Retired steel worker opts for $40 million cash option
A retired steelworker is the recipient of the Indiana Lottery's infamous jackpot, which has been mysteriously building over a period of more than a year. Hoosier Lotto is typically won about a half-dozen times per year.
The family's rush to confirm their winning $54.5 million Hoosier Lotto ticket caused a brief scare before they all realized the good news.
Peter Gilbert, 62, East Chicago, appeared at Hoosier Lottery headquarters in Indianapolis yesterday to claim his winnings.
Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes.
With Gilbert were his wife, Ann, and son, Tony Gilbert, a detective with the East Chicago Police Department.
The drawing was Wednesday. Tony said his mother called the next day and told him to come to their house right away.
"I jumped in my car and I'm flying over there," he recalled today. "I was actually thinking something had happened to my dad, because my dad's health hasn't been that good."
He was about halfway there when he called his mother to see if they had gone to a hospital emergency room.
"'No,'" she said. "'It's good news. Hurry up and get over here.'"
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'"
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica.
Peter Gilbert bought the ticket at a Mobil gas station on Columbus Drive in East Chicago. Like other grandparents, he used his grandchildren's ages to pick some of the numbers.
One other number on the ticket meant something special, Gilbert said — the age of his pit bull, Caesar.
Fast facts: Hoosier Lotto
The winning numbers for the Nov. 7 Lotto jackpot were 8, 15, 16, 17, 35, 39.
It was the first Hoosier Lotto jackpot hit since Oct. 21, 2006.
The $54.5 million pot broke the previous record jackpot of $42 million.
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Congratulations to that guy. He's a retired steelworker; probably worked very hard most of his life. I hope he can rest and play golf every day. I also hope his family doesn't screw him over the money.
"and son, Tony Gilbert, a detective with the East Chicago Police Department." - I don't think many people will bother them.
"Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes." - Pretty high for cash value. Must be a typo.
"Las Vegas is their first stop, the family said" - No! No! Should be last stop.
Quote: Originally posted by Bradly_60 on Nov 15, 2007
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
With over one year before it has been won there could be a couple reasons.
The jackpot pool money could have been put into an interest bearing account after each draw until the jackpot is won.
Could be there was not much lower tier prize money paid out and that money was added to the next jackpot pool.
Quote: Originally posted by Bradly_60 on Nov 15, 2007
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
Maybe they don't buy an annuity but just put the money an a saving account that pays 3% API and write yearly checks until it all gone.
Or maybe they do buy regular annuities, but they are only obligated to pay out the advertised jackpot amounts so they also make some additional profit off the investments.
From the Indiana Lottery web site; the article's cash option estimate must have been an error:
Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.
And i thought Black people didn't win lotteries...lol...What i am trying to say is that for years i've been waiting to see a Black person win multi-millions in the lottery...Is always our Caucasians counterparts winning...And like how Blacks are becoming the shrinking minority in the U.S....
Congratulations on your Winnings ! Las Vegas need to be your last stop. please dont spend it all one place. Bring some to Freeport, Grand Bahama island!
I'm glad they won but I kind of find it ironic that someone would win so soon after Todd started reporting about the Indiana lotto not being hit after so long.
Quote: Originally posted by fastball 9 on Nov 16, 2007
I was born in scenic East Chicago, Indiana. I'd say that now the whole family can afford to move to Munster.
LOLOLOLOLOLOLOLOLOLOLOL...
As a Northwest Indiana native who grew up in Highland I find that joke hilarious!
On another note everything about the Hoosier Lottery is funny and not in a hilarious manner. It may be a coincidence that the jackpot was won right after Todd started talking about the Hoosier Lottery and it may be a coincidence that it was won in Northwest Indiana after the local paper ran a story where people questioned why it went so long. The bottom line is one can never take anything that happens with the Hoosier Lottey at face value.
I agree! Whether or not the Hoosier Lottery has corruption issues, one cannot argue that the jackpot went to what seems like a great family. I couldn't be happier for them!
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'" Wrong, your dad is rich now!
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica. Then he's going to quit his job! What the heck for? To be a leech? Now that's what I call a low life scum sucking loser!
