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BusinessQuotes

Ed Tapscott, Basketball coach, Player agent and scout

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  • We have now reached the point where athletes understand as teenagers, maybe earlier than that, about self-marketing. They know how to sell themselves and they are made to understand at a very young age that selling themselves is important.

  • — Ed Tapscott, Basketball coach, Player agent and scout
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Quotes

Evelyn Adams won the New Jersey lottery not once, but twice, in 85 and 86. Today the money is all gone and Adams lives in a trailer. He also lost a lot of money at the Atlantic City slot machines. The odds aginst this are 1 in 17 trillion. William Bud Post won 16.2 m in the Pennsylvania lottery in 88, but now lives on his social security. “I wish it never happened. It was totally a nightmare. A former girlfriend successfully sued him for a share of the winnings. It wasn’t his ownly lawsuit. A brother was arrested for hiring a hit man to kill him, hoping to inherit a share of the winnings. Other siblings pestered him until he agreed to invest in a car business and a restaurant in Sarasota, FL, which lost all the investment. Post even spent time in jail for firing a gun over the head of a bill collector. Within a year, he was $1M in debt, and eventually declared bankruptcy. Now he lives quietly on $450 a month and food stamps. Suzzane Mullins won 4.2M in the Virginia lottery in 1993. Now she’s deeply in debt to a company that lent her money using winnings as the collateral. She blamed the debt on the letnthy illness of an uninsured son in law who needed $1 million for medical bills. She now has no assets. Ken Proxmire was a machinist who won $1M in the Michigan lottery. He moved to Calfornia and went into the car business with his brothers. Within five years, he had filed for bankruptcy. “he was just a poor boy who got lucky and wanted to take care of everybody” explained his son Rick. William Hurt of Lansing Michigan won 3.1M in 89. Two years later he was broke and charged with murder. His lawyer says Hurt spent his fortune on a divorce and crack cocaine. Charles Riddle of Belleville, Michigan won $1 in 1975. Afterward, he got divorced, faced several lawsuits, and was indicted for selling cocaine. Missourian Janite Lee won $18M in 1993. 8 years later Lee had filed bankruptcy and had only $700 left.

—lottery winners who went bankrupt
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