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Lottery winner from Oregon more than makes up for Enron loss

PowerballPowerball: Lottery winner from Oregon more than makes up for Enron loss

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."

AP

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15 comments. Last comment 10 years ago by MissNYC.
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gocart1's avatar - lighthouse
ONEONTA,NEW YORK
United States
Member #30516
January 17, 2006
419 Posts
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Posted: March 20, 2007, 2:08 pm - IP Logged

the best of luck to dan and candy

    Avatar

    Honduras
    Member #20982
    August 29, 2005
    4715 Posts
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    Posted: March 20, 2007, 2:55 pm - IP Logged

    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..." 

      MissNYC's avatar - diva
      Westchester, New York
      United States
      Member #49345
      January 27, 2007
      168 Posts
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      Posted: March 20, 2007, 3:01 pm - IP Logged

      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"

      Bed

       

        Avatar

        Honduras
        Member #20982
        August 29, 2005
        4715 Posts
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        Posted: March 20, 2007, 3:06 pm - IP Logged

        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..." 

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
          23274 Posts
          Online
          Posted: March 20, 2007, 3:22 pm - IP Logged

          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.

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!

            Avatar
            Coastal Georgia
            United States
            Member #2653
            October 30, 2003
            1866 Posts
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            Posted: March 20, 2007, 3:52 pm - IP Logged

            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. 

             

                                           

                          

             

             

              Avatar
              California
              United States
              Member #46824
              October 1, 2006
              270 Posts
              Offline
              Posted: March 20, 2007, 4:02 pm - IP Logged

              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.

                Avatar
                BILOXI, MISSISSIPPI
                United States
                Member #19651
                August 3, 2005
                621 Posts
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                Posted: March 20, 2007, 4:28 pm - IP Logged

                Power ball seems like the bold headed step child of MM the jackpot was 188 million no hype  not even on the LP

                  MissNYC's avatar - diva
                  Westchester, New York
                  United States
                  Member #49345
                  January 27, 2007
                  168 Posts
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                  Posted: March 20, 2007, 5:54 pm - IP Logged

                  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"

                  Bed

                   

                    MADDOG10's avatar - smoke
                    Beautiful Florida
                    United States
                    Member #5709
                    July 18, 2004
                    20119 Posts
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                    Posted: March 20, 2007, 6:30 pm - IP Logged

                    Power ball seems like the bold headed step child of MM the jackpot was 188 million no hype  not even on the LP

                    Thats the problem with everyone wanting a huge jackpot.

                    Regardless if the jackpot is large or small, play it the same. Be happy you've won and do what you're supposed to do, enjoy it.

                    Congrats to Dan and Candy, now you don't have to work another 10 years to build your nest egg back up.    Be happy and enjoy....!  

                                                                 

                                                                   "  When Injustice Becomes Law, Resistance Becomes Duty "

                      TheGameGrl's avatar - character catafly.jpg
                      A long and winding road
                      United States
                      Member #17084
                      June 10, 2005
                      4529 Posts
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                      Posted: March 20, 2007, 9:42 pm - IP Logged

                      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!

                      Ohh dear, you get mad? Whatever for? I personally pray that some folks that have jobs they love stay in them! They make it easier to deal with when I go to a Hospital and see a person who absolutely enjoys aiding an injured person and isnt so disgruntled that they take it out on the patient. Sorry but NOT everyone HATES or dislikes their job. I am one of the few that probably would stay at my job , not becuase I am taking UP someone elses opportunity to earn a living but because I've earned the right to like what I do and get paid for it. Get used to it, there really are ministers, doctors and yes, store clerks who ENJOY what they do and think nothing better then being a contributing member of society. Their is more to a career then the paycheck. Sign me - One of "THOSE" people :)

                      On the main topic, Good'o to the chap for winning! Nice to know he's learned the value of investing and losing in such a volitile market...He will no doubt be more conservative with where his funds will end up :)

                      ~~Is it true, Is it kind,Is it necessary. ~~~

                      christmas holly jolly numbers: 255,303,6911, 474,477 silver:47,gold:79.

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                        New Jersey
                        United States
                        Member #21206
                        September 4, 2005
                        949 Posts
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                        Posted: March 21, 2007, 9:49 am - IP Logged

                        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!

                        Winning the lottery, I'm sure is a big change in itself.  You need to readjust when your life changes, and it's perfectly reasonable to go slow with it.

                        Everybody has some negative comment on lottery winners.    These people seem to me like they're going to be fine.    One thing they've got going for them is that they have seen huge losses, so they'll probably be fairly cautious in the future.  Good for them.

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                          md
                          United States
                          Member #14047
                          April 20, 2005
                          579 Posts
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                          Posted: March 21, 2007, 2:19 pm - IP Logged

                          Winning the lottery, I'm sure is a big change in itself.  You need to readjust when your life changes, and it's perfectly reasonable to go slow with it.

                          Everybody has some negative comment on lottery winners.    These people seem to me like they're going to be fine.    One thing they've got going for them is that they have seen huge losses, so they'll probably be fairly cautious in the future.  Good for them.

                          Its not that "everyone has some negative comment on lottery winners."  It is that many lottery winners turn out to be models of what not to do.  Its just like Presidents and elected officials, or sports stars, or movie stars, when you are in the glaring lights of public attention, people have every right to their opinion.  That being negative or positive.  Most of the comments I have seen in the 2 and half years I have been here when someone wins, is the LP members say great things about the hopes for these people. 

                          But come on and be real, there are the Jack Whitakers in the world.

                            tiggs95's avatar - Lottery-036.jpg

                            United States
                            Member #47420
                            November 4, 2006
                            3930 Posts
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                            Posted: March 21, 2007, 2:31 pm - IP Logged

                            I don't mean to sound selfish..BUT IT"S MY TURN!!!...OH YEAH!!!!!!!!!!!!!