Posted on 08/10/2015 1:46:00 PM PDT by Beave Meister
You may remember back in February, we were all excited to learn that Marie Holmes, the 26-year-old, single mother of four, had won the Powerball lottery.
Holmes, of North Carolina, decided that she was going to accept her $188 million winnings in one lump sum, meaning she was awarded $127 million. After taxes, she received $88 million. And while Holmes announced that she had plans to pay her tithes and set up college funds for her children, she’s ended up doing something entirely different with her riches.
Shortly after she won the money, Holmes posted $3 million bond for her boyfriend Lamarr McDow. McDow was in jail, facing heroin trafficking charges. McDow was implicated after an investigation unearthed more than 8,000 bags of heroin.
But Holmes found herself behind bars too recently. Last month, police came to her home to arrest McDow who had violated conditions of his parole by missing curfew. When officers searched the house, they found McDow had a .45 caliber pistol and there was less than a half an ounce of the drug and paraphernalia in Holmes’ Brunswick County home.
She then spent an additional $6 million to get McDow out of prison. He was released with a GPS monitoring device.
Two other people in the house were also charged with simple possession. Three children were present at the time of the arrest, McDow said they were his children.
(Excerpt) Read more at madamenoire.com ...
“Money can’t buy class.”
I was raised with this maxim:
Those who USE the ‘C’ word, generally lack it.
I do see your point though.
79mm in AAA rated muni bonds yielding 3.5% = $2,370,000.00/yr TAX FREE!
I think I could live nicely on 30 years at 2.37mm a year....and in 30 years, if the bonds don't default, I get my $79mm back!
I’d have spent half of the 88 million on chicks and booze.
Then wasted the rest.
That’s it honey, give all your money to the court.
I’ll bet for a cool 25 million you can find a good lawyer for you and your drug dealing homies.
88 million with an 88 IQ to manage it is quite sad indeed.
The reduction is because the state didn’t have to buy and manage an annuity for her and after taxes.
If she had taken the annual payout it would have been $6.27 million per year minus 31% (based on what she paid from $127M to get the $88M)she would have received an after tax check of $4.32M per year. After 30 years she would have received a total of $129.7M at the current tax rate.
But as we see that would not have been enough to bail out her boyfriend. She would have been forced to call JD Wentworth to buy out her annuity.
Never having been in jail myself, why did he have to forfeit the original bail? I thought the bail was used as insurance to the court that he would appear at the given time of his case? Also $3 million or even $6 million that seems pretty steep since he didn’t commit murder...
“STUPID!!!!!!! What a colossal waste of money.”
I’m surprised no one has pointed out that if the person in question makes his court appearance(s), the money is returned. This isn’t a bail bond.
I hope for her sake it works out that way...just as I hope her boyfriend ends up behind bars for a long time...y’all. :-)
Well, look at it this way: If she ends up on welfare, at least she paid $39 million to the U.S. gov’t, so she more than covered her share. I hope that doesn’t happen, though.
My father used to use a crude term for the lottery. He’d say “The lottery was the only way to get taxes from a n*****.”
He may have been crude, but this story proves him correct.
“Money can’t buy class.”
Thats ok with me. If I ever win the lottery, I’ll buy something else.
Sounds like those lottery winners who win $5 million and run right out and buy a $5-million house.
I’ve always said, “The Lottery is a Tax on people who are bad at math”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.