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View Full Version : Could you deal with winning $315 million?



DILLIGAF
01-30-2007, 06:35 AM
I have always heard that for many of the lottery winners their lives take a turn for the worst. I don't really understand why but I would like to take the chance to find out. Of course I would not want to ruin my family and so forth. I just don't get it and probably will never have the opportunity to either. I vary rarely play any lotto games myself but every once in a while I will buy a ticket or two.
Hard-Luck Lottery Winner Says He's Broke
Tells Lawyer Thieves Emptied His Bank Accounts
AP
CHARLESTON, W.Va. (Jan. 12) - A man beset by problems since winning a record lottery jackpot says he can't pay a settlement to a casino worker because thieves cleaned out his bank accounts.
Crooks 'Got All My Money'
Jack Whittaker's statement about the theft came to light in court filings related to an assault case.
Powerball winner Jack Whittaker gave that explanation in a note last fall to a lawyer for Kitti French, who accused him of assaulting her at the Tri-State Racetrack and Gaming Center, a slots-only casino near Charleston, according to a motion French's lawyer filed this week demanding payment of the confidential settlement.
Whittaker won a nearly $315 million on Christmas 2002, then the largest undivided lottery prize in U.S. history. He took his winnings in a lump sum of $113 million after taxes.
Since then, he has faced his granddaughter's death by drug overdose; he has been sued for bouncing checks at Atlantic City, N.J., casinos; he has been ordered to undergo rehab after being arrested on drunken driving charges; his vehicles and business have been burglarized; and he has been sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house.
"I intend to pay but can't without any money," Whittaker wrote, according to the motion.
An official with City National Bank said Friday the bank is investigating "small discrepancies" in Whittaker's accounts.
Calls to Whittaker and his lawyers Friday were not immediately returned.

roostwear
01-30-2007, 06:42 AM
The word "casino" kept coming up. Maybe Whittaker needs to start visiting Gambler's Anonymous...:hammer2: .

Jordy
01-30-2007, 06:45 AM
I think it's more than a small amount of lottery winners who's lives end up worse than before the win. It's like 98% or so. There was a study done a while back that came up with that number, and I tend to believe it. :(
Say for example you win a million dollar lottery and take the annuity. That's $50,000 a year for 20 years BEFORE taxes. Call it $30,000 after taxes a year. It's a nice little supplement, but I know I'm not quitting my job and retiring to some palm covered beach on that money. But I'm a millionaire on paper right? From what I recall on the study so many of these "millionaire" get in over their heads with new cars, new houses, new boats, etc. only to realize that their $30K a year isn't going to cover it all. Pretty sad really.
p.s. I'd take my chances with a big jackpot, however I'd do it all differently. Nobody would know I won. I'd have a 3rd party/agent/representative pick up the check for me and it would go into an offshore account. The only indication that anything had changed would be my Christmas cards from different beaches under different palm trees every year. Not that I've given this any thought or anything. :D
p.s.s. Then again, I don't live in a trailer so I don't have to worry about winning the lottery, or getting hit by a tornado. Guess you gotta take the good with the bad. :D

voodoomedman
01-30-2007, 06:46 AM
Tom from what I've seen on here you know how to manage your money. That's the difference. Give a homeless guy a million bucks and it'll be gone in a week. The people that win this money go and buy businesses and things they know nothing about and run them into the ground. This is after they go out the next day after winning and spend most of their money on their wish list. Short of paying off my school loans I'd sit on the money and not touch it until I found the right advisor to help me invest to make me money and not him/her.

DAB
01-30-2007, 06:47 AM
Tom, I think I could (got an extra 315mil:D ).. The problems arise when they plaster your face all over every billboard and flyer for the advertisement of that shit and then the next thing you know, you have 47 kids from 26 different women all showing up calling you Daddy.. you then would have to worry about anyone that was close to you, people have done bad shit for very little money.. Personally, I'd have my attorney show up sign for us and we wouldn't tell the kids until they were much older (kids would have a tendency to let everyone know mom and dad won the lotto).. And initially I'd try and keep things real close to the same.. then I'd go on the binge:D

My Man's Sportin' Wood
01-30-2007, 06:47 AM
How the $%*@ do you "lose" 118 million in 4 years? Another 4-6 years it should have doubled! Someone should have introduced him to the term "financial advisor".
In Napoleon Dynamite voice "friggen idiot!"