Looks like dad is going to be supporting the whole family from now on! The son quits his job, then his wife will quit hers and so on down the line!
Good luck Mr. & Mrs. Gilbert, with your lottery win!
Quote: Originally posted by BaristaExpress on Nov 18, 2007
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'" Wrong, your dad is rich now!
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica. Then he's going to quit his job! What the heck for? To be a leech? Now that's what I call a low life scum sucking loser!
Looks like dad is going to be supporting the whole family from now on! The son quits his job, then his wife will quit hers and so on down the line!
Good luck Mr. & Mrs. Gilbert, with your lottery win!
Quote: Originally posted by BaristaExpress on Nov 18, 2007
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'" Wrong, your dad is rich now!
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica. Then he's going to quit his job! What the heck for? To be a leech? Now that's what I call a low life scum sucking loser!
Looks like dad is going to be supporting the whole family from now on! The son quits his job, then his wife will quit hers and so on down the line!
Good luck Mr. & Mrs. Gilbert, with your lottery win!
Only people without family values Think like this, In my family, I win that amount then everybody wins.
By the son being a cop, he's a target for lawsuits, already. Dad's lottery win would just make matters worse. Plus, whenever any of his collegues felt they were not getting enough overtime ... well, it's less headache to let that all go.
Only people without family values Think like this, In my family, I win that amount then everybody wins.
Family values? Where do you get off at, even bring that kind of statement to the table? Oh Please, I guess we have another holier than thou person again! Family values has not a cotton picking thing to do with it! But only a holier than thou person such as your self would bring such a thing up! Heck, I bet you even think that your brother or sister has an obligation to spread the wealth to you if they won the lottery in another state clear across the country from you! Oh, that's right they have to share with you, other wise they have no family values! People like you always wants something from others without contributing!
I never said not to help to make family members lives some what more comfortable in the years to come. I just don't believe anyone in the family has any right to assume they will be flat out be taken care of from that moment forward! A nice trust fund being set-up for each of the family members is a good and safe way to go! Also most trust funds are safe from law suits, and it still gives them plenty of financial relief throughout the year, and for many years to come for those family members who received a trust fund! And of course the amount of said trust funds should be at that persons discretion and influenced by no one!
Besides my parents taught me to take care of myself and to be a responsible, hard working person,who doesn't expect a hand out from someone else's good fortune (be it theirs or someone other than family)! There is nothing more satisfying than making your own fortune!
Quote: Originally posted by BaristaExpress on Nov 19, 2007
Family values? Where do you get off at, even bring that kind of statement to the table? Oh Please, I guess we have another holier than thou person again! Family values has not a cotton picking thing to do with it! But only a holier than thou person such as your self would bring such a thing up! Heck, I bet you even think that your brother or sister has an obligation to spread the wealth to you if they won the lottery in another state clear across the country from you! Oh, that's right they have to share with you, other wise they have no family values! People like you always wants something from others without contributing!
I never said not to help to make family members lives some what more comfortable in the years to come. I just don't believe anyone in the family has any right to assume they will be flat out be taken care of from that moment forward! A nice trust fund being set-up for each of the family members is a good and safe way to go! Also most trust funds are safe from law suits, and it still gives them plenty of financial relief throughout the year, and for many years to come for those family members who received a trust fund! And of course the amount of said trust funds should be at that persons discretion and influenced by no one!
Besides my parents taught me to take care of myself and to be a responsible, hard working person,who doesn't expect a hand out from someone else's good fortune (be it theirs or someone other than family)! There is nothing more satisfying than making your own fortune!
Now, put that in your pipe and smoke it tiber!
What's the basis for assuming that the son is assuming anything? If you've raised children who can't hold a job, are drunks or druggies, or have some other significant inability to function giving them a free ride isn't likely to make them a better person, though I think there'd often be a pretty good argument that you had played the major role in how they turned out. It sounds like these people raised a kid who turned out just fine, and they've got more than enough to set him up for life if they choose to do so. Of course there's nothing in the story that says he's not going to find another career after enjoying some time with his mother and sick father.
