Publishers Clearing House went bust

[gmerkt]

Is there another thread on this? I couldn't find one in Search.

Anyway, Publishers Clearing House went bankrupt, with remnants sold to new firm. Which isn't going to honor prizes owed that were awarded prior to July.

Shoulda taken that lump sum payout.

The guy in Bellingham who won his prize in 2012, $260K per year for "life." Since he's been cut off, he claims he can't pay his mortgage on a 6 acre property. Wait a minute. $260K x 13 years = $3.8 million. I realize there are income taxes to be paid; that's why some prize winners didn't take the lump sum. But to have $3.8 million over 13 years and not have a mortgage paid off, plain stupid.

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[gtivan]

thats atleast something
i would hope for jail time for every single manager there
LONG jail terms

 

[Ducati_Meister]

I read about this in the paper earlier. Bunch of bull that people who won get shafted for the PCH shenanigans.
The odds of winning are low enough. I've been told, generally take the lump sum and get what you can if you win the lottery and spend and save it smart.

 

[joken]

Darn, I won two days in a row!

 

[gmerkt]

i would hope for jail time for every single manager there

The article that I read said that prior to 2003, PCH invested money in annuities to guarantee payouts would be in place indefinitely. I'm guessing that business conditions caused those company stewards who oversaw the funds to change the plan. The question concerning this change now would be, did those same managers make the change knowing failure to pay out would be a consequence? Or did they do it as part of a "temporary" retrenchment until things improved and they planned to get back to it and never did. As often as not, turnaround recoveries never occur. Their main thrust was selling magazine subscriptions. Since the dawn of the internet, periodicals of all types have seen huge declines in circulation. It seems to me that the decline and fall of PCH is tied to this business trend.

 

[Ducati_Meister]

I remember getting the PCH stuff in the mail for my mom and helping her sift through the junk and all the little stickers you had to put on the return letter to enter the drawings or whatever. Lot of bulls**t they were peddling.
Federal law says sweepstakes as such cannot require the purchase of items to enter such drawings. Many don't know that however, but that's why you see in the fine print, "no purchase required to enter sweepstakes".

 

[Alexx1401]

Is there another thread on this? I couldn't find one in Search.

Anyway, Publishers Clearing House went bankrupt, with remnants sold to new firm. Which isn't going to honor prizes owed that were awarded prior to July.

Shoulda taken that lump sum payout.

The guy in Bellingham who won his prize in 2012, $260K per year for "life." Since he's been cut off, he claims he can't pay his mortgage on a 6 acre property. Wait a minute. $260K x 13 years = $3.8 million. I realize there are income taxes to be paid; that's why some prize winners didn't take the lump sum. But to have $3.8 million over 13 years and not have a mortgage paid off, plain stupid.

Damn, from the time I was a kid I remember people sending in those things. As for the one who in 2012 won and is now in trouble? This is a VERY common theme here. Last time I read about it they showed some VERY large percentage of people who win the lotto are in trouble in a matter of a few years. So many just have no clue how to handle that sudden influx of real money and go nuts blowing it. Then soon they have nothing but huge debt. I have LONG said if I ever hit I will take the pay out up front. For people who want a long term payout they could just buy their own annuity but so many just go crazy and don't seek out a pro to show them how to handle this.

 

[gtivan]

The article that I read said that prior to 2003, PCH invested money in annuities to guarantee payouts would be in place indefinitely. I'm guessing that business conditions caused those company stewards who oversaw the funds to change the plan. The question concerning this change now would be, did those same managers make the change knowing failure to pay out would be a consequence? Or did they do it as part of a "temporary" retrenchment until things improved and they planned to get back to it and never did. As often as not, turnaround recoveries never occur. Their main thrust was selling magazine subscriptions. Since the dawn of the internet, periodicals of all types have seen huge declines in circulation. It seems to me that the decline and fall of PCH is tied to this business trend.

Oh I could care less about them paying out what was promised.

I was referring to their underhanded dealings from 20+ years ago that targeted older people to buy stuff they don't need. Try clearing out a shop full of vhs movies never opened, taiwan cheap tools, plastic doodads and subscriptions to magazines for over 30 different people. Or retrieving an average of 20 pieces of mail a day from the post office full of special offers, psychics, and the "you are a winner".

Jail would be a blessing over what I would do to their marketing team.

 

[arakboss]

Since I was a kid I assumed that PCH was a total scam. Are you telling me that people actually collected some "prize money"?

 

[Member 55555]

Check out the movie "Nebraska" with Bruce Dern...

 

[gmerkt]

Since I was a kid I assumed that PCH was a total scam. Are you telling me that people actually collected some "prize money"?

Yes they did.

 

[nammac]

Interesting…

Didn't keep up with changes to the basic business model, raided the investments/annunities, now there's nothing left…

Seems someone should be getting jail time…

 

[ma96782]

I can remember those offers (back in the day) to subscribe, along with the entry forms arriving in the mail.

BUT.......my BEST memory (actually my mom's joy)........was being called and told that she had won!
LOL......long story short.
Yeah......it was a scam.

Aloha, Mark

 

[arakboss]

I can remember those offers (back in the day) to subscribe, along with the entry forms arriving in the mail.

BUT.......my BEST memory (actually my mom's joy)........was being called and told that she had won!
LOL......long story short.
Yeah......it was a scam.

Aloha, Mark

I always thought carrying a check as big as car into the bank would look suspicious.

 

[nammac]

First Columbia House, now Publisher's Clearing House. How am I supposed to get my music and magazines?

Everyday day brings a new revelation that I'm turning into a fossil…

 

[Alexx1401]

First Columbia House, now Publisher's Clearing House. How am I supposed to get my music and magazines?

Everyday day brings a new revelation that I'm turning into a fossil…

Wife and I went out to eat other day. As we walk in there is the sign at the bar saying if you were not born before today's date in 2004 no entry. I pointed at that and said if that does not make you feel old nothing well

 

[ma96782]

Sorry posted in the wrong thread.

Aloha, Mark