Reply #46: 3 Asset Managers Win $254 Million Powerball Lottery

[Demeter]

http://dealbook.nytimes.com/2011/11/28/connecticut-asset-managers-win-254-million-powerball-lottery/?hp

The lottery is full of rags-to-riches tales. Now the 1 percent has its own feel-good story.

Timothy C. Davidson, Brandon E. Lacoff and Gregory H. Skidmore, three executives at Belpointe Asset Management, an investment firm based in Greenwich, Conn., have won $254.2 million in the Powerball game, the largest jackpot in the state’s history.

“The lottery is all about dreaming, and that runs across all demographics and all people,” said Anne Noble, the Connecticut Lottery’s chief executive.

...The trio formed the Putnam Avenue Family Trust to handle the winnings and decided to take a lump payment of $151.7 million rather than receive the prize in installments. Despite paying a $48 million tax bill, the men are expected to take home more than $100 million, a large sum even by the standards of Greenwich, a millionaire-studded suburb that is home to legions of hedge fund managers and Wall Street executives...