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SD MAN IN FINANCIAL PERIL WINS $232.1M POWERBALL
ASSOCIATED PRESS ^ | June 5, 2009

Posted on 06/05/2009 1:55:15 PM PDT by ConservativeStatement

PIERRE, S.D. -- A 23-year-old rancher whose family has fallen behind in their taxes and recently had a mobile home repossessed has claimed a $232.1 million Powerball jackpot on Friday, one of the largest undivided jackpots in U.S. lottery history.

(Excerpt) Read more at nypost.com ...


TOPICS: Culture/Society
KEYWORDS: lottery; powerball; rancher; southdakota
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1 posted on 06/05/2009 1:55:15 PM PDT by ConservativeStatement
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To: MassRepublicanFlyersFan

Good luck to him.


2 posted on 06/05/2009 1:56:15 PM PDT by edcoil (Reality doesn't have to say much.)
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To: MassRepublicanFlyersFan

He is about to have a bunch of new best friends.


3 posted on 06/05/2009 1:56:20 PM PDT by longhorn too
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To: MassRepublicanFlyersFan

Suhweeeeeeeeeeeeeeet!


4 posted on 06/05/2009 1:56:39 PM PDT by rockabyebaby (We are soooooooooooooooooooooooo screwed!)
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To: MassRepublicanFlyersFan

So help me if he says “ I’m gonna keep my job” I’m gonna puke. Otherwise, Good on Him!!!!!


5 posted on 06/05/2009 1:56:52 PM PDT by Gaffer
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To: MassRepublicanFlyersFan
Take home only 80 million. Why does the government get morn than him?

I hate that. Its not right.

6 posted on 06/05/2009 1:57:11 PM PDT by DainBramage
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To: MassRepublicanFlyersFan

Right after he hires an attorney to tell all of his friends and family he will NOT loan them a dime, he needs to hire a competent financial planner to insure he’s not in financial peril again in a couple of years...


7 posted on 06/05/2009 1:58:29 PM PDT by BP2 (I think, therefore I'm a conservative)
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To: MassRepublicanFlyersFan

I can only imagine the sheer magnitude of the mobile home he’s already planning to build.


8 posted on 06/05/2009 1:58:38 PM PDT by SJSAMPLE
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To: Gaffer

“Wanless said he intends to continue ranching, albeit on a larger plot of land.”


9 posted on 06/05/2009 1:58:54 PM PDT by BattleHymn
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To: longhorn too

I think I might be his third cousin twice removed.

And we were close.


10 posted on 06/05/2009 1:59:27 PM PDT by savedbygrace (You are only leading if someone follows. Otherwise, you just wandered off... [Smokin' Joe])
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To: MassRepublicanFlyersFan

After Barry O et.al. (not to mention myrid childhood friends and ne’er-do-well relatives of Mr. Winner) get done helping mister Winner with his earnings, the headline next year will read “SD MAN WHO WON $232.1M POWERBALL IN FINANCIAL PERIL”


11 posted on 06/05/2009 2:00:48 PM PDT by kittycatonline.com
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To: longhorn too

I just added him to my address book


12 posted on 06/05/2009 2:01:01 PM PDT by A_Former_Democrat
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To: MassRepublicanFlyersFan

Oh, what a relief for this man and his family.

Good luck. Enjoy the stress free life and have fun.


13 posted on 06/05/2009 2:01:37 PM PDT by Carley (OBAMA IS A MALEVOLENT FORCE IN THE WORLD)
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To: MassRepublicanFlyersFan
It will be gone inside of 3 years.

Mark my words.

14 posted on 06/05/2009 2:02:09 PM PDT by TChris (There is no freedom without the possiblity of failure.)
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To: BattleHymn

Good for him, increase that carbon footprint and feed America


15 posted on 06/05/2009 2:02:51 PM PDT by twistedwrench
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To: MassRepublicanFlyersFan

Good. Now don’t go nuts and fritter it away


16 posted on 06/05/2009 2:02:53 PM PDT by pissant (THE Conservative party: www.falconparty.com)
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To: MassRepublicanFlyersFan
I have been to Winner hunting. Nice little town.
17 posted on 06/05/2009 2:02:57 PM PDT by mad_as_he$$ (Nemo me impune lacessit (Two terms for politicians, one in office, one in jail.))
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To: SJSAMPLE

Triple wide, at least.


18 posted on 06/05/2009 2:04:28 PM PDT by Larry Lucido
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Good for him. Good.


19 posted on 06/05/2009 2:05:24 PM PDT by combat_boots ("(We) must ...resist... those who would subjugate others to serve (my) interests." 0bama 6/5/2009)
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To: mad_as_he$$

I have been to Winner hunting. Nice little town.


Me too. Prairie dogs, not pheasants, though.

Largest John Deere dealership in the world there, or something like that.


