Man sues after lottery win

[rightwinger]

A decade after Colorado engineer Amir Massihzadeh hit the lottery, two state agents visited him with stunning news: He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

They told the Boulder resident that the other two people who had won the 2005 drawing were linked to a conspiracy in which a lottery insider and several cohorts had rigged drawings in several states. Now Massihzadeh, 62, is suing for the rest of the winnings that he feels should have been his.

Massihzadeh filed a lawsuit Thursday against the Colorado State Lottery, arguing he should be declared the sole winner and that the $800,000 cash prize he opted to receive should have been tripled. Accounting for 12 years of interest, he is seeking about $4 million from the lottery for what he calls a breach of contract.

Even though the Tiptons have agreed to repay the money they received from the Lottery, the Lottery has refused to honor its obligation to Mr. Massihzadeh," his lawsuit says.

Winner sues Colorado lottery for millions over fixed jackpot

 

[Care4all]

sue them

as he should!

 

[rightwinger]

The other two winners have agreed to pay back their winnings

Why would the state believe that money belongs to them?

The state already skims 50% off of all lottery pots. The remaining 50% goes to the players. Massihzadeh was the only legitimate winner, he should get the whole pot

 

[tigerred59]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

 

[Pogo]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

No doubt he is.

What's your point?

 

[tigerred59]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

No doubt he is.

What's your point?

Slum dog millionaire is my point!!

 

[Pogo]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

No doubt he is.

What's your point?

Slum dog millionaire is my point!!

Uh HUH. Well you let us know when you advance to complete sentences and shit.

 

[tigerred59]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

No doubt he is.

What's your point?

Slum dog millionaire is my point!!

Uh HUH. Well you let us know when you advance to complete sentences and shit.

I will after you remind me why you seem to follow me on these thread, if my shit is so whack, ass ho

 

[Pogo]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

No doubt he is.

What's your point?

Slum dog millionaire is my point!!

Uh HUH. Well you let us know when you advance to complete sentences and shit.

I will after you remind me why you seem to follow me on these thread, if my shit is so whack, ass ho

That moment is apparently not here yet. All righty then.

 

[usmbguest5318]

Well, yes, the guy should sue or do something to obtain that which was lawfully his.

He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

OT:
So the guy won a relatively small sum and opted to make it smaller by going for the cash payout? $800K isn't all that much to begin with. $800K when one is in one's peak earning years may easily not be worth as much as the "annuity" that puts half or more of the payments in one's lower wage years.

The guy is an engineer, which suggests that $800K is something less than eight years worth of his regular wage income. Thus, $800K isn't going to be "life changing."

Cash payout of $50M+, maybe even $10M, yes, taking the present value of the annuity makes sense; the sum is material enough to let one generate future-value cash flows/earnings to make taking the cash now a good idea. Plus, for most folks, even folks with very good incomes, $50M in cash is live changing, although the lives on which it has the most impact may be those of one's descendents.

 

[rightwinger]

Well, yes, the guy should sue or do something to obtain that which was lawfully his.

He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

OT:
So the guy won a relatively small sum and opted to make it smaller by going for the cash payout? $800K isn't all that much to begin with. $800K when one is in one's peak earning years may easily not be worth as much as the "annuity" that puts half or more of the payments in one's lower wage years.

The guy is an engineer, which suggests that $800K is something less than eight years worth of his regular wage income. Thus, $800K isn't going to be "life changing."

Cash payout of $50M+, maybe even $10M, yes, taking the present value of the annuity makes sense; the sum is material enough to let one generate future-value cash flows/earnings to make taking the cash now a good idea. Plus, for most folks, even folks with very good incomes, $50M in cash is live changing, although the lives on which it has the most impact may be those of one's descendents.

$800K vs $50K a year for 30 years

I'd rather take the cash

 

[usmbguest5318]

Well, yes, the guy should sue or do something to obtain that which was lawfully his.

He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

OT:
So the guy won a relatively small sum and opted to make it smaller by going for the cash payout? $800K isn't all that much to begin with. $800K when one is in one's peak earning years may easily not be worth as much as the "annuity" that puts half or more of the payments in one's lower wage years.

The guy is an engineer, which suggests that $800K is something less than eight years worth of his regular wage income. Thus, $800K isn't going to be "life changing."

Cash payout of $50M+, maybe even $10M, yes, taking the present value of the annuity makes sense; the sum is material enough to let one generate future-value cash flows/earnings to make taking the cash now a good idea. Plus, for most folks, even folks with very good incomes, $50M in cash is live changing, although the lives on which it has the most impact may be those of one's descendents.

$800K vs $50K a year for 30 years

I'd rather take the cash

Future Value of Annuity Formula and Calculator

That turns the $50K/month into ~$8M -- the $4.8M he'd have been given as an annuity, and the $3.3M he'd make by continually dumping the $50K into an instrument that returns 5% per annum.

