beat: $315m powerball winner now broke
 

CHARLESTON, W.Va. - 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.

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.

In the latest lawsuit, Whittaker told French's lawyer, John Barrett, that "a team of crooks" cashed checks in September at 12 City National Bank branches and "got all my money," according to the motion Barrett filed Wednesday in state court.

"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.

Re: beat: $315m powerball winner now broke
 

talk about sucking at life. what a waste of $315 million.

Re: beat: $315m powerball winner now broke
 

lol @ slots-only casinos

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

lol presentvalueoffuturemoneyaments

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

That's actually not bad at all. Lump sum is generally about half of the total: Paying $44.5m on $157.5m really isn't that bad. I'd be happy to have that problem.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

lol presentvalueoffuturemoneyaments

[/ QUOTE ]

Re: beat: $315m powerball winner now broke
 

Anyone think this guy might be Gimmenutz?

Re: beat: $315m powerball winner now broke
 

lol

Re: beat: $315m powerball winner now broke
 

hurley?

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
Anyone think this guy might be Gimmenutz?

[/ QUOTE ]

Same thought crossed my mind, but GN is from Texas

Re: beat: $315m powerball winner now broke
 

My lifes goal is to win the lottery.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
hurley?

[/ QUOTE ]

lol

rj

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

lol presentvalueoffuturemoneyaments

[/ QUOTE ]

[/ QUOTE ]

ALWAYS take the annuity option and not the lump sum payout when you buy a ticket. ALWAYS ALWAYS ALWAYS.

I'll be very impressed if anyone can tell me why I'm correct. There is a very good reason and it isn't what you think.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Whittaker won a nearly $315 million on Christmas 2002 [...] He took his winnings in a lump sum of $113 million after taxes.

[/ QUOTE ]

Jee-sus, the IRS are definitely the biggest crooks in this country.

[/ QUOTE ]

lol presentvalueoffuturemoneyaments

[/ QUOTE ]

[/ QUOTE ]

ALWAYS take the annuity option and not the lump sum payout when you buy a ticket. ALWAYS ALWAYS ALWAYS.

I'll be very impressed if anyone can tell me why I'm correct. There is a very good reason and it isn't what you think.

[/ QUOTE ]

A. You net more money.

B. You insulate yourself from going busto.

C. You can borrow against future payments (which is probably a bad idea, but still an option).

Re: beat: $315m powerball winner now broke
 

Not quite, you're getting closer with C, though.

Re: beat: $315m powerball winner now broke
 

You might also fall into a lower tax bracket if the win isn't quite that big.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
You might also fall into a lower tax bracket if the win isn't quite that big.

[/ QUOTE ]

true, but not what I'm talking about.

Re: beat: $315m powerball winner now broke
 

if you die you lose it all tho

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]

I'll be very impressed if anyone can tell me why I'm correct. There is a very good reason and it isn't what you think.

[/ QUOTE ]

I am curious about this answer. I was always under the opposite impression because you could potentially make lots more with proper investing by having the lump sum available now. Obv most lotto winners wont do this though.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
Not quite, you're getting closer with C, though.

[/ QUOTE ]

D. You can sell it, or get a structured settlement for a value greater than the lump sum payment.

Re: beat: $315m powerball winner now broke
 

I know nothing about US tax code but if you can borrow against future payments you could maybe set up investments, for example in real estate, that are paid for by these loans. Your income from these investments might then be negative and tax deductible while the real estate eventually belongs to you.

Re: beat: $315m powerball winner now broke
 

is it so that you have a yearly payment from which to give your relatives $10k per year no questions asked?

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
Not quite, you're getting closer with C, though.

[/ QUOTE ]

D. You can sell it, or get a structured settlement for a value greater than the lump sum payment.

[/ QUOTE ]

ding

There are many companies out there that would love to buy your annuity from you and will pay you more for it than the state will give you as a lump sum. The discount rate used to calculate the present value of your win in lump sum lottery payouts from the state usually SUCKS. You can get 10-15% extra from taking the annuity and selling it.

PLUS if you choose annuity, you have the option to take the lump sum payout anyway within 60 days. If you choose cash option at the time you buy your ticket, you're stuck with the lump sum payout. Go to the Mega Millions website and look for yourself.

Bottom line, always choose annuity, win the lottery, shop your annuity around for 60 days, sell it, make extra $$$$$

creating smarter gamblers everywhere,

DDY

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
if you die you lose it all tho

[/ QUOTE ]

no, the annuity becomes part of your estate. It is an asset you own and will be given to the recepients of your will just like your money in the bank.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
creating smarter gamblers everywhere,

DDY

[/ QUOTE ]

Smart would be not to make -EV bets, which the lottery is.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
Anyone think this guy might be Gimmenutz?