20 posted on 06/05/2009 2:05:36 PM PDT by Atlas Sneezed (Typical "Rightwing Extremist")
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To: DainBramage
Take home only 80 million. Why does the government get morn than him?

The way it works is that he had a choice: take the $232 million spread over 20 years or take a one time lump sum payout of $118 million. After the taxes, that's $88 million. It's still the smart play, which is why almost every big lottery winner does it that way.

21 posted on 06/05/2009 2:05:42 PM PDT by Bubba Ho-Tep ("More weight!"--Giles Corey)
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To: TChris

3 years???

Nope.

As we speak, The Usurper is appointing a Lottery Czar to “redistribute” this guys winnings to more deserving Americans who didn’t have the advantage of living in South Dakota where they could have bought lottery tickets.


22 posted on 06/05/2009 2:06:39 PM PDT by shibumi (" ..... then we will fight in the shade.")
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To: kittycatonline.com

I read somewhere that 97% of lottery winners of $1,000,000 or more do quite well managing their money. The remaining 3% have newspaper articles written about how they squandered the money.
I also read that 97% of all lottery winner stories are about how the winner squandered their winnings.

.....Bob

PS, 68.3% of all statistics you read on the internet were made up on the spot. LOL


23 posted on 06/05/2009 2:07:40 PM PDT by Lokibob (When handed lemons...Refuse to sign for them. Life's lemons can't be delivered without a signature.)
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To: Bubba Ho-Tep

It’s the smart play if he uses it to buy Gold Bullion, ammunition and canned goods.


24 posted on 06/05/2009 2:08:26 PM PDT by shibumi (" ..... then we will fight in the shade.")
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To: DainBramage

They advertise he won $200 million and give him $80. It fraud pure and simple.


25 posted on 06/05/2009 2:09:28 PM PDT by DManA
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To: Beelzebubba
Grossenberg Implement, The owner is our hosts when we go there. Great guy.
26 posted on 06/05/2009 2:09:30 PM PDT by mad_as_he$$ (Nemo me impune lacessit (Two terms for politicians, one in office, one in jail.))
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To: DainBramage

The government does not get more than him.
The value is discounted for the lump sum to about half - I’m guessing roughly $115 to $120MM in this case, and then the govt(s) get their cuts, and then his take home is $80MM.

The discount is because the lottery deposits a sum with an annuity which is invested, and from that annuity the winner get the yearly payments. When you take the lump sum you get the value that they would otherwise deposit to back the annuity.

Same out of pocket to the lottery. I will leave it to the $$ gurus to say for certain whether the yearly or the lump sum is a better value. In an era where income taxes are likely to rise on margin I would suspect lump sum is the way to go.


27 posted on 06/05/2009 2:10:33 PM PDT by BlueNgold (... Feed the tree!)
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To: MassRepublicanFlyersFan

Good fortune to him.

Sadly, I’d bet a buck that he’s broke again in five years.


28 posted on 06/05/2009 2:10:38 PM PDT by El Sordo
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To: MassRepublicanFlyersFan
Congratulation! There are no second chances. Use it very, very wisely!
29 posted on 06/05/2009 2:11:06 PM PDT by WellyP
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To: Bubba Ho-Tep

Yes, and all lottery tickets are bought with AFTER-TAX dollars. Uncle Sam and Governor Ripoff have taken their share from your paycheck, and then you buy the lottery ticket.

Then you win, and SHAM-WOW!!

There’s Uncle Sam and Governor Ripoff taking their share AGAIN.

The government is your silent partner in all transactions.

And it still isn’t enough.


30 posted on 06/05/2009 2:11:13 PM PDT by exit82 (The Obama Cabinet: There was more brainpower on Gilligan's Island.)
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To: MassRepublicanFlyersFan
Congratulation! There are no second chances. Use it very, very wisely!
31 posted on 06/05/2009 2:11:28 PM PDT by WellyP
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To: MassRepublicanFlyersFan

Great story! Thanks for the post.


32 posted on 06/05/2009 2:12:25 PM PDT by DallasDeb (USAFA '06 Mom)
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To: DManA

If he wanted to take the 25 year payouts it would amount to, before taxes, the $200MM plus. Because he opted for the lump sum he gets less overall (see my post above) but he gets it all NOW and can invest/spend it as he chooses.

It is not fraud, it is the pre-published and understood rules of the ‘game’.


33 posted on 06/05/2009 2:12:37 PM PDT by BlueNgold (... Feed the tree!)
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To: MassRepublicanFlyersFan

He should move to a country where he will be allowed to keep his money.


34 posted on 06/05/2009 2:12:55 PM PDT by Kent C
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To: edcoil
Several years back one of our auditors passed on suddenly. I'd forgotten his name until just now ~ it was WANLESS.

So thanks to his luck (at taking home $88 million) I can breath a sigh of relief at recalling that "just lost" name.

