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Discussion in 'The Mainboard' started by Hogview, Oct 27, 2011.
Right, they have to claim it before JG will pay them.
Reach Out to a J.G. Wentworth Representative
Get a Quote for Your Lottery Annuity Payment Sale
Accept the Lump Sum Offer for Your Payments
Receive Court Approval for the Transaction
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I guess I'm hung up on the proof part. If he hasn't claimed it, what proof does he have that he has that money coming? A copy of the ticket? His word? There's nothing on paper saying he has $850m coming in a few months. Who's signing off on that with no proof?
Yes I’ve put a lot of thought into this.
Obviously the house is on the water somewhere.
I’d want a detached garage workshop, daylight basement gym with sight lines out the back, an assload of outdoor entertaining space, a nice pool with a built in hot tub but also a lane for lap swimming, home theater, a sports bar style entertaining area with billiards and TVs and kitchenette and wet bar, a huge ass kitchen, at least 5-6 garage spaces in addition to the workshop, and a two story cunty ass library/study/office with lots of mahogany.
Golf simulator in-house with a full size basketball court and batting cage out back. Maybe a tennis court if I’m feeling like a real cunt.
I’d also probably by a couple places along the coast in SC (thinking Charleston, Isle of Palms, Debordieu, Pawley’s and Hilton Head) and in Columbia for gamedays and just rent them out as vacation places.
I specifically stated that they'd want to not only see and verify the ticket for themselves (by verifying it's a real ticket and by matching the numbers to the announced winning numbers) but they'd also need to hold onto it themselves. Safer that way anyhow as a bank would undoubtedly store it in a vault until it was time to claim.
He can prove it, he just hasn’t claimed it
Ever since I saw the movie Blank Check I've always wanted a water slide that starts in my master suite and goes to my pool. So probably that.
How would a bank verify it was real and not a fake?
Now I really wish this guy would come out and do an interview and give the details of his last 6 months. I know he won't but I have so many questions.
CC is extremely overrated. Come at me
If you do mortgages for a living, these are scary takes (for your clients).
Any potential bank lending against the lotto ticket would take a security interest in the lotto ticket while the owner waits to cash it. The lotto ticket is a bearer instrument and this could be accomplished before lunch on a Monday it’s so simple.
Probably something their Chief Credit Officer and other executives (and maybe even a BoD) would have to decide for certain but they could surely contact the lottery organization directly and have them assist with the verification. They would not have to claim it and take possession of the winnings when doing so. Don't know what reason the lottery organization would have not to comply with that.
I'm in sales, not underwriting or risk. I don't need to know all of that shit to do mortgages.
Athletes get loans before they sign their contracts all the time. This is the same thing but with much higher stakes. I don't see why it is so hard to believe that the guy couldn't borrow against an unclaimed lottery ticket if he's dangling the promise of a nine figure deposit out there. And if he came this far without cashing it, he's already retained an estate planning attorney who would help facilitate this, vouch for him to the bank, etc. etc.
Thousands of acres in Colorado or Wyoming/Montana. With that kind of money?? Private air strip on the property with quarters for pilots and staff guests (caretaker, land manager, chefs, fishing/hunting guides, back country skiing guides etc.. not all full time though), house would be built with a spa (steam, massage, gym, showers, lockers) worthy of a 5 star hotel. 3 hole golf course, driving range off of a cliff on the property somewhere stocked with 50,000 balls pulled out of lakes across the west coast, well developed system of trails and camping spots, snow cat for skiing and fleet of snow mobiles, custom built sanctuary for my 15 dogs with a man made pond, at the house would be lavish outdoor entertaining spaces with a focus on the perfect set up for hosting 20 guests comfortably inside and outside. Finally, a small rustic cabin for two built into a remote location on the property with a great view of the sunrise out the window in the one bedroom. The plane that’s housed in the hangar next to the air strip will have the range to get to Miami and jump off to my estate in the Exumas. There will be many of the same house amenities (though smaller, can host 10-12 guests, obviously a lot less land, maybe 20 acres) with a deep water dock and a big enough boat to traverse the islands for most of the winter when I’m not skiing.
With 490 million you could spend 50-60mm to get the above on good property but probably not close to much and then let the rest generate 25-30mm after tax annual income which is enough to lease the plane, the boat, and the expenses of your new lifestyle with some left over for extraneous months living in Rome to study the Renassiance masters. Also, trans oceanic flights are done commercial in first class, don’t fuck with private planes over large bodies of water or when being flown by doctors.
Thats fair and understood. Your use of terms like “unsecured” and “collateral” implied that you had somewhat of an understanding of securitization. I guess you were just using words you don’t understand.
This isn’t the same at all. A lottery ticket is more akin to cash than potential future income streams. Have you all never read the back and seen where it says “sign the ticket if you win”? That’s because an unsigned ticket can be claimed by anyone holding it, which is known as a bearer instrument.
A loan on a house/car is secured debt. The house/car is the collateral. If the customer doesn't pay, you can foreclose or repo the collateral and get your investment back.