DILLIGAF
01-30-2007, 06:48 AM
I think it's more than a small amount of lottery winners who's lives end up worse than before the win. It's like 98% or so. There was a study done a while back that came up with that number, and I tend to believe it. :(
Say for example you win a million dollar lottery and take the annuity. That's $50,000 a year for 20 years BEFORE taxes. Call it $30,000 after taxes a year. It's a nice little supplement, but I know I'm not quitting my job and retiring to some palm covered beach on that money. But I'm a millionaire on paper right? From what I recall on the study so many of these "millionaire" get in over their heads with new cars, new houses, new boats, etc. only to realize that their $30K a year isn't going to cover it all. Pretty sad really.
p.s. I'd take my chances with a big jackpot, however I'd do it all differently. Nobody would know I won. I'd have a 3rd party/agent/representative pick up the check for me and it would go into an offshore account. The only indication that anything had changed would be my Christmas cards from different beaches under different palm trees every year. Not that I've given this any thought or anything. :D
Good ideas but I think there is some small print somewhere that allows them to use you in publicity and of course your name becomes public.

My Man's Sportin' Wood
01-30-2007, 06:51 AM
If I won a big one (which I won't because I don't play) I'd move to the Virgin Islands, or Caymans and not tell anyone. . . well, maybe Sportin' Wood :D maybe:devil:

TAF
01-30-2007, 06:52 AM
I think it's more than a small amount of lottery winners who's lives end up worse than before the win. It's like 98% or so. There was a study done a while back that came up with that number, and I tend to believe it. :(
Say for example you win a million dollar lottery and take the annuity. That's $50,000 a year for 20 years BEFORE taxes. Call it $30,000 after taxes a year. It's a nice little supplement, but I know I'm not quitting my job and retiring to some palm covered beach on that money. But I'm a millionaire on paper right? From what I recall on the study so many of these "millionaire" get in over their heads with new cars, new houses, new boats, etc. only to realize that their $30K a year isn't going to cover it all. Pretty sad really.
p.s. I'd take my chances with a big jackpot, however I'd do it all differently. Nobody would know I won. I'd have a 3rd party/agent/representative pick up the check for me and it would go into an offshore account. The only indication that anything had changed would be my Christmas cards from different beaches under different palm trees every year. Not that I've given this any thought or anything. :D
p.s.s. Then again, I don't live in a trailer so I don't have to worry about winning the lottery, or getting hit by a tornado. Guess you gotta take the good with the bad. :D
That waitress saw you coming when you valet parked. Nice touch. What was it, 2 minutes tops that you were seated before she gave you her #? Nice. :D
Thanks again dude, we all had a blast . When will summer get here:idea:

Jordy
01-30-2007, 06:52 AM
Good ideas but I think there is some small print somewhere that allows them to use you in publicity and of course your name becomes public.
Damn, guess it's a good thing I don't live in a trailer then huh??? :D :D :D

Jordy
01-30-2007, 06:53 AM
That waitress saw you coming when you valet parked. Nice touch. What was it, 2 minutes tops that you were seated before she gave you her #? Nice. :D
Funny how that works huh??? I figured she would have watched me leave, then again, I had her number by then. It does all make sense now though. :D :D :D