[/ QUOTE ]

Same thought crossed my mind, but GN is from Texas

[/ QUOTE ]

Really?

It would be funny if his neighbors were the RapDurrr house.

I still want to know more about GimmeNutz. Could he be Andy Beal? I hear that guy has a bankroll of a million dollars - GimmeNutz hasn't quite lost that much yet.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
creating smarter gamblers everywhere,

DDY

[/ QUOTE ]

Smart would be not to make -EV bets, which the lottery is.

[/ QUOTE ]

This is BBV. We make all kind of -EV bets here. Flips, BJ, craps, lotto, playing on pokerstars.

What's wrong with making an -EV bet less -EV?

And suck my balls

Re: beat: $315m powerball winner now broke
 

Flips aren't -EV dude.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
PLUS if you choose annuity, you have the option to take the lump sum payout anyway within 60 days. If you choose cash option at the time you buy your ticket, you're stuck with the lump sum payout. Go to the Mega Millions website and look for yourself.

[/ QUOTE ]

With Powerball, you decide which option you want when you claim your prize, not when you purchase your ticket. So you could definitely shop your annuity around before you even claim your prize.

I'll let you know how it works out, since I'm winning Powerball tomorrow night.

Re: beat: $315m powerball winner now broke
 

I have always wondered what the house edge in the lottery actually calculates out to be. I gotta think it trumps keno as the worst for the player.

Personally I have spent no more then 50 bucks in my life buying powerball tickets and I have never won anything back. And I think I would personally prefer winning a smaller amount (less then 10 million) then one of the huge jackpots. Too much money without earning it changes a persons life and probably not for the better in most instances.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
hurley?

[/ QUOTE ]
lol i was thinking the same thing

Re: beat: $315m powerball winner now broke
 

I'm way ahead in the lotto. Like 20K. It paid for college.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
I have always wondered what the house edge in the lottery actually calculates out to be. I gotta think it trumps keno as the worst for the player.

Personally I have spent no more then 50 bucks in my life buying powerball tickets and I have never won anything back. And I think I would personally prefer winning a smaller amount (less then 10 million) then one of the huge jackpots. Too much money without earning it changes a persons life and probably not for the better in most instances.

[/ QUOTE ]

?????

you better not play then at all. don't want to risk winning too much money!!! then what would you do?!

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
Flips aren't -EV dude.

[/ QUOTE ]

they are online when you pay rake, though HU on FT its only -.25 per flip

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
creating smarter gamblers everywhere,

DDY

[/ QUOTE ]

Smart would be not to make -EV bets, which the lottery is.

[/ QUOTE ]

sometimes the jackpot gets high enough to make lotteries +EV.

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
if you die you lose it all tho

[/ QUOTE ]

no, the annuity becomes part of your estate. It is an asset you own and will be given to the recepients of your will just like your money in the bank.

[/ QUOTE ]

Thats nice to know, I had always heard it was not willable as well.


If anyone wants more proof that this guy was a [censored] here is an old article that chronicles the first 3 yrs after he won.

http://www.washingtonpost.com/wp-dyn...2005Jan25.html

Re: beat: $315m powerball winner now broke
 

[ QUOTE ]
[ QUOTE ]
if you die you lose it all tho

[/ QUOTE ]

no, the annuity becomes part of your estate. It is an asset you own and will be given to the recepients of your will just like your money in the bank.

[/ QUOTE ]
Then I have two questions: 1) Is there any truth to the statement that if you die two years into an annuity payment plan, the rest of your lotto win is not paid out. And 2) What is the advantage of taking a lump sum?

Re: beat: $315m powerball winner now broke
 

1) why would that be true? You win the lotto, the annuity is your asset, if you die it becomes part of your estate. I don't think it would matter if you died 1 day aftewards. Why do people think this?

2) You mean the advantage over holding and not selling your annuity? The theory is that you could invest the lump sum and make enough off it to have more than the future value at the end of the payment period.

Say you're paid 15M/year over 20 years with the annuity. The future value of that is 300M pretax+the gains you would realize from investing your 15/year

Most think you would have more at the end of 20 years than the above scenario if you just took the lump sum now (say 100M) and invested it for 20 years.

The prudent thing to do would be to evaluate both scenarios (along with possible proceeds from the sale of an annuity) plus all the tax implications and pick the one with the highest EV.

Re: beat: $315m powerball winner now broke
 

A fool and his money are soon parted.