The main reason I'd want to clear more than a couple of million is the ability to share the good luck with those I value. I'd say that not sharing with friends and family is a better indication that somebody is a low life scum sucking loser than somebody accepting the good fortune their family chooses to share.
Quote: Originally posted by BaristaExpress on Nov 18, 2007
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'" Wrong, your dad is rich now!
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica. Then he's going to quit his job! What the heck for? To be a leech? Now that's what I call a low life scum sucking loser!
Looks like dad is going to be supporting the whole family from now on! The son quits his job, then his wife will quit hers and so on down the line!
Good luck Mr. & Mrs. Gilbert, with your lottery win!
Are you angry that the son plans to quit his job?
Are you angry that dad is gonna share with wife and son?
Are you angry that dad is going to support the whole family?
Quote: Originally posted by KY Floyd on Nov 20, 2007
What's the basis for assuming that the son is assuming anything? If you've raised children who can't hold a job, are drunks or druggies, or have some other significant inability to function giving them a free ride isn't likely to make them a better person, though I think there'd often be a pretty good argument that you had played the major role in how they turned out. It sounds like these people raised a kid who turned out just fine, and they've got more than enough to set him up for life if they choose to do so. Of course there's nothing in the story that says he's not going to find another career after enjoying some time with his mother and sick father.
The main reason I'd want to clear more than a couple of million is the ability to share the good luck with those I value. I'd say that not sharing with friends and family is a better indication that somebody is a low life scum sucking loser than somebody accepting the good fortune their family chooses to share.
Hey KY Floyd, go back and take a good look in the article where the son says he's going to quit his job with the police dept. And also his making the comment "We're rich". How does his father winning the lottery make him (the son) rich? The son is the one who has assumed!
I have explained enough, but it's time for you to go back and re-read the whole article, then you just might have a slight hold on things before making your next comment!
Are you angry that dad is gonna share with wife and son?
Are you angry that dad is going to support the whole family?
Man, your slip is showing!
csfb, come-on get with the program turkey!
No reason to be angry that he's going to quit his job, it's his choice to leave a perfectly good job that he already has that supports him and his family! It's just says to me he wants a free ride from his parents and their good fortune!
Not angry at any of it all csfb, I just made an observation as to the son making a move on his parents good fortune as if it was his! And we all know darn well it's not! His father won the lottery, not the son! Trying to take what isn't yours or trying to get a chunk of it anyway possible, just isn't right! That's why I called the son the names I did, nothing more than that!
Remember csfb, 99.9% of those who points a finger and accuses someone else of an offence (like their slip is showing), are already guilty of the same offence they are accusing someone else of commetting!
It not unusual for parents to share their good fortune with their grown children especially if their health is failing. Who's better to share it with than a child they like, trust and depend on and is available any time they call. Quitting his job will make him even more available when they need him.
The retired auto plant worker from Ohio who won the PowerBall jackpot in Indiana a couple of months ago showed up with his two grown children to collect his millions and no one thought less of them for sharing their father good fortune. I think his son was planning to quit his job also.
Quote: Originally posted by BaristaExpress on Nov 20, 2007
csfb, come-on get with the program turkey!
No reason to be angry that he's going to quit his job, it's his choice to leave a perfectly good job that he already has that supports him and his family! It's just says to me he wants a free ride from his parents and their good fortune!
Not angry at any of it all csfb, I just made an observation as to the son making a move on his parents good fortune as if it was his! And we all know darn well it's not! His father won the lottery, not the son! Trying to take what isn't yours or trying to get a chunk of it anyway possible, just isn't right! That's why I called the son the names I did, nothing more than that!
Remember csfb, 99.9% of those who points a finger and accuses someone else of an offence (like their slip is showing), are already guilty of the same offence they are accusing someone else of commetting!
Heh, heh, your slip is not only showing, it's also stained.
I suggest, you take your slip for professional cleaning. While your at it, have your lenses cleaned, too. That way, you'll see the world more clearly.
Quote: Originally posted by BaristaExpress on Nov 20, 2007
Hey KY Floyd, go back and take a good look in the article where the son says he's going to quit his job with the police dept. And also his making the comment "We're rich". How does his father winning the lottery make him (the son) rich? The son is the one who has assumed!
