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View Full Version : Three Connecticut asset managers win $103.5 million in lottery



Teh One Who Knocks
11-29-2011, 12:40 AM
By Leigh Remizowski, CNN


http://i.imgur.com/jdKvx.jpg

(CNN) -- Three Connecticut asset managers claimed the largest Powerball jackpot in the state's history on Monday.

Co-workers Tim Davidson, Brandon Lacoff and Greg Skidmore claimed the November 2 prize that netted them $103.5 million at a presentation by the Connecticut Lottery Corp.

The jackpot for that drawing was $254 million if the winners had taken a multiyear payout; they opted instead for a one-time cash payout that totaled $103,586,824.51, according to Connecticut Lottery spokeswoman Linda Tarnowski.

It was the 12th-largest jackpot in Powerball history, according to Anne Noble, president of the Connecticut Lottery.

"Everybody is extremely excited -- these numbers are huge," said the trio's attorney, Jason Kurland. "This is going to benefit many people."

Kurland spoke on behalf of three winners, all asset managers at start-up firm Belpointe Asset Management in Greenwich, Connecticut. He said that the men will donate "a significant amount" of the winnings to charities in the state.

Davidson bought the $1 ticket at a gas station in Stamford, Kurland said.

After realizing they had a winning ticket the following morning, the three co-workers formed the Putnam Avenue Family Trust, each becoming a trustee.

"They have become their dream client," Kurland said of the asset managers.

Skidmore was the only one of the three winners to speak at Monday's press conference.

"It feels good," he said.

RBP
11-29-2011, 12:46 AM
:|

Hugh_Janus
11-29-2011, 12:48 AM
are they fucking retarded?

Godfather
11-29-2011, 06:39 AM
are they fucking retarded?

Why?

I'd take lump payout too... investing that money now is a far better thing to do than waiting 10 or 20 years just to get double. Inflation eating away at the worth of that money vs. investing in blue-chip stocks and living off dividends (which you only have to pay tax on 50% of) or even just GIC's/HISA. Boom, 6 or 8% per year easily. At that rate they can live off a 100k/month after tax and let the rest compound. You'd hardly have to dig into the payout itself. Your children's children wouldn't have to worry about paying for college.

I especially can't understand who would take those "$1000 a week for life" as it actually is instead of the 50%-now payout. Pure stupidity. Then again, most lotto winners haven't got a clue what to do with money and end up broke in 18 months, so multi-year payouts are safer for them. Obviously a few asset managers are smarter than that :lol:

Good for them.