DILLIGAF
01-30-2007, 06:54 AM
Tom from what I've seen on here you know how to manage your money. That's the difference. Give a homeless guy a million bucks and it'll be gone in a week. The people that win this money go and buy businesses and things they know nothing about and run them into the ground. This is after they go out the next day after winning and spend most of their money on their wish list. Short of paying off my school loans I'd sit on the money and not touch it until I found the right advisor to help me invest to make me money and not him/her.
Thanks but that is an entirelly different level of course. I would put it in the hands of a good, reliable professional and just spend the interest earned. The principal would never be touched and would be set up to go to my son and his family along with the grandson with stringent guidelines to only have access to the interest. Sorry Trump Tight :)
I would fly Tom Brown, Holligan and any other of the Cantards that post on HB in from Canada and have a party. You know just so we could bash Canada up front and personally :)
jk about the bashing Canada folks. I would fly you in for the party though.....That would be one hell of a party :)

voodoomedman
01-30-2007, 06:55 AM
Good ideas but I think there is some small print somewhere that allows them to use you in publicity and of course your name becomes public.
To me it's as simple as asking simple questions!
How is my house in Havasu decorated?
Oh okay so I've never thought of you enough to share my family vacation time with you and your family so why do you think I'd give a damn enough about you to give you a penny?

DILLIGAF
01-30-2007, 06:58 AM
Damn, guess it's a good thing I don't live in a trailer then huh??? :D :D :D
Well, if you were in a real trailer with wheels and shit....you could just keep relocating and wearing tose funny mustache, glasses and big nose disguises
:)

DILLIGAF
01-30-2007, 06:59 AM
If I won a big one (which I won't because I don't play) I'd move to the Virgin Islands, or Caymans and not tell anyone. . . well, maybe Sportin' Wood :D maybe:devil:
Angie, Angie, Angie........
Go get another cup of coffee :)
I would hope you would at least sponsor Jeff a nice rock climber or racing team....

voodoomedman
01-30-2007, 06:59 AM
Thanks but that is an entirelly different level of course. I would put it in the hands of a good, reliable professional and just spend the interest earned. The principal would never be touched and would be set up to go to my son and his family along with the grandson with stringent guidelines to only have access to the interest. Sorry Trump Tight :)
I would fly Tom Brown, Holligan and any other of the Cantards that post on HB in from Canada and have a party. You know just so we could bash Canada up front and personally :)
jk about the bashing Canada folks. I would fly you in for the party though.....That would be one hell of a party :)
Exactly my point. Yes it's a different level but you already are thinking about the financial future where most of the folks that win think "what can I buy?"
And if you bring Tom Brown down here make sure that you rent a supersize porta-potty for him. You don't want that guy in your bathroom.

DILLIGAF
01-30-2007, 07:01 AM
To me it's as simple as asking simple questions!
How is my house in Havasu decorated?
Oh okay so I've never thought of you enough to share my family vacation time with you and your family so why do you think I'd give a damn enough about you to give you a penny?
When the shit hits the fan get back to simple and basic....yep, I like that

OGShocker
01-30-2007, 07:08 AM
If I won a big one (which I won't because I don't play) I'd move to the Virgin Islands, or Caymans and not tell anyone. . . well, maybe Sportin' Wood :D maybe:devil:
Reminds me of the joke....
Man: Hunny, pack your bags, I hit the Lotto for 25 million!
Wife: Where are we going?
Man: WE?
:D :D :D

Boozer
01-30-2007, 07:19 AM
For most people winning the lotto tears them up because they don't know how to deal with the money.
However, in this particular instance the guy was a millionaire prior to winning the lotto. He had a sucessful construction company and was a good family man. After winning the powerball jackpot he had promised to tithe <sp> 10 or 15% of his pre-tax winnings to his local church (which never happened, the church claims to have receieved about $15,000).
Sadly the money changed him. He became a compulsive gambler, alcoholic, and developed an addiction to strippers. His grand daughter killed herself, his wife left him, he lost his business, Has been drugged and robbed, is currently being sued for the death of his daughters boyfriend (he od'd on drugs in this guys house), and just settled a lawsuit with a casino where he allegedly assaulted a cocktail waitress.
I'd hate to think that winning a huge jackpot could ruin me but it seems that stories like this one are very very common among lotto winners.