$100k cash is unsecured debt. There is no collateral to go and get if the customer doesn't pay. You can't go get he cocaine he put up his nose.
A credit report literally lists debts as secured or unsecured.
Also has a few have said, 100% chance this guy could have gotten a next to nothing interest rate on a multi million dollar loan if the banks lawyers reviewed his winning ticket and confirmed it with the lottery. If management fees are 1% (probably less given the size of the estate but let’s use 1%) the risk of giving the guy 5 million bucks and him not collecting on the ticket vs. the amount of fees they could earn managing that money for 5 years is a decision that gets made in abut 15 minutes and the money is in his account by the end of the day.
ETA: experience: I used to work with a financial institution, that with the right legal due diligence and appropriate structure (interest rate, recourse, repayment), would have had people I worked with work all weekend to get something exactly like this approved. It’s not walking into a bank branch or a Charles Schwabb, but if you contacted a Wall Street bank with the facts, I guarantee you could have a loan within the week.
Right, here the unclaimed lotto ticket is collateral. There’s a few ways this could play out and the bank would be practically risk neutral. One way would be putting in place an agreement for the bank to take possession of the lotto ticket prior to claiming it, and then once the person is ready to claim it they cash the ticket and immediately repay the debt.
You obviously have no idea how this actually works but just understand in the context of houses and cars. That’s fine, but stop acting like an authority on this.
i'd have a winch set up in my bedroom that lowers a new wench onto my penis to wake me up every morning.
Ahh I didn't realize we have an unclaimed lottery ticket expert on the board. Who knew?
Or just a guy who has a relatively basic understanding of securitization. Go watch The Big Short and apply their explanation of MBS/CDO to this and maybe it’ll click.
I agree the risk profile is quite a bit different, but it's the same in that a bank is willing to lend on the basis of an expected future cash windfall.
I wasn't referring to the ticket when I said secured/unsecured. I thought that part was clear. I'm still not convinced a bank would do it unless the ticket had been verified with the lotto organizer and nobody knows if they even do that. There's a lot of assuming going on. IF the ticket is verified and IF the bank takes possession then it's a completely different subject. The $100k cash or whatever would then be secured. But just an unsecured loan based on a guy signing some docs and saying he'll pay them back? I don't see it.
This is cute coming from the board’s self proclaimed expert on literally everything
I readily admit there's a lot of subjects I don't know shit about.
Jorts anus ain't one though.
Except that here the future income is practically guaranteed and can be actually guaranteed upon presentment of the winning lotto ticket. In contrast, most athletic contracts let the team off the hook for a large portion of the salary in the event of injury or other conditions. The difference is the amount of certainty with respect to the future income. It’s extremely high in the case of a lotto ticket.
Wow you’re difficult. This is my first interaction with you but now I see why you’re constantly shit on.
What do you think a refinanced student loan is? Unsecured debt. I am literally a guy (without a winning lotto ticket) that just signed some docs and said I would pay SoFi back. They then paid the government 6 figures on my behalf.
At no interest? And no proof of income sufficient to pay Sofi back?
Comparing your student loans to this is laughable.
This guy wants to live at the Atlanta airport
you also have to give the bank a little more credit on this. they will investigate the ticket. confirm it. have him sign a contract, etc.
but more importantly
My previous post was largely in response to your last two sentences (which is why I used similar language).
I’m done with this. Go watch Kahn Academy and learn about securitization or something
You added another layer that wasnt previously discussed. IF they can verify the ticket and IF they take possession of it then yes it would be secured and yes I could see them doing it. That's a lot of ifs though. Unsecured? Dont see it.
The bank will do their due diligence to verify the ticket. Then the bank will draw up the necessary documents (in days, not weeks) and provide an "unsecured" loan for at least seven figures.
The loan may not be interest free because of imputed interest income for tax purposes, but the rate will be minimal.
The minimal risk of a default and collection in that scenario is dwarfed by the upside of managing even a fraction of that wealth for several years. It's really a no brainer.
Conversation still sucks
Think I'm going to start a thread so we can discuss what options are available to a man who sprouts five penises overnight.
Go to the bank and start a penis saving account with the extras.
***they will want to verify that you have sprouted extra penises before they open the account and the interest rates are terrible***
What if all I have is the penis fairy's promissory note?
He will be bombarded with book deals and reality tv show offers. Now that he’s rich let’s talk about his finances.
Sounds more like an equipment finance agreement than a promissory note
In that case, we might as well talk about 2020.
Who here is proficient in Dick Law?
I think I'd like 1-2 bowling lanes in my basement as well. Maybe a VR room with some expensive gear for some immersive video gaming.
One house on Oahu, one cabin in the blue ridge mountains, split my time equally at both depending on the season. I’m a simple man.
Ask me anything.
define perfection in this instance?
Confused. I didn't use the word perfection, did I? What are you asking exactly?
I was still instigating the secured transaction argument.....but really just kidding (currently on toilet).