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Winner of Feb. 12 Powerball lottery prize takes the cash option

PowerballPowerball: Winner of Feb. 12 Powerball lottery prize takes the cash option

A 55-year-old Louisiana lobbyist claimed her winnings Friday in last month's Powerball jackpot, sending her attorney to the lottery office to turn in the winning ticket and accept a lump sum payment worth $23 million.

Vera Olds of Baton Rouge could have taken $40.6 million in 30 annual payments, but instead chose the $23 million lump sum, according to Kimberly Chopin, a state lottery spokeswoman.

Chopin said Olds, a regular lottery player who bought $5 worth of Powerball tickets every Saturday, will collect more than $16 million of that lump sum after taxes.

Olds sent her attorney, Stephanie Laborde, to turn in her ticket, fill out the paperwork and claim the winnings on behalf of a trust Olds set up.

"A lot of winners don't like the limelight. That is pretty normal," Chopin said.

Olds won the jackpot Feb. 12, but Chopin said it wasn't unusual to take several days before claiming the prize. The lottery recommends winners get legal and financial advice before they bring in their winning tickets, Chopin said.

"I think she did the right thing," Chopin said, noting the first person Olds called after learning she had the winning ticket was her lawyer.

Laborde said Olds plans to use her winnings to pay off debts, help family and friends and donate to charity, according to a lottery news release.

"She's also revised the budget for purchasing a replacement house since hers is currently up for sale," LaBorde said in the lottery statement.

The prize is the second-largest single-ticket jackpot won in Louisiana in the nine years that the multistate lottery has been played here and the first ever sold in Baton Rouge.

The winning numbers were 18-21-28-49-50, and the Powerball was 16. The ticket numbers were randomly selected as a "quick pick."

Olds has most recently been a lobbyist for Tulane University Medical Center, the Louisiana Energy and Power Authority and the University of Phoenix, according to the state ethics board lobbyist database.

AP

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8 comments. Last comment 12 years ago by CASH Only.
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rundown99's avatar - cigar

United States
Member #567
August 14, 2002
482 Posts
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Posted: March 10, 2005, 5:43 pm - IP Logged

Todd

How did you know who the winner was?  I looked at the Louisiana Lottery Web Site and the Powerball Web Site, and it only gives out the name of the attorney.

Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

    Avatar
    detroit/michigan/usa
    United States
    Member #12322
    March 11, 2005
    36 Posts
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    Posted: March 11, 2005, 9:13 am - IP Logged

    Had I won....(nice dream!) and established a trust specifically to evade those loving and well meaning friends and relatives, I would now be *issed.  Seems the less your friends and family know about your finances the better off everyone is!

     

    It only takes a dollar and a Dream

     


      United States
      Member #379
      June 5, 2002
      11296 Posts
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      Posted: March 11, 2005, 9:32 am - IP Logged

      Cash is ALWAYS better.

        psykomo's avatar - animal shark.jpg

        United States
        Member #4877
        May 30, 2004
        5116 Posts
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        Posted: March 12, 2005, 5:29 pm - IP Logged

        Todd..........How did you know??????????????????????????????????????



        You must have a good .........attorney................................or someone to research..........??



        Rundown99.................when I become a smart Lotto Winner, I will form a .....................................trust, claim my winnings....... (but) I think I need A good.......................................................software package that let's me DO-IT-MYSELF............without an attorney.



        I seem to hire lawyers, not attornnnnnnnnnnies ..............(they are more professional), ...........because my lawyers always suck me dry when it comes to MONEY!



        LOL again,



        PSYKOMO



          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
          United States
          Member #7853
          October 15, 2004
          11338 Posts
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          Posted: March 17, 2005, 8:24 pm - IP Logged

          cash seems to be chosen more than annuity....


            United States
            Member #379
            June 5, 2002
            11296 Posts
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            Posted: March 21, 2005, 5:11 pm - IP Logged

            Far more often.

              bellyache's avatar - 64x64a9wg

              United States
              Member #12618
              March 18, 2005
              2060 Posts
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              Posted: March 21, 2005, 6:56 pm - IP Logged

              Isn't this article from the Associated Press? How would Todd have found her name?

              Dance like no one is watching.


                United States
                Member #379
                June 5, 2002
                11296 Posts
                Offline
                Posted: March 22, 2005, 9:41 am - IP Logged

                Todd has connections.