hobby Lobby owners essentially gave him some training centers and the Big Sandy campus. He was good at getting people to give him properties. 

Hobby Lobby Thread drift: This was one of the ads on my phone today 

 

D73F7ACC-64A4-4563-9BF0-531CA8C6FE64.png

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