I have explained enough, but it's time for you to go back and re-read the whole article, then you just might have a slight hold on things before making your next comment!
Perhaps you should look at it again and try to figure out who understands what, both here and in the Gilbert household. You're making assumptions, and apparently don't know that you're completely clueless. You don't have a clue what the son's plans are beyond quitting his current job and taking a few trips with his parents. You don't have a clue what the parents plan to do about keeping or sharing the money. You don't have a clue what the son knew or meant when he said "we're rich now".
Well, perhaps you're not completely clueless. That there are grandchildren might be a clue that the son is their father and that he's still married to the kids mother. If so, you don't have a clue whether or not she has a job to quit or what her future job plans are. Of course it's also possible that the grandchildren are from another child, but you're clueless about that, too.
WTG on your win!!!!
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
Congratulations to that guy. He's a retired steelworker; probably worked very hard most of his life. I hope he can rest and play golf every day. I also hope his family doesn't screw him over the money.
"and son, Tony Gilbert, a detective with the East Chicago Police Department." - I don't think many people will bother them.
"Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes." - Pretty high for cash value. Must be a typo.
"Las Vegas is their first stop, the family said" - No! No! Should be last stop.
I like his system, grand children ages and the age of his dog, although he seems young to have grand children of ages 35 and 39.
With over one year before it has been won there could be a couple reasons.
The jackpot pool money could have been put into an interest bearing account after each draw until the jackpot is won.
Could be there was not much lower tier prize money paid out and that money was added to the next jackpot pool.
Maybe they don't buy an annuity but just put the money an a saving account that pays 3% API and write yearly checks until it all gone.
Or maybe they do buy regular annuities, but they are only obligated to pay out the advertised jackpot amounts so they also make some additional profit off the investments.
Congratulations to the Gilberts
WTG!!!
congratulations to these winners. they look very happy
Like other grandparents, he used his grandchildren's ages to pick some of the numbers.
The 35 & 39 are the ages of the son & daughter-in-law.
" "I was actually thinking something had happened to my dad, because my dad's health hasn't been that good."
Couldn't have come at a better time for them! Congratulations to the Gilberts!
From the Indiana Lottery web site; the article's cash option estimate must have been an error:
Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.
Congratulations to the Gilberts...
And i thought Black people didn't win lotteries...lol...What i am trying to say is that for years i've been waiting to see a Black person win multi-millions in the lottery...Is always our Caucasians counterparts winning...And like how Blacks are becoming the shrinking minority in the U.S....
Congratulations on your Winnings ! Las Vegas need to be your last stop. please dont spend it all one place. Bring some to Freeport, Grand Bahama island!
I was born in scenic East Chicago, Indiana. I'd say that now the whole family can afford to move to Munster.
I'm glad they won but I kind of find it ironic that someone would win so soon after Todd started reporting about the Indiana lotto not being hit after so long.
LOLOLOLOLOLOLOLOLOLOLOL...
As a Northwest Indiana native who grew up in Highland I find that joke hilarious!
On another note everything about the Hoosier Lottery is funny and not in a hilarious manner. It may be a coincidence that the jackpot was won right after Todd started talking about the Hoosier Lottery and it may be a coincidence that it was won in Northwest Indiana after the local paper ran a story where people questioned why it went so long. The bottom line is one can never take anything that happens with the Hoosier Lottey at face value.
Jim
Great story
I agree! Whether or not the Hoosier Lottery has corruption issues, one cannot argue that the jackpot went to what seems like a great family. I couldn't be happier for them!
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'" Wrong, your dad is rich now!
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica. Then he's going to quit his job! What the heck for? To be a leech? Now that's what I call a low life scum sucking loser!
Looks like dad is going to be supporting the whole family from now on! The son quits his job, then his wife will quit hers and so on down the line!
Good luck Mr. & Mrs. Gilbert, with your lottery win!
Oh. PLEASE!!!
Only people without family values Think like this, In my family, I win that amount then everybody wins.
By the son being a cop, he's a target for lawsuits, already. Dad's lottery win would just make matters worse. Plus, whenever any of his collegues felt they were not getting enough overtime ... well, it's less headache to let that all go.
