Gord gets WIERD when people die at races.

[Bob]

"Steven L. Sheffield" <[email protected]> wrote in message
news:BB03472F.3B4A8%[email protected]...
> in article [email protected], Rik Van Diesel at
> [email protected] wrote on 06/03/2003 06:15 PM:
>
> > [email protected] (Scott Hendricks) wrote in message
> > news:<[email protected]>...
> >>
> >
> > I hope he wins the suit just so I can KICK HIS ASS when he doesn't give ALL the money to the
> > Reinhart foundation. That was the suggestion at the time, and to say different would be a lie.
> > Later I guess him and Wordin thought it would be better have the cash. What is even worse is if
> > they had won the cash he would probably received less than $10k (If you believe Lance only got
> > $30K of a million payout). And now if they get the $250k do you think they are going to send a
> > check to

>
>
> With Lance's $1M payout for winning the Triple Crown in 1993, there was an option ... an annuity
> paying $50,000.00/year for 20 years, or an immediate payout of ~$650K (which would have been
> expected to appreciate via investments to meet the $1M).
>
> Since the pay-out was to be split amongst all members of the Motorola team at the time, the
> election was for the $650K ... so it's not surprising
that
> Lance's share of the prize money was only $30K.
>
> Most state lotteries operate in this manner as well ... annual payouts
over
> a lengthy period of time totaling the "big money", or a whopping big immediate pay-out of a
> smaller sum of money.
>
> You'd be surprised how many people go for the big money. I think I'd go
for
> the annuity ... I'm still young enough that the annuity makes more sense from an investment and
> tax perspective.
>
>
>
>

Well, the lottery pays out half. So, if you "win" 1 million, you'll get half for 500k. If you invest
this at 3.5% interest, you'll get 1 million over 20 years (ignoring taxes). For the taxes, that's a
hard calculation. It used to be that 3.5% was peanuts, so most advisers recommended lump sum.

 

[Tom Schulenburg]

"Steven L. Sheffield" <[email protected]> wrote in message
news:BB03472F.3B4A8%[email protected]...
> in article [email protected], Rik Van Diesel at
> [email protected] wrote on 06/03/2003 06:15 PM:
>
> >>
> You'd be surprised how many people go for the big money. I think I'd go
for
> the annuity ... I'm still young enough that the annuity makes more sense from an investment and
> tax perspective.
>
>

Read up on "Time Value of Money". With inflation, a payout over 20 years can easily be worth less
than half the lump sum up front. Even a conservative investment strategy will beat inflation and
preserve more value of the payout.

-T

 

[Velospeed]

Hard to tell from the language on the BMC site, but it looks like it was $250k total...
http://cycling.bmc.com/new/news_july14PressRelease.cfm

"At stake in the BMC Software Cycling Grand Prix, in addition to Saturn USPRO Cycling Tour points,
is a bonus of $250,000 to any cyclist, male or female, who wins all four BMC Software Cycling Grand
Prix events. Gord Fraser (Team Mercury) and Nicole Reinhart (Team Saturn), by virtue of winning the
three previous BMC Software Grand Prix races, will be riding for this bonus September 17 in
Arlington,
MA."

> Do you have a link to verify this?
>
>
> That would clear this up, at least on this newsgroup.

 

[Tom Schulenburg]

"velospeed" <[email protected]> wrote in message
news:[email protected]...
> Hard to tell from the language on the BMC site, but it looks like it was $250k total...
> http://cycling.bmc.com/new/news_july14PressRelease.cfm
>
> "At stake in the BMC Software Cycling Grand Prix, in addition to Saturn USPRO Cycling Tour points,
> is a bonus of $250,000 to any cyclist, male or female, who wins all four BMC Software Cycling
> Grand Prix events. Gord Fraser (Team Mercury) and Nicole Reinhart (Team Saturn), by virtue of
> winning the three previous BMC Software Grand Prix races, will be riding for this bonus September
> 17 in Arlington,
> MA."
>
> > Do you have a link to verify this?
> >
> >
> > That would clear this up, at least on this newsgroup.

If it's "$250,000 to any cyclist, male or female..." I would take that to mean $250,000 to each. Of
course, the "Official" rules may be worded different, and I'm sure they include all sorts of
disclaimers and caveats for which the contest might be cancelled.

-T

 

[Dirtroadie]

[email protected] (ronde chumpion) wrote in message
news:<[email protected]>...
> Three years ago, a big payday ($250,000) for winning all four races BMC. Evryone knows the
> story. Nicole was killed in a freak wreck, and the loss is tremendous. A great girl. The men
> don't race, Gord and Horsetooth get plenty of GOOD publicity saying that the 1/4 million
> should go to the family, or in a fund, or whatever. Very nice.... Then, a few months later
> (when no one is looking), they want the money. Either paid to them, or hold that fourth race
> on like

>
> Very tasteless to honor the loss with such a nice sentiment, and then later renig on the deal.
> Screw them.