35 posted on 06/05/2009 2:13:14 PM PDT by muawiyah
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To: Lokibob

True..about 20 years ago, some clown named Curtis something won $50 mill or so in the NY lottery. He showed up the next day,wearing a tuxedo, spats, in a limo, with his wife AND his girlfriend..press had a blast for a week. He filed bankruptcy a few years ago..


36 posted on 06/05/2009 2:13:59 PM PDT by ken5050
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To: MassRepublicanFlyersFan

Dad, is that you?


37 posted on 06/05/2009 2:14:51 PM PDT by newfreep ("Liberalism is just Communism sold by the drink." - P.J. O'Rourke)
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To: MassRepublicanFlyersFan

I just sent him an e-mail about that jackpot winner murdered by his sister-in-law and welcomed him to the big league ....


38 posted on 06/05/2009 2:16:18 PM PDT by Wontsubmit
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To: El Sordo

i think he will be stunned by the number of law suits filed against him just to get his $$$$


39 posted on 06/05/2009 2:16:32 PM PDT by InvisibleChurch (Pit bulls - the SUVs of the animal world.)
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To: MassRepublicanFlyersFan

He’s only 23. I hope he doesn’t let the money destroy his life. I wish him luck.


40 posted on 06/05/2009 2:16:50 PM PDT by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: Carley
Good luck. Enjoy the stress free life and have fun.

Trying to manage a windfall like that will be anything but stress free. He's gonna be in for a helluva ride!

41 posted on 06/05/2009 2:18:51 PM PDT by Drew68
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To: DManA
The lump sum value is called the “present value of a stream of cash flows.” $232 million over 20 years gets discounted due to inflation reducing the value of future payouts (although lotteries use a much higher discount rate than inflation, I don't know what it is). Especially given the likelihood of hyperinflation before long, taking the lump sum payout is very smart...

hh

42 posted on 06/05/2009 2:18:54 PM PDT by hoosier hick ((I'm back to..) Note to RINOs: We need a choice, not an echo. (Barry Goldwater))
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My neighbors know the Wanless family. They are from near Winner. Said they are a really good, hard-working, CONSERVATIVE bunch. I’m very happy for Neal and his family. It’s pretty cool to finally have a winner from Winner, SD.

I have a 22 year-old, beautiful, blue-eyed, blonde, granddaughter.......who just happens to know how to ear-tag and castrate a calf......hmmmmmm...........


43 posted on 06/05/2009 2:20:53 PM PDT by Rushmore Rocks
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To: MassRepublicanFlyersFan

I know a college professor who has done a study of young lottery winners. If Wanless’s experience is typical he will now have trouble fitting with his peers and may have to relocate just to get away from those hounding him. However if he has good South Dakota values he will do just fine. I would wish him luck, but that would be redundant.


44 posted on 06/05/2009 2:23:15 PM PDT by The Great RJ ("The problem with socialism is that you eventually run out of other people's money." M. Thatcher)
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To: MassRepublicanFlyersFan

I am glad he won that one and not me! Where in the world would you put $88 million dollars right now? The banks are out, you can’t keep or carry cash anymore without the fear of it being confiscated, and a million dollars worth of Rolexes in the safe doesn’t make a dent. Does anyone else lose sleep over things like this?:>)


45 posted on 06/05/2009 2:25:14 PM PDT by Big_Harry ( Thank God I am an "Infidel"!)
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To: hoosier hick

If I won the lottery I would not publish my name. I would form a LLC and have the co.claim the money...I would hope I could keep it quiet.
Oh to dream !!!!


46 posted on 06/05/2009 2:25:27 PM PDT by estrogen (time to fight)
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To: BP2
hires an attorney to tell all of his friends and family he will NOT loan them a dime

In almost all the acounts of lottery winning "rags to riches to rags" stories I've read, the winner's extended family is the main reason for the downfall.

47 posted on 06/05/2009 2:25:50 PM PDT by Drew68
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To: MassRepublicanFlyersFan

He and his family were having financial problems but he still bought lottery tickets. He deserves to be sued by us taxpayers to recoup any money that he received through government entitlement programs. I have no sympathy for people with money problems that waste money on lottery tickets, cigarettes, beer, etc.


48 posted on 06/05/2009 2:26:10 PM PDT by DFG
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To: DFG

Oh for God’s sake LIGHTEN UP


49 posted on 06/05/2009 2:27:13 PM PDT by estrogen (time to fight)
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To: DainBramage

“Take home only 80 million. Why does the government get morn than him?”

Actually, you lose approxiamtely 45% if you want the money now in lieu of an annuity over twenty years. You lose another ~40% to federal, state, local, municiple taxes.

If it is a big ranch, he will be able to continue ranching for 20 years or so.


50 posted on 06/05/2009 2:27:26 PM PDT by dirtymac (Now is the time for all good men to come to the aid of their country. Calling all Son's of Liberty)
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