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Retired auto worker, 2 children claim $314M Powerball lottery jackpot

Topic closed. 30 replies. Last post 9 years ago by dingo.

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fja's avatar - gnome1

United States
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January 19, 2002
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Posted: September 13, 2007, 4:58 pm - IP Logged

Did you hear.  He is waiting for CA supper lotto to go into "sudden death".  Then he will by all the tickets and step forward......

"Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

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    Coastal Georgia
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    Posted: September 13, 2007, 5:03 pm - IP Logged

    Did you hear.  He is waiting for CA supper lotto to go into "sudden death".  Then he will by all the tickets and step forward......

    ROFL

     

                                   

                  

     

     

      awwcrap's avatar - moon
      ky
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      Posted: September 13, 2007, 9:16 pm - IP Logged

      Stories like that makes me happySmile,,I hope they don't run into people begging for money,,so they can buy a house.

      Guess what fellow LPer's, I got food poisoning from the cafeteria at my place of employmentPukeI know foodpoisoning has nothing to with this story,,but i had to share this with my LP family, heh heh

        JackpotWanna's avatar - squiz

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        March 23, 2004
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        Posted: September 14, 2007, 7:21 am - IP Logged

        Stories like that makes me happySmile,,I hope they don't run into people begging for money,,so they can buy a house.

        Guess what fellow LPer's, I got food poisoning from the cafeteria at my place of employmentPukeI know foodpoisoning has nothing to with this story,,but i had to share this with my LP family, heh heh

        I hope you feel better.  Group Hug

          sirbrad's avatar - Lottery-062.jpg
          PA
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          October 6, 2005
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          Posted: September 14, 2007, 8:21 am - IP Logged

          Finally someone smart enough to actually quit their job, or at least admit to it. I was expecting "We will keep working like complete fools, and nothing will change much. It is a lot of money, but not a lot of money..." Sleep  Yawn  Bed

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            Posted: September 14, 2007, 11:02 pm - IP Logged

            314M - isn't that the exact (annuity value) amount JW won? Someday all of you will be over 65 so you'll enter into the high winning bracket yourself, and by then maybe the jackpots will be over a billion!

              Guru101's avatar - rw6jhh
              Indiana
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              January 7, 2007
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              Posted: September 14, 2007, 11:36 pm - IP Logged

              314M - isn't that the exact (annuity value) amount JW won? Someday all of you will be over 65 so you'll enter into the high winning bracket yourself, and by then maybe the jackpots will be over a billion!

              This one was $314.3M, Jack Whitaker won $314.9M.

              Gonna win.Big Smile

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                NY
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                October 16, 2005
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                Posted: September 15, 2007, 12:09 am - IP Logged

                The difference between this PB jackpot and Jack's is far bigger than those numbers suggest. These people and Jack both chose the lump sum. They're getting about 146 million before taxes and Jack got about 170. Yet another excellent example of how misleading the annuity value is.

                  Guru101's avatar - rw6jhh
                  Indiana
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                  Posted: September 15, 2007, 12:48 pm - IP Logged

                  The difference between this PB jackpot and Jack's is far bigger than those numbers suggest. These people and Jack both chose the lump sum. They're getting about 146 million before taxes and Jack got about 170. Yet another excellent example of how misleading the annuity value is.

                  It's not misleading. You get the prize you choose. You're trying to say that because Jack Whitaker's cash value was $170M and this one was $146M, that the cash value has gone down, but that's not true. It is the interest rates that have gone UP. The cash value is determined first, then they calculate the annuity value. So now, PowerBall can offer a higher annuity prize with less cash than it could 5 years ago.

                  Gonna win.Big Smile

                    justxploring's avatar - villiarna
                    Wandering Aimlessly
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                    Posted: September 15, 2007, 3:07 pm - IP Logged

                    I agree with both of you. Yes, interest rates are a bit higher, but I don't think that's the only reason.  Isn't another reason the lump sum value is lower because PB changed the structure from even payments to gradual increases?  That makes a big difference because the annuitant gets a much smaller check every year and, therefore, more money stays in the pot making it grow.  So the final amount after 30 years is higher but the initial amount is considerably lower.  IMHO this is cheating the player, because most people when they realize all the negatives will take the lump sum.  I wouldn't complain if I "only" ended up with $10 million but that's not the point. Also, I used to think taking annual payments was the way to go until another LP member enlightened me to the fact that, if I bite the dust, my beneficiaries will have to pay estate tax on the entire amount, even though they haven't yet received it.  I looked that up and there have been many lawsuits against the IRS because, of course, people can't possibly pay it without selling the annuity and taking a huge loss. Then they end up with hardly anything.  So maybe it isn't false advertising, but to me it's very deceptive. 

                      Guru101's avatar - rw6jhh
                      Indiana
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                      Posted: September 15, 2007, 3:46 pm - IP Logged

                      I agree with both of you. Yes, interest rates are a bit higher, but I don't think that's the only reason.  Isn't another reason the lump sum value is lower because PB changed the structure from even payments to gradual increases?  That makes a big difference because the annuitant gets a much smaller check every year and, therefore, more money stays in the pot making it grow.  So the final amount after 30 years is higher but the initial amount is considerably lower.  IMHO this is cheating the player, because most people when they realize all the negatives will take the lump sum.  I wouldn't complain if I "only" ended up with $10 million but that's not the point. Also, I used to think taking annual payments was the way to go until another LP member enlightened me to the fact that, if I bite the dust, my beneficiaries will have to pay estate tax on the entire amount, even though they haven't yet received it.  I looked that up and there have been many lawsuits against the IRS because, of course, people can't possibly pay it without selling the annuity and taking a huge loss. Then they end up with hardly anything.  So maybe it isn't false advertising, but to me it's very deceptive. 

