Hedge Fund Trio Claim $254MM Lotto

Discussion in 'Wall St. News' started by JamesL, Nov 28, 2011.

  1. JamesL


    Associated Press

    ROCKY HILL, Conn. — Three asset managers from Connecticut's affluent New York suburbs claimed a $254 million Powerball jackpot on Monday off a $1 ticket.

    Gregg Skidmore, Brandon Lacoff and Tim Davidson came forward as trustees for The Putnam Avenue Family Trust, which they formed after Davidson bought the winning ticket at a Stamford gas station. At least two of them live in Greenwich, one of America's wealthiest towns.

    They will take the after-tax lump sum of nearly $104 million in cash. They say a significant portion will go to charity.

    Davidson bought the $1 quick pick ticket for the Nov. 2 drawing at the Shippan Point Getty station in Stamford. It was the only ticket he bought. The winning numbers were 12-14-34-39-46, Powerball 36.

    The jackpot was the largest ever won in Connecticut and the 12th biggest in Powerball history.

    The three men work at a small, startup asset management firm called Bell Asset Management in Greenwich. They appeared with their lawyer at a news conference and didn't say much.

    "It feels good," Skidmore said.

    Lottery officials had used billboards across the state to urge the ticket holder to come forward as the weeks went by without a winner.

    Ranjit Singh, manager of the Getty station, said lottery officials called the station at about 10:30 a.m. Monday to announce that the winning ticket had been sold there. The station receives $100,000 for selling the winning ticket.

    Singh said he didn't know the winners and doesn't remember selling the winning ticket.

    "We're really happy," Singh said. "Christmas is a little early."

  2. The rich get richer!
  3. It is always these charity's where 90 percent of the donations go to expenses such as high salaries and wine and cheeze parties etc..
  4. Bob111


    damn! hedge funds are everywhere..even in lottery..HFT will catch up soon..:p
  5. dewton


    The lottery officials were bribed & the game rigged!
  6. 1) Ya have to admit it would be very amusing if those three guys were to be bankrupt in a few years time after squandering all of the winnings. :D
    2) I am pleasantly surprised that the guy who actually bought the winning ticket still shared it with his other "partners". :)
  7. Visaria


    Rather large tax rate, from $254 million to $104 million...
  8. C99


    not all taxes, the 254MM is over 20 years, if you take lump sum it is a net present value calc to discount it then taxes withheld as well.
  9. JamesL


  10. ya but nice ROI $1 dollar > $104 mil :D
    #10     Nov 29, 2011