Ok. Let me get this straight. There's a lawsuit claiming entitlement to prize money that was
never won?

been winning races all season. The race is cancelled. Can rider Y collect just because he/she might
have had a good chance to win the

Maybe Fraser should have established his entitlement to a share of the $250K by crashing and dying.

Sorry if this sounds cold. I don't know Fraser and I didn't know Reinhart. But I can't see any
justification for Fraser's position.

DR

 

[Nick Burns]

I don't know if I have the story right, but it seems that the promoter was at fault for 2 reasons.
The first is that they did not offer an alternative to the last race that was cancelled. The second
is that they state there was never more than $250,000 available in total and yet there was always
the possibility that 2 athletes (one man and one woman) that could each win. After the fact, they
say it was intended that it would be divided in the case that a man and a woman both won, and that
the total prize money of $250,000 was in fact distributed. Imagine if the accident did not happen
and both Nicole and Fraser won. The way I see it, if the promoter gave $500,000 to the fund and if
they had the permission of the only athlete eligible at that point (Fraser) to do that, then Fraser
would be out of luck. However, since only half of the total theoretical prize was distributed, and
Fraser was the only eligible athlete, I think he does have a cause of action. The promoter should
offer a settlement (but not the whole prize value). They also create a poor image for themselves by
disallowing Fraser to enter any other race. The fact that it is a championship race for the US is
not relevant since Fraser is Canadian.

All of this seems pretty clear to me. The promoter tried to get off easy when Nicole died. I think
they know they were in the wrong. Their claim that there was never more than $250,000 of prize money
available is very weak and wreaks of bad faith.

"Kurgan Gringioni" <[email protected]> wrote in message
news:[email protected]...
>
> "Scott Hendricks" <[email protected]> wrote in message
> news:[email protected]...
> > Before you disparage someone's character so strongly, how about having the courtesy and courage
> > to at least post your name.
> >
> > As for the efforts of Gord and the Mercury team to get the prize money for the BMC series, which
> > you said were tasteless, you first have to ask the question:
> >
> > Did BMC pay the money to the family, as Gord and the team suggested, or did they just keep the
> > money and hope no one noticed?
> >
> > While it may seem tasteless to pursue the prize money in the courts, if BMC paid the money to
> > Nicole's family, but... I think they are perfectly within their rights to pursue the issue if
> > BMC did not pay.
>
>
> The bonus was to have been paid if all the BMC races were won by the same rider.
>
> Mercury/Gord didn't win all the races. The last one was called up because
of
> NR's death.

 

[Kurgan Gringion]

"Nick Burns" <[email protected]> wrote in message
news:[email protected]...
> I don't know if I have the story right, but it seems that the promoter was at fault for 2 reasons.
> The first is that they did not offer an
alternative
> to the last race that was cancelled. The second is that they state there
was
> never more than $250,000 available in total and yet there was always the possibility that 2
> athletes (one man and one woman) that could each win. After the fact, they say it was intended
> that it would be divided in the case that a man and a woman both won, and that the total prize
> money of $250,000 was in fact distributed. Imagine if the accident did not happen
and
> both Nicole and Fraser won. The way I see it, if the promoter gave
$500,000
> to the fund and if they had the permission of the only athlete eligible at that point (Fraser) to
> do that, then Fraser would be out of luck. However, since only half of the total theoretical prize
> was distributed, and Fraser was the only eligible athlete, I think he does have a cause of action.

<snip>

One thing though: the women's race was completed an NR did not win. People keep forgetting that.

Therefore, the most BMC was on the hook for was $250,000, and the men supposedly agreed the bonus
could be paid to her memorial fund.

 

[Casey Kerrigan]

In article <[email protected]>, Kurgan Gringioni
<[email protected]> wrote:

> One thing though: the women's race was completed an NR did not win. People keep forgetting that.
>
>
> Therefore, the most BMC was on the hook for was $250,000, and the men supposedly agreed the bonus
> could be paid to her memorial fund.
>
>

There was only one man in the running to win the bonus so I'm not sure the opinion of other men in
the race about what to do with the bonus money holds much worth. Right after the death of a friend
isn't exactly the best time to be making important financial decisions. Technically there wasn't
even a memorial fund to donate anything to that day. It probably would have been best to have people
most impacted get together after emotions had a chance to settle down and decide what to be about
the canceled 4th race in the series.