acatitude
01-30-2007, 07:33 AM
well DILLIGAF, if you won 315 million I think you should invest it wisely.....
buy the clippers:D

Jordy
01-30-2007, 07:33 AM
Reminds me of the joke....
Man: Hunny, pack your bags, I hit the Lotto for 25 million!
Wife: Where are we going?
Man: WE?
:D :D :D
Man: Honey, you can go where ever you want, just get the FOCK OUT!!!! :D :D :D

Big Warlock
01-30-2007, 07:33 AM
I think Tom is right about having to reveal your name for publicity purposes. However, I would try to collect the ticket through one of my holding companies, if possible. Try and accumulate as much write off as possible prior to the end of the fiscal year of the company and retreive the taxes. Preferably in income producing real estate. However, there is an appeal to just eating the taxes and put the remainder in tax free muni bonds, spread across the US (in an irrevocable trust) and enjoy 4% income for the rest of my life! You can live good on that!
Yea I have put alot of thought into it! hahahaha. But I can't complain. My life is excellent and I can't ask for anything more. I have been very blessed. But, I do have my cross to bear as well. How are you this morning Jordy??? :D

Big Warlock
01-30-2007, 07:34 AM
Oh, and I am so ready for summer!!! :)

Jordy
01-30-2007, 07:35 AM
How are you this morning Jordy??? :D
Hey, I resemble that cross comment, but I'll ignore it for now. ;) I'm spectacular, but I've got a hell of a story to tell. Apparently she likes to talk at other times, like when I'm on the phone as well. Had to give her the boot last night and am still doing damage control this morning. What an exciting life I lead!!! It's not easy being me. :D :D :D

My Man's Sportin' Wood
01-30-2007, 07:36 AM
I would put it in the hands of a good, reliable professional and just spend the interest earned. The principal would never be touched and would be set up to go to my son and his family along with the grandson with stringent guidelines to only have access to the interest.
Ditto, after I spent a couple of million on my Cayman house :D . Then live off the interest, on a budget.
Yes, Tom, SW could go do his Jeepin' stuff, as long as it didn't eat into the principal. Budget. Otherwise, he'd have to be happy sittin' on the beach with me drinking a daquari. :D Torturous, I know.

Sportin' Wood
01-30-2007, 07:46 AM
Ditto, after I spent a couple of million on my Cayman house :D . Then live off the interest, on a budget.
Yes, Tom, SW could go do his Jeepin' stuff, as long as it didn't eat into the principal. Budget. Otherwise, he'd have to be happy sittin' on the beach with me drinking a daquari. :D Torturous, I know.
I'd work on endorsment deals if ya bought me a trophy truck, Maybe!:D

RiverToysJas
01-30-2007, 07:49 AM
.... Otherwise, he'd have to be happy sittin' on the beach with me drinking a daquari. :D Torturous, I know.
I was wonding....If you can afford to drink a lot, and don't have a job to report to, then is it really a "drinking problem"? ..........I guess we really should be asking Tom specifically. http://www.***boat.com/ubb/graemlins/idea_2.gif
RTJas :D

My Man's Sportin' Wood
01-30-2007, 07:51 AM
I was wonding....If you can afford to drink a lot, and don't have a job to report to, then is it really a "drinking problem"? ..........I guess we really should be asking Tom specifically. http://www.***boat.com/ubb/graemlins/idea_2.gif
RTJas :D
LMFAO!!!
Alright, I'm outta here.

Big Warlock
01-30-2007, 08:27 AM
Hey, I resemble that cross comment, but I'll ignore it for now. ;) I'm spectacular, but I've got a hell of a story to tell. Apparently she likes to talk at other times, like when I'm on the phone as well. Had to give her the boot last night and am still doing damage control this morning. What an exciting life I lead!!! It's not easy being me. :D :D :D
Dude! Your a train wreck!!! hahahahahahaha

Jordy
01-30-2007, 08:31 AM
Dude! Your a train wreck!!! hahahahahahaha
It's a fun ride though!!! :D :D :D

C-2
01-30-2007, 08:32 AM
Fawk, I just won $11 bucks on lotto, and now I'm all confused. Decisions decisions.:D :D Should I call my attorney?
My neighbor's ex (yes, ex) won $11 million and is doing fine. Not everybody is a gambling drunk.

