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Lottery winner from Oregon more than makes up for Enron loss
Lottery winner from Oregon more than makes up for Enron lossPosted: 3/20/2007 1:06:00 PM  One of the Portland General Electric workers whose retirement hopes were dashed by the collapse of Enron has replenished his assets — by about $59 million. Dan Gannon, 60, won a $182 million Powerball jackpot over the weekend and claimed it Monday. He took his prize in a lump sum, rather than over 30 years. That amounted to $88 million. Federal and state taxes took $29 million, so his payout was $59 million. When the stock of utility owner Enron collapsed in 2001, Gannon said, his 401(k) plan lost about $400,000 — "funny money" he called it in an interview with The Oregonian newspaper. He said he had diversified personal investments, though. "Ever since the Enron thing, dad's been kind of down," said son Ben Gannon. "He's been buying a Powerball ticket every week." Gannon and his wife, Candy, bought the ticket Friday at a supermarket. They spent $5 and let the machine pick the numbers. He said his vision now includes better weather. "I'd like to go where it's warm and dry when it's cold and wet here," Gannon said. "A condo down south ... wouldn't be so bad." Travel, a boat, and "a little bit of a farm" also play into the couple's thoughts. The prize is about half the size of an Oregon winner from 2005, when Medford residents Steve and Carolyn West and other family members shared a $340 million jackpot that resulted in a lump sum of $110 million. After 35 years, Gannon said, he wasn't sure whether he would leave the company, which become independent of Enron last year. "It's been my life," he said. Before winning the lottery, he said, he'd made no plans to retire. "After the Enron thing, I really could have used another 10 years to build a retirement plan," he said. He has taken the week off, and said he hadn't decided what he'll tell his employers about going back to work. "They're probably wondering that," Gannon said. "So am I." Source: AP
da bronx,city island,n.y. United States Member #30895 January 17, 2006 113 Posts Offline |
| Posted: March 20, 2007, 2:08 pm - IP Logged |
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the best of luck to dan and candy
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Georgia United States Member #21312 August 29, 2005 1755 Posts Offline |
| Posted: March 20, 2007, 2:55 pm - IP Logged |
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how you are going to stay with 59Million after a 182 million jackpot? I don't get it...I would had sued....We are talking millions here... First the state gives back 60% of money betted back to people, so it means that the jackpot was not 182 millions but more....Then when you take it in a lump sum, the state takes up half of it....How in the world is going to take more taxes... "Laura Simpson from Great Lakes, Illinois deserves to be rich..." "She is so rare..."
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Westchester, New York United States Member #49802 January 27, 2007 167 Posts Offline |
| Posted: March 20, 2007, 3:01 pm - IP Logged |
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I get so mad when people win huge lotteries and stand up and say their lives won't change and they may continue to work. I personally think that's boring and that those people shouldn't even play the lottery. Leave it for people who dream about living the good life. I'm not saying I'd pull an MC Hammer, but I'd at least quit my job! "If you just keep believing, that dream that you wish will come true" 
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Georgia United States Member #21312 August 29, 2005 1755 Posts Offline |
| Posted: March 20, 2007, 3:06 pm - IP Logged |
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I get so mad when people win huge lotteries and stand up and say their lives won't change and they may continue to work. I personally think that's boring and that those people shouldn't even play the lottery. Leave it for people who dream about living the good life. I'm not saying I'd pull an MC Hammer, but I'd at least quit my job! I totally agree...That's been greedy, specially with all that money...Is greediness...People like that shouldn't play the lottery... But i feel sorry for him, after all the enron thing is one of the saddest thing that could happen to someone...Could you imagine working all your life, been a good worker, saving for retirement and then you get the news? I feel sorry for the rest that didn't win no jackpot...I will not wish something like the enron thing to no one.. "More important than winning all of the states' lotteries is the movie "Red Planet..."
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Chief Bottle Washer New Jersey United States Member #1 May 31, 2000 15555 Posts Online |
| Posted: March 20, 2007, 3:22 pm - IP Logged |
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how you are going to stay with 59Million after a 182 million jackpot? I don't get it...I would had sued....We are talking millions here... First the state gives back 60% of money betted back to people, so it means that the jackpot was not 182 millions but more....Then when you take it in a lump sum, the state takes up half of it....How in the world is going to take more taxes... "Laura Simpson from Great Lakes, Illinois deserves to be rich..." "She is so rare..." Looks like another in a long list of lawsuits that you would claim to bring. Most people who threaten that "I'm going to sue!" have never pursued a lawsuit in their lives, and probably never will. It's kind of an empty threat.
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Coastal Georgia United States Member #2703 October 30, 2003 1868 Posts Offline |
| Posted: March 20, 2007, 3:52 pm - IP Logged |
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P, have you not been paying attention in your tenure here at LP ? You know darn well that the advertised jackpot is annuity based and if the winner chooses cash option, it is somewhere around 50% of the advertised amount, then taxes come out. I think that 59 million take home pay would satisfy all of us. If it doesn't satisfy you, then perhaps you are on the wrong forum.
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California United States Member #47277 October 1, 2006 270 Posts Offline |
| Posted: March 20, 2007, 4:02 pm - IP Logged |
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how you are going to stay with 59Million after a 182 million jackpot? I don't get it...I would had sued....We are talking millions here... First the state gives back 60% of money betted back to people, so it means that the jackpot was not 182 millions but more....Then when you take it in a lump sum, the state takes up half of it....How in the world is going to take more taxes... "Laura Simpson from Great Lakes, Illinois deserves to be rich..." "She is so rare..." pumpi76...before you run off and say you want to sue someone, it would be best to understand the process. Powerball sets aside roughly 30.3% of total sales for the jackpot. During this run that came to $88 million. The advertised jackpot was $182.7 million. That is the cost in today's dollars of a graduated annuity that would pay out for 30 payments over a 29 year time period. The cash option was $88 million, i.e. if you want all your money now this is what you get. Then the federal government witholds from the $88 million 25% ($22 million) and the state of Oregon witholds 8% ($7 million) which leaves $59 million. Notice I said withold, which means one still has to file taxes and report all of one's income. This probably means one will pay even more in taxes. Oh and by the way you might want to ask your lawyer if his fees for this frivilous lawsuit are dedeuctable, probably not.
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BILOXI, MISSISSIPPI United States Member #19970 August 3, 2005 613 Posts Offline |
| Posted: March 20, 2007, 4:28 pm - IP Logged |
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Power ball seems like the bold headed step child of MM the jackpot was 188 million no hype not even on the LP
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Westchester, New York United States Member #49802 January 27, 2007 167 Posts Offline |
| Posted: March 20, 2007, 5:54 pm - IP Logged |
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Power ball seems like the bold headed step child of MM the jackpot was 188 million no hype not even on the LP I've said it before, I truly believe a lot of people in this country, the mass media included, is numb to that kind of a number...as crazy as it may sound. The last huge Mega Millions jackpot did't even get any buzz until it went over 260 mil, at least in NY. People want and get excited about BIG BIG jackpots, I think Mega Millions and Powerball need to figure out a way to generate larger jackpots more often. "If you just keep believing, that dream that you wish will come true"
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