Powerball winner of $315 MILLION is broke!

[300Plus.net]

"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"


My ass! lol Shows you, money can't solve some ppls problems!!


http://www.comcast.net/news/national/index.jsp?cat=DOMESTIC&fn=/2007/01/12/560892.html&cvqh=itn_powerballwinner

[Nactall]

he has got to be one of the most unluckiest people on the plaint or he is just full of bullshit

[ju015dd]

you would have to be the dumbest fucker ever to blow through some dough like that

[Gt]

link didn't work for me, but found it anyway:


Powerball Winner: Thieves Cleaned Me Out
By Associated Press
4 hours ago

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.

[tomwid]

Yep. Money definitely doesn't make a person smarter.


you would have to be the dumbest fucker ever to blow through some dough like that

[coonbottom]

Or he is a genius.
He can now declar bankrupcy while the "stolen" money is sitting in swiss bank account.

[Patrick]

A guy over here got $1mil (after taxes) and spent it ALL in less than a year.

Funny thing is, he has NOTHING to show for it, other than a 2006 Subaru STI, and a 2005 Evo with a built 2.3/GT42R, etc, etc.

He literally ran out of money so he is having to sell the Subaru to pick up his "800hp" Evo.

[ju015dd]

A guy over here got $1mil (after taxes) and spent it ALL in less than a year.

Funny thing is, he has NOTHING to show for it, other than a 2006 Subaru STI, and a 2005 Evo with a built 2.3/GT42R, etc, etc.

He literally ran out of money so he is having to sell the Subaru to pick up his "800hp" Evo.

retard:joystick:

[pat94cobra]

damn some ppl just dont deserve to win that kind of money. i hate stupid ppl. shit let me win 100 mil. ill do some good shit.

[BreBar21]

This is what happens when you give retards money.

[Dredz172]

was just watching VH1 Lifestyles of Super Really Rich People or w/e ......
All i can say is having that much money makes you freakin retarded.... dishing out 40 G's a night for hotel rooms, 10G's for a salon, and then some guy buying his chiuahua a 55K diamond necklace...... money deffinitly doesnt make you smarter

[88leadsled]

You would be surprised there is quite a long history of lottery winners going broke.

[tomwid]

Nah, not even that complicated. Take it all one lump sum, live off the interest.



It's real simple... if you win, keep your job (the healthcare alone is worth it) and invest all your winnings in conservative funds. Within a year, start using the interest for items you really want and re-invest the rest of the interest. Never touch your initial winnings and you will be set for life.

[96s10]

thats what i was thinking as well. why is it better to take the installments? just so you do'nt blow it all?

[300Plus.net]

Nah, not even that complicated. Take it all one lump sum, live off the interest.

exactly. Let your money make money

[96s10]

I think I would rather have the lump sum and then invest it. I think the returns on the investments would be greater than taking the installments. i completely see what you're saying though. the installments would be great for someone who isn't really investing the money. they just need to be sure to set up a trust before taking the payments so that if they die, the payments don't stop.

[dhirocz]

I think I woulda gave myself like the 13 million to play with and buy/build what I wanted, then use the rest of the interest on the $100 million to maintain from there on out.

[v8minus2]

two words. strippers and coke

[slowLX]

I think I woulda gave myself like the 13 million to play with and buy/build what I wanted, then use the rest of the interest on the $100 million to maintain from there on out.
This sounds like my plan. I would have burned that 13 mil on semi-sound investments like cars and a house or two with a 20 car garage. But if I won just 13 mil I could still live way nicely on that for the rest of my life.

It's a bad combination of the people that play the lotto and those that win, both are dumbasses!

[97ChameleonTA]

If you take the installments isn't the payout only like $20K per year for 30 years for each million that you win (after taxes)?

I can see possibly taking the installments if the win was huge but if you only won $3M, then you would only get like $60K per year for 30 years. Although that isn't bad I think i'd take my chances with $1.5M lump sum instead. Even at a 40% tax rate that'd leave me with $900K to invest with. At a 10% yield that would be $90K per year or about $70K after taxes and it doesn't stop at year 30.

Marty

[Greg Kulbick]

You going about this like we're all retards that would spend all the money and not invest any of it.


The thing is, we never have anyone invest when they win

Something to back this up? Do you work for the lottery division or a financial advisor? I find it very hard to believe that every single person that has ever taken the lump sum has not invested it.

[SloNLo_350]

Man, this looks like a fun thread... but alas:

This message is hidden because Jasonzo6 is on your ignore list (http://www.tallahasseemusclecar.com/forum/profile.php?do=editlist).
damn.

[SATAN]

lol

[Kinson Cook, Jr]

I guess this just proves those with $$'s will always make more, and those without will lose it all. I would invest as I don't need to money to pay day to day expenses (I don't play a game which is nothing more than a tax on the stupid).:mrgreen:

[PipeLayaz]

I would have taken the lump sum and invested the dog piss out of it. But go broke? wtf? This guy was a phucken tool.

[towelie]

two words. strippers and coke

Only decent post in this whole thread invest wisely bitches cant spend it when your dead.

[SteedaRR]

what a jerk