Sorry, but between having $8M + in 30 years or $800K now, I'd go for the former....especially insofar as it's windfall money either way...why not maximize the windfall and build leverage along the way to make the modest rate of return do even more for you to turn that $50K annuity into something closer to $10M?

 

[Yousaidwhat]

This diaper wearing american job taking ass ho should be glad he's here in the country to even partake in the Lottery.

You'd be the first to scream racism, if it were you.

 

[rightwinger]

Well, yes, the guy should sue or do something to obtain that which was lawfully his.

He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

OT:
So the guy won a relatively small sum and opted to make it smaller by going for the cash payout? $800K isn't all that much to begin with. $800K when one is in one's peak earning years may easily not be worth as much as the "annuity" that puts half or more of the payments in one's lower wage years.

The guy is an engineer, which suggests that $800K is something less than eight years worth of his regular wage income. Thus, $800K isn't going to be "life changing."

Cash payout of $50M+, maybe even $10M, yes, taking the present value of the annuity makes sense; the sum is material enough to let one generate future-value cash flows/earnings to make taking the cash now a good idea. Plus, for most folks, even folks with very good incomes, $50M in cash is live changing, although the lives on which it has the most impact may be those of one's descendents.

$800K vs $50K a year for 30 years

I'd rather take the cash

Future Value of Annuity Formula and Calculator

That turns the $50K/month into ~$8M -- the $4.8M he'd have been given as an annuity, and the $3.3M he'd make by continually dumping the $50K into an instrument that returns 5% per annum.

Sorry, but between having $8M + in 30 years or $800K now, I'd go for the former....especially insofar as it's windfall money either way...why not maximize the windfall and build leverage along the way to make the modest rate of return do even more for you to turn that $50K annuity into something closer to $10M?

He is not getting $50K per month, he gets $50 K per year

$800,000 invested at 7% a year gets you $56 K per year

 

[usmbguest5318]

Well, yes, the guy should sue or do something to obtain that which was lawfully his.

He was likely the only legitimate winner of a $4.8 million jackpot he'd had to split three ways.

OT:
So the guy won a relatively small sum and opted to make it smaller by going for the cash payout? $800K isn't all that much to begin with. $800K when one is in one's peak earning years may easily not be worth as much as the "annuity" that puts half or more of the payments in one's lower wage years.

The guy is an engineer, which suggests that $800K is something less than eight years worth of his regular wage income. Thus, $800K isn't going to be "life changing."

Cash payout of $50M+, maybe even $10M, yes, taking the present value of the annuity makes sense; the sum is material enough to let one generate future-value cash flows/earnings to make taking the cash now a good idea. Plus, for most folks, even folks with very good incomes, $50M in cash is live changing, although the lives on which it has the most impact may be those of one's descendents.

$800K vs $50K a year for 30 years

I'd rather take the cash

Future Value of Annuity Formula and Calculator

That turns the $50K/month into ~$8M -- the $4.8M he'd have been given as an annuity, and the $3.3M he'd make by continually dumping the $50K into an instrument that returns 5% per annum.

Sorry, but between having $8M + in 30 years or $800K now, I'd go for the former....especially insofar as it's windfall money either way...why not maximize the windfall and build leverage along the way to make the modest rate of return do even more for you to turn that $50K annuity into something closer to $10M?

He is not getting $50K per month, he gets $50 K per year

$800,000 invested at 7% a year gets you $56 K per year

Yes....that was my typo. The sums I cited are for $50K for 30 years (30 compounding periods at 5%/annum). Just plug the numbers into the calculator for which I provided a link. You'll see that "months" was just a typo.

FV of $800K at 5% is $3.5M.

If you want to change the interest rate, you'll need to use the FVA calculator at 7% rather than the 5% rate I used.

I used 5% because it's a ROR that isn't isn't so aggressive that one must make all sorts of "if then else" assumptions in order to obtain it. Either way, whatever ROR one uses the return on an annuity will outstrip that of the lump sum given the figures -- $800K, $50K/year and $4.8M -- we're working with.

Surely you can see that $8M is more than $3.5M?

The $8M comes from the following:

• $50K received per year for 30 years from the lottery = $4.8M (that was stated in your OP)
• Interest earned on investing the $50K for 30 years in an instrument returning 5% each year = $3.3M.

In contrast, taking the $800K cash payout and leaving it to sit for 30 years at 5% will return $3.5M. That's it.

 

[JOSweetHeart]

The other two winners have agreed to pay back their winnings

If they have not spent it all yet, I wonder how much is left. Its been a decade since the screw up took place so they have had plenty of time to go on one shopping spree after another.

This reminds me of the Steve Harvey beauty pageant controversy. Whatever happened with the girl who thought that she had won?

God bless you and her and all three lottery winners always!!!

Holly