$101.8 MILLION POWERBALL JACKPOT CLAIMED BY WJW INVESTMENT TRUST
|A statement by the WJW Investment Trust is attached with this release.
Please note that this statement was written and is authorized for release by the Trust.
Questions pertaining to this statement can be addressed to
Mr. David A. Walls, Esq. of Oklahoma City, attorney for the Trust.
OKLAHOMA CITY, OK – AUGUST 2, 2006 – The Oklahoma Lottery today announced that the $101.8 million Powerball jackpot has been claimed by the WJW Investment Trust, 45 days after the historic June 17, 2006 drawing.
The Trust elected to take the cash value of the jackpot, or $46,276,534.29 after withholding the required 25-percent Federal taxes of $11,569,133.57 and the required four-percent Oklahoma State taxes of $1,851,061.37. The Trust will receive a lump-sum payment of $32,856,339.35. The winning jackpot ticket was sold at Quick Trip, 4705 S. Elm in Broken Arrow, Oklahoma.
“We are very pleased that Oklahoma’s first multi-million dollar lottery prize has finally been claimed,” said Jim Scroggins, executive director of the Oklahoma Lottery. “With each passing week, we have grown increasingly anxious over the possibility that the winning ticket might have been lost. That fear has now been put to rest and it’s great to know that the Trust and the State of Oklahoma each will benefit as a result.”
For its part, Oklahoma will receive over $1.8 million in state taxes from the June 17 jackpot win. That amount is on top of the 30 percent the Oklahoma Education Lottery Trust Fund has already received from Oklahoma Powerball sales leading up to the jackpot.
Tonight’s Powerball jackpot is $178 million, with an estimated cash value of $81 million. Tickets can be purchased at any Oklahoma Lottery retailer until 7:59 p.m.
“We want to take this opportunity to remind our players that it takes only one ticket to win the jackpot and so we encourage everyone to please play responsibly,”
Powerball drawings are held every Wednesday and Saturday at 9:59 CST and can be seen on KOKH-Fox and KOCB-WB in Oklahoma City and KWBT-WB in Tulsa.
In its inaugural fiscal year, which ran from October 12, 2005 to June 30, 2006, the Oklahoma Lottery generated $65.2 million for the Education Lottery Trust Fund.
For more information, please contact Lisa Fortier at 405.522.7751.
STATEMENT FROM WJW INVESTMENT TRUST
The winner of the June 17, 2006 Powerball Drawing has presented the winning ticket to the Oklahoma Lottery Commission. The ticket has been validated and the winner has elected an all cash payout, which will be approximately $46 million before taxes.
The buyer of the winning ticket is a trust and was represented at the Lottery Commission by the Trustee, Richard Barlow, and the trust’s attorney, David Walls. Mr. Barlow and Mr. Walls informed the Lottery Commission that the trust format was used to make sure that the funds would be carefully and professionally managed. Although the ultimate beneficiaries are tremendously pleased and excited about winning the lottery, they recognize their great personal responsibility to properly invest and manage the proceeds with the help of a trusted financial advisor. They wish to deal with the funds in a prudent manner in accordance with their own desires, values, and standards.
The trust format was also used because the beneficiaries wish to maintain their privacy, and they kindly and respectfully have requested that all honor their desire for privacy.
The Trustee and the trust’s attorney did mention that the beneficiaries often play the Oklahoma lottery and encourage others to do so. They were quoted as saying that “we are proof that you never know when you might win and you cannot win unless you play.”
The beneficiaries also stated that they would like to express their sincere appreciation to Oklahoma Governor Brad Henry for his foresight and great efforts in bringing the lottery to Oklahoma - not just because they won, but also because they have recognized that the lottery has generated so much in necessary funding for the support of education in the State of Oklahoma.
The beneficiaries would also like to express their gratitude to the Director of the Lottery Commission and his staff for the very professional, prompt, and friendly manner in which they assisted with the claim process.
Questions pertaining to this statement can be addressed to Mr. David A. Walls, Esq. of Oklahoma City, attorney for the Trust.