                      People should automatically assume that the advertised jackpot is the annuity amount, so it's not false advertising. It even states on the PowerBall website that the annuity value and cash value are 2 distinct prize options and because it's your option which prize to take, you really having nothing to complain about and there is no cheating of the player. There's also the third option: DON'T PLAY. If someone is going to complain about a game and it's rules, then that person shouldn't even play at all. Either be happy with what the game offers, or don't play, it's as simple as that. Of course, those people who are currently complaining about cash value vs annuity value all of a sudden won, I'm sure they wouldn't be complaining at all.

                      Gonna win.Big Smile

                        computerhead723's avatar - lightbulb
                        Buffalo
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                        August 17, 2007
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                        Posted: September 15, 2007, 10:45 pm - IP Logged

                        People should automatically assume that the advertised jackpot is the annuity amount, so it's not false advertising. It even states on the PowerBall website that the annuity value and cash value are 2 distinct prize options and because it's your option which prize to take, you really having nothing to complain about and there is no cheating of the player. There's also the third option: DON'T PLAY. If someone is going to complain about a game and it's rules, then that person shouldn't even play at all. Either be happy with what the game offers, or don't play, it's as simple as that. Of course, those people who are currently complaining about cash value vs annuity value all of a sudden won, I'm sure they wouldn't be complaining at all.

                        well I  dis-agree  with  the  assumtion  that  if  you  don't  like  the  RULES  OF  THE  GAME  , AND  YOU  DON'T  AGREE  WITH  THE  GAME  ........don't  play  ;

                        the  lottery  are  State  run  and  state  controled  (in  part)  and  the  Government  is  You  and  me  and  all  of  its  citizens  .....so  we  do  have  a  right  to  complain......and  to  make  new  laws  concerning  the  lottery  ...I  always  hated  some  new  lotterys  like  Mega  who  pay out   over  26  years.....thats  way  to  long  I  say  20  yrs,.  is  considered  life;

                        I  prefer  my  money  while  I  am  alive  not  dead @Time  is  also  against  the  value  of  money 

                         and  gives  weight  to  your  argument  on   the  annuity ;   

                          Guru101's avatar - rw6jhh
                          Indiana
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                          Posted: September 16, 2007, 11:55 am - IP Logged

                          well I  dis-agree  with  the  assumtion  that  if  you  don't  like  the  RULES  OF  THE  GAME  , AND  YOU  DON'T  AGREE  WITH  THE  GAME  ........don't  play  ;

                          the  lottery  are  State  run  and  state  controled  (in  part)  and  the  Government  is  You  and  me  and  all  of  its  citizens  .....so  we  do  have  a  right  to  complain......and  to  make  new  laws  concerning  the  lottery  ...I  always  hated  some  new  lotterys  like  Mega  who  pay out   over  26  years.....thats  way  to  long  I  say  20  yrs,.  is  considered  life;

                          I  prefer  my  money  while  I  am  alive  not  dead @Time  is  also  against  the  value  of  money 

                           and  gives  weight  to  your  argument  on   the  annuity ;   

                          Wait, you're telling me you don't think someone shouldn't play a game if they don't like the rules? That just doesn't make sense. They know the rules, they should either be happy with them or not, and if they don't, they shouldn't play. Not everyone can be pleased. It's just simple logic. Also, when in my previous post did I say the annuity option is better than the cash option? I didn't. You said you want your money now, but I would guess you are 35 or older. Someone much younger, for example, me, who is 21 years old, might be better off taking the annuity option. Neither of the 2 options is completely better than the other. It just depends on the person who won, and in the end, it's their choice.

                          Gonna win.Big Smile

                            computerhead723's avatar - lightbulb
                            Buffalo
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                            Posted: September 18, 2007, 2:47 am - IP Logged

                            Wait, you're telling me you don't think someone shouldn't play a game if they don't like the rules? That just doesn't make sense. They know the rules, they should either be happy with them or not, and if they don't, they shouldn't play. Not everyone can be pleased. It's just simple logic. Also, when in my previous post did I say the annuity option is better than the cash option? I didn't. You said you want your money now, but I would guess you are 35 or older. Someone much younger, for example, me, who is 21 years old, might be better off taking the annuity option. Neither of the 2 options is completely better than the other. It just depends on the person who won, and in the end, it's their choice.

                            What  I  said  was  ";;;;

                            the  lottery  are  State  run  and  state  controled  (in  part)  and  the  Government  is  You  and  me  and  all  of  its  citizens  .....so  we  do  have  a  right  to  complain......and  to  make  new  laws  concerning  the  lottery  "  I  stand  by  my  words  ...state  run  operations  like  the  lottery 

                            may  make  new  laws  diffficault  but  it  is  our    lottery  and  we  can  change  the  rules  for  the  better............Patriot

                              psykomo's avatar - animal shark.jpg

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                              Posted: September 18, 2007, 10:08 pm - IP Logged

                              Congratulations to the Coterels !!

                               

                               Good things happen to good folks.

                              2nd>>>D>>>motion

                              car-family>>^^^^^^

                              PSYKOMO