Publisher's Clearinghouse goes bankrupt leaving some "winners" out of luck

[CrazyTrader55]

MSN

^^
Interesting story - guy won $5k a week for life but PCH has gone bankrupt and the new ownership won't pay the older winners.

This is why you always plan for the worst, and it's also why you always take the lump sum if you win the lottery.

 

[QuickHitCurepon]

Will the company still be called the Publishers Clearing House? Incredible, that name has been around for as long as I can remember.

 

[JOSweetHeart]

The write up says that the winner retired and now he can't find a job because he hasn't worked in over a decade. To me, this is why a person should never quit their job should they ever hit the big time.

God bless you and the man always!!!

Holly

 

[Concerned American]

MSN

^^
Interesting story - guy won $5k a week for life but PCH has gone bankrupt and the new ownership won't pay the older winners.

This is why you always plan for the worst, and it's also why you always take the lump sum if you win the lottery.

EZ come, EZ go.

 

[deannalw]

It seems to me... someone gets 5,000 a week for a decade, they ought to have a lil something put back.

 

[Bootstraps]

It seems to me... someone gets 5,000 a week for a decade, they ought to have a lil something put back.

You would think but there's no planning for poor living I suppose.

 

[deannalw]

True.

I'm a hillbilly- doubt I'd know what to spend 20,000 a month on.

But I'd have fun tryin...

 

[RoshawnMarkwees]

It seems to me... someone gets 5,000 a week for a decade, they ought to have a lil something put back.

Try asking Rodney King about that.

 

[Captain Caveman]

MSN

^^
Interesting story - guy won $5k a week for life but PCH has gone bankrupt and the new ownership won't pay the older winners.

This is why you always plan for the worst, and it's also why you always take the lump sum if you win the lottery.

The problem is, he used his capital instead of servicing the debt. So as his money came in, he should have taken a mortgage where the interest off the capital would cover the payments. So he's relying on needing the capital to come in to pay for the debt. So he basically went too big too fast and put his eggs into one basket.

He'll just have to sell and live modestly from now on.

 

[Independent thinker]

Will the company still be called the Publishers Clearing House? Incredible, that name has been around for as long as I can remember.

Apparently wanting to hand out 10 million dollars to people when you don't have 10 million dollars to hand out leads to bankruptcy. Who would have every thought?