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Lottery winner goes from rags to riches to rags

Topic locked. Last post more than one year ago by Perfect Timing. 62 comments.

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justxploring's avatar - villiarna
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Posted: August 23, 2007, 1:33 am - IP Logged Bottom

Everyone is writing that this is a sad story.  Maybe a better word is "tragic," but I don't have any pity for someone who had a chance to turn his life around and chose a dark path to travel. The only victims here are the children. Many people who had a rough start in life would have looked at his incredible twist of fate as a miracle, a gift from a higher power to get a second chance.  He made very bad choices and, even when he still had a chance to pick up and start all over again, he continued to dig his own grave.  There were many people whose lives were turned upside down by 9/11, Katrina and other disasters who did something positive without millions of dollars.  Sorry if I sound cold, but there are too many families here losing their homes for me to cry for Edwards. 

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Posted: August 23, 2007, 1:33 am - IP Logged Bottom Top

did something happen to Cash Only??

He hasn't posted for perhaps a year or so. My guess is that a lottery winner decided to take the annuity and he had a stroke.

fwlawrence's avatar - Yavill
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Posted: August 23, 2007, 2:07 am - IP Logged Bottom Top

Good one Floyd!Approve

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Posted: August 23, 2007, 2:46 am - IP Logged Bottom Top

how about some stories on those who are doing good with their winnings?

i want to hear stories about people who are gaining 100,000 dollars of interest a month and they drive nice cars and go to bed early and eat their vitamins and say their prayers.someone who gives back to the copmmunity,that don't do drugs or beat strange women at 3am........

mylollipop's avatar - Trek STLOGO6
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Posted: August 23, 2007, 3:17 am - IP Logged Bottom Top

Everyone is writing that this is a sad story.  Maybe a better word is "tragic," but I don't have any pity for someone who had a chance to turn his life around and chose a dark path to travel. The only victims here are the children. Many people who had a rough start in life would have looked at his incredible twist of fate as a miracle, a gift from a higher power to get a second chance.  He made very bad choices and, even when he still had a chance to pick up and start all over again, he continued to dig his own grave.  There were many people whose lives were turned upside down by 9/11, Katrina and other disasters who did something positive without millions of dollars.  Sorry if I sound cold, but there are too many families here losing their homes for me to cry for Edwards. 

Amen!  Say it again and again! I Agree!

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Posted: August 23, 2007, 3:21 am - IP Logged Bottom Top

I'm still thinking about the $200,000 and the trip to Vegas.

OK, he wins the Powerball, the OP said his share was $27,000,000. So in that respect at the time the $200,000 loan is chump change. He's going to retire the loan as soon as he gets his lottery check and not keep paying interest.

But as the story goes on he gets sued by the homeowners association for several thousand.

So at first that $200,000 was peanuts but how bad do you think he's like to have that $200,000 now?

Just my $.02 here - there's something else very, very disturbing about this story- and that is many, many people here have posted in threads about, "What would you do if you won....." and described a very similar course of action that this guy took.

"I'd go to Vegas"

"I'd buy a really hot Italian sports car or two"

"I'd buy a yacht"

etc...etc.... 

If there was ever a solid case for proving the need for reamining anonymous and for choosing to remain anonymousy, this is it.  

Coin Toss you made stated some valid points here! Until you actually win the lottery or come into a large amount of money no one really knows what they would do. Oh we would all do the obvious (pay bills, buy a new home, new cars, invest etc, etc.....) But what about the rest of your life. How would you deal with the constant harrasment from strangers asking for money. That is why you should definetly remain anoymous if at all possible. To me winning the lottery could be a blessing or a curse! I don't feel  the least bit sorry for Mr. Edwards though, We all have to live with the decisions we make. (HE HAD THE OPPORTUNITY OF A LIFETIME AND HE BLEW IT!!!!!) Bang Head

sirbrad's avatar - Lottery 062
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Posted: August 23, 2007, 7:10 am - IP Logged Bottom Top

how about some stories on those who are doing good with their winnings?

i want to hear stories about people who are gaining 100,000 dollars of interest a month and they drive nice cars and go to bed early and eat their vitamins and say their prayers.someone who gives back to the copmmunity,that don't do drugs or beat strange women at 3am........

Umm no one wants to hear that. The media and the public in general want to hear about failure, hardship, and controversy among other things. They want to hear the most extreme negatives in isolated situations like this one, as it affirms their own unhappiness; being misery loves company. I followed David's storyline form the beginning, and I knew he was destined for ultimate failure. I wouldn't even spend $3 million my whole life let alone in months.

This is just another example of someone being ill-prepared and careless with a fortune that should have easily lasted many lifetimes. However your past can always come back to haunt you...as it did here. No one wants to here how good the West family is currently doing with their $300 million.

computerhead723's avatar - lightbulb
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Posted: August 23, 2007, 8:16 am - IP Logged Bottom Top

...James Gibbs, a 31-year-old Morgan Stanley broker, as his financial adviser. The first thing Gibbs did was arrange a $200,000 loan so David could celebrate in Las Vegas while awaiting the Powerball payment...

I wonder how many people would want this guy as their "financial advisor" if they knew how freely he was willing to discuss his clients' dealings.

I  like  the  advisor ; he  was  just  not  able  to  over-ride  his  boss  a  junkie  and  a  real  bum

because , " money  don't  make  you  smart  or  better ".  The  bigger  you  are  the  harder  you    fall ;

He made this bed for himself, says his ex-wife, Gail Blanton. She says she hopes he recovers, and that she wishes he had set aside some of the money for Tiffani, now 17.

"If he followed my advice," says James Gibbs, his former financial adviser, "he'd be pulling in about $85,000 a month for the rest of his life."

Gibbs says he put about $16 million of David's winnings in bonds and annuities, to protect David from himself. David cashed them out.

computerhead723's avatar - lightbulb
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Posted: August 23, 2007, 8:32 am - IP Logged Bottom Top

Umm no one wants to hear that. The media and the public in general want to hear about failure, hardship, and controversy among other things. They want to hear the most extreme negatives in isolated situations like this one, as it affirms their own unhappiness; being misery loves company. I followed David's storyline form the beginning, and I knew he was destined for ultimate failure. I wouldn't even spend $3 million my whole life let alone in months.

This is just another example of someone being ill-prepared and careless with a fortune that should have easily lasted many lifetimes. However your past can always come back to haunt you...as it did here. No one wants to here how good the West family is currently doing with their $300 million.

you  make  a  good  point ......just  yesterday  I  thought  about  what  I  wuld  do  if  I  won  the  jackpot  and  how  much  I  would  give  to  my  son  and  daughter :

it  came  to $10,000 .00  ea.  because  I  knew  my  son    would  blow  it  in  90 days  or  less;

but  in  one  day  I  could  blow  a $100.000  just  giving    ten  thou  to 10-  family  members  and  no  one  would  be  happy  with  such  a  small  amount ;

There  are  concerns  I  have  with  so  much  money  and  what  people  would  do  to  get  it  and  what  they  do  with  it ,  could  ruin  their  lives  or  make  it  better !!!!!What?

computerhead723's avatar - lightbulb
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Posted: August 23, 2007, 9:50 am - IP Logged Bottom Top

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