Jordy
01-30-2007, 08:35 AM
Not everybody is a gambling drunk.
True. But we just don't like those kind of people!!! :D

Jetaholic
01-30-2007, 08:35 AM
If I won a big one...
Didn't you do just that when you hooked up with Sportin' Wood? :D

DILLIGAF
01-30-2007, 08:40 AM
well DILLIGAF, if you won 315 million I think you should invest it wisely.....
buy the clippers:D
:)
I could not do any worse than DTS...that's for sure.
First thing I would do:
1) Make Baylor just a figure head with no real powers

DILLIGAF
01-30-2007, 08:42 AM
Yes, Tom, SW could go do his Jeepin' stuff, as long as it didn't eat into the principal. Budget. Otherwise, he'd have to be happy sittin' on the beach with me drinking a daquari. :D Torturous, I know.
Pure torture...and shit! You know, making him drink those umbrella drinks :)

DILLIGAF
01-30-2007, 08:44 AM
I was wonding....If you can afford to drink a lot, and don't have a job to report to, then is it really a "drinking problem"? ..........I guess we really should be asking Tom specifically. http://www.***boat.com/ubb/graemlins/idea_2.gif
RTJas :D
"Coming in now off the bench in the bottom of the 9th. Season on the line. He gets a hold of that one and BAK BAK BAK...it's gone"
Good stroke there Jason.....lol

DILLIGAF
01-30-2007, 08:46 AM
I think Tom is right about having to reveal your name for publicity purposes. However, I would try to collect the ticket through one of my holding companies, if possible. Try and accumulate as much write off as possible prior to the end of the fiscal year of the company and retreive the taxes. Preferably in income producing real estate. However, there is an appeal to just eating the taxes and put the remainder in tax free muni bonds, spread across the US (in an irrevocable trust) and enjoy 4% income for the rest of my life! You can live good on that!
Yea I have put alot of thought into it! hahahaha. But I can't complain. My life is excellent and I can't ask for anything more. I have been very blessed. But, I do have my cross to bear as well. How are you this morning Jordy??? :D
What would 4% yearly be on about $130. million anyhow?
Never mind...I just ran a quick calculation and it is a LOT! Enough for anybody to get by on for sure.....

Phat Matt
01-30-2007, 09:42 AM
I have always wanted to answer questions at the press conference. The first question would be, "What are you going to do with the money?"
I would then say, "Lots of coke and hookers!" Then I would walk off the stage. :D

DILLIGAF
01-30-2007, 09:54 AM
I have always wanted to answer questions at the press conference. The first question would be, "What are you going to do with the money?"
I would then say, "Lots of coke and hookers!" Then I would walk off the stage. :D
LOL...That would be funnier than shit Matt.

Phat Matt
01-30-2007, 10:13 AM
LOL...That would be funnier than shit Matt.
I figure that video clip would travel the world. :)

rmarion
01-30-2007, 10:31 AM
I would sure like to try and lose all that $$$$$$$$:devil:

Sherpa
01-30-2007, 10:32 AM
I would tend to believe most* people would go a little "stupid" with some portion of the winnings for awhile............
but it would seem that those who are broke within a few short years of
winning a huge jackpot are the same types that can't balance a checkbook,
as well as budget money anyway..........
I would certainly keep the fact that I won quiet..........
--Sherpa

Sportin' Wood
01-30-2007, 10:42 AM
Didn't you do just that when you hooked up with Sportin' Wood? :D
It's been 16 years, maybe she's looking for the bigger better deal?

Sportin' Wood
01-30-2007, 10:42 AM
Pure torture...and shit! You know, making him drink those umbrella drinks :)
I like beer, it makes me a jolly good fellow!