Family values? Where do you get off at, even bring that kind of statement to the table? Oh Please, I guess we have another holier than thou person again! Family values has not a cotton picking thing to do with it! But only a holier than thou person such as your self would bring such a thing up! Heck, I bet you even think that your brother or sister has an obligation to spread the wealth to you if they won the lottery in another state clear across the country from you! Oh, that's right they have to share with you, other wise they have no family values! People like you always wants something from others without contributing!
I never said not to help to make family members lives some what more comfortable in the years to come. I just don't believe anyone in the family has any right to assume they will be flat out be taken care of from that moment forward! A nice trust fund being set-up for each of the family members is a good and safe way to go! Also most trust funds are safe from law suits, and it still gives them plenty of financial relief throughout the year, and for many years to come for those family members who received a trust fund! And of course the amount of said trust funds should be at that persons discretion and influenced by no one!
Besides my parents taught me to take care of myself and to be a responsible, hard working person,who doesn't expect a hand out from someone else's good fortune (be it theirs or someone other than family)! There is nothing more satisfying than making your own fortune!
Now, put that in your pipe and smoke it tiber!
What's the basis for assuming that the son is assuming anything? If you've raised children who can't hold a job, are drunks or druggies, or have some other significant inability to function giving them a free ride isn't likely to make them a better person, though I think there'd often be a pretty good argument that you had played the major role in how they turned out. It sounds like these people raised a kid who turned out just fine, and they've got more than enough to set him up for life if they choose to do so. Of course there's nothing in the story that says he's not going to find another career after enjoying some time with his mother and sick father.
The main reason I'd want to clear more than a couple of million is the ability to share the good luck with those I value. I'd say that not sharing with friends and family is a better indication that somebody is a low life scum sucking loser than somebody accepting the good fortune their family chooses to share.
Are you angry that the son plans to quit his job?
Are you angry that dad is gonna share with wife and son?
Are you angry that dad is going to support the whole family?
Man, your slip is showing!
Hey KY Floyd, go back and take a good look in the article where the son says he's going to quit his job with the police dept. And also his making the comment "We're rich". How does his father winning the lottery make him (the son) rich? The son is the one who has assumed!
I have explained enough, but it's time for you to go back and re-read the whole article, then you just might have a slight hold on things before making your next comment!
csfb, come-on get with the program turkey!
No reason to be angry that he's going to quit his job, it's his choice to leave a perfectly good job that he already has that supports him and his family! It's just says to me he wants a free ride from his parents and their good fortune!
Not angry at any of it all csfb, I just made an observation as to the son making a move on his parents good fortune as if it was his! And we all know darn well it's not! His father won the lottery, not the son! Trying to take what isn't yours or trying to get a chunk of it anyway possible, just isn't right! That's why I called the son the names I did, nothing more than that!
It not unusual for parents to share their good fortune with their grown children especially if their health is failing. Who's better to share it with than a child they like, trust and depend on and is available any time they call. Quitting his job will make him even more available when they need him.
The retired auto plant worker from Ohio who won the PowerBall jackpot in Indiana a couple of months ago showed up with his two grown children to collect his millions and no one thought less of them for sharing their father good fortune. I think his son was planning to quit his job also.
Heh, heh, your slip is not only showing, it's also stained.
I suggest, you take your slip for professional cleaning. While your at it, have your lenses cleaned, too. That way, you'll see the world more clearly.
Perhaps you should look at it again and try to figure out who understands what, both here and in the Gilbert household. You're making assumptions, and apparently don't know that you're completely clueless. You don't have a clue what the son's plans are beyond quitting his current job and taking a few trips with his parents. You don't have a clue what the parents plan to do about keeping or sharing the money. You don't have a clue what the son knew or meant when he said "we're rich now".
Well, perhaps you're not completely clueless. That there are grandchildren might be a clue that the son is their father and that he's still married to the kids mother. If so, you don't have a clue whether or not she has a job to quit or what her future job plans are. Of course it's also possible that the grandchildren are from another child, but you're clueless about that, too.