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View Full Version : Guy inherits billion dollars?!?


yashan
02-21-06, 08:50 PM
I thought there was a link on CNN.com last week but nothing comes up on the site anymore. I also can't find any other articles on the web either. Maybe my Googling skills suck? :( Can anyone find more information about this? I would think it would have become a bigger story...

Here is part of the transcript from Anderson Cooper 360 (http://edition.cnn.com/TRANSCRIPTS/0602/16/acd.02.html) on February 16, 2006:


(COMMERCIAL BREAK)

(BEGIN GRAPHIC)

Billionaires in the world: 691.

Collected net worth: $2.2 trillion.

(END GRAPHIC)

COOPER: So this is a story with a happy ending -- actually, about a billion happy endings in fact, if you individually count the dollars involved. It's a complicated story as well, however, about a woman who died without a will, but with assets. Assets that grew more and more valuable all through the many years her family and the courts puzzled over what to do with those assets. Well now a decision has been made. And the man you are about to meet, Sam Gross, is soon to become this country's 314th billionaire. We spoke earlier.

(BEGIN VIDEOTAPE)

COOPER: Sam, this is just an incredible story. Your mom died in 1970 when you were 9 years old, didn't have a will. You didn't find out until you were 29 that she had stocks from her former employer, Texas Instruments. How did you finally find out about the stocks?

SAM GROSS, BIOLLIONAIRE-TO-BE: Well, I went back to the old neighborhood where I was raised and when I asked, one of the ladies was considered like a godmother to my mom, and after she recognized who I was, she hadn't seen me since I was 9, next thing she say, did you ever get the money in trust? I said, no, what money? And that's how I found out.

COOPER: So the problem really was that your mom didn't have a will and that your name wasn't on any documents, so that's why the probate took over and it took so long to get out of probate. Is that basically correct?

GROSS: Yes, but I was informed that there were certain documents, like a guardianship trust that was never set up. I did find documents to show that I was the heir, but I don't think they have ever received an affidavit of heirship.

COOPER: And I know you're waiting for a judge to sign the final papers this week. Does it seem real? I mean, that you are on the verge of getting more than a billion dollars?

GROSS: Well, I guess it's the reality of it. I may not fully understand until it happens. I know the reality of it and the long fight and the struggles that I've had to endure. It's going to make a difference in my life.

COOPER: Yes, I would hope a billion dollars would make sort of a difference in your life. If it doesn't, you're living pretty high right now, I got to tell you.

Is there anything you want to do with that money? I mean, is there anything you want to, you know, instantly buy or think about buying? How's it going to change your life?

GROSS: Well, first of all, it gives me a peace of mind to know that I can basically make a difference in other peoples' lives, maybe give back to the community, creating charitable trusts, making a difference in other peoples' lives. And I'm also looking into trying to create something that will keep this from happening to any other American citizen.

COOPER: You have three children. You're about to come into a lot of money. Do you have a will of your own?

GROSS: Well, I have what you call, that I'm setting up, like an (INAUDIBLE) corporation trust, stuff like that, that I've prepared.

COOPER: That's something a billionaire does. I don't even know what any of that means.

GROSS: OK.

COOPER: I'm not sure what -- it sounds good, though.

GROSS: Well, I've made provisions.

COOPER: You're protected.

GROSS: Right. I've made provisions to protect my heirs and my interests and certain ventures. And to keep this from happening to my heirs as what happened to me.

COOPER: Well, I just find it -- you're the calmest about to be a billionaire I've ever heard from and it's great to hear of the things you want to do. You're really basically talking about helping out other people and making sure this doesn't happen to other people. So, good luck to you. I hope you get the money and I hope it doesn't change you and I hope you do a lot of good with it. Thanks so much.

GROSS: And thank you, sir.

(END VIDEOTAPE)

Joe Molotov
02-21-06, 09:29 PM
Yeah, I saw this on the news the other day. Pretty crazy stuff. I can't even imagine what it would be like to have that much money just dropped on you.

ChiTownAbs, Inc
02-21-06, 09:45 PM
Did his mother start TI or something? Something tells me that rank and file employees don't get massive amounts of common shares in a company.

JasonF
02-21-06, 11:41 PM
I found data on TXN going back to 1982. There have been 5 splits during that time, and it's up about 2000% per share since 1982 -- so $1 in 1982 TXN should be worth about $64,000 in 2006 TXN. That means you only needed about $15,000 of TXN in 1982 to have it be worth $1 billion today. Given that by 1982, you had over a decade's worth of appreciation, it's not too implausable.

http://ichart.finance.yahoo.com/z?s=TXN&t=my&q=l&l=on&z=l&p=s

Think how rich he'd be if he had gotten out in 2000!

andicus
02-22-06, 01:26 AM
I found data on TXN going back to 1982. There have been 5 splits during that time, and it's up about 2000% per share since 1982 -- so $1 in 1982 TXN should be worth about $64,000 in 2006 TXN. That means you only needed about $15,000 of TXN in 1982 to have it be worth $1 billion today. Given that by 1982, you had over a decade's worth of appreciation, it's not too implausable.

Think how rich he'd be if he had gotten out in 2000!
Isn't it actually $1 is now worth $960? It split 5 times, so that's x32, but then each share is now worth around $30, so it should be 30x32 = $960/$1. So you'd still need approx. $1,000,000 to be worth a billion since 1982.

immortal_zeus
02-22-06, 03:09 AM
See, now why doesn't that kind of stuff happen to me? Instead, I find a quarter in my pants pocket whenever I re-wear a pair before I wash them.

http://i48.photobucket.com/albums/f240/immortal_zeus/zeus.gif

mndtrp
02-22-06, 04:04 AM
See, now why doesn't that kind of stuff happen to me? Instead, I find a quarter in my pants pocket whenever I re-wear a pair before I wash them.

http://i48.photobucket.com/albums/f240/immortal_zeus/zeus.gif
True, but with living forever, you should be able to weather out any downturn in the stock market.

namja
02-22-06, 04:11 AM
JasonF, your math is a little off. 2000% x 32 = 64000%. 64000% of $1 is $640, not $64000. So andicus's math is more accurate. You'll need about $1.5 million in 1982 to have $1 billion in 2006 (assuming $1.50 stock price in 1982 and $30 stock price in 2006 for an increase to 2000%).

She probably had a ton of stock options, allowing her to obtain the stocks are a fraction of the market price.

The Bus
02-22-06, 07:06 AM
Wow. I have an old TI-85 from 1995. I wonder how much that is worth now.

JasonF
02-22-06, 07:57 AM
namja and andicus, you're right. I was thinking about this in the shower this morning and I realized I had screwed up the math by surreptitiously swtiching from percents to dollars, throwing myself off by two orders of magnitude.

ChiTownAbs, Inc
02-22-06, 09:25 AM
namja and andicus, you're right. I was thinking about this in the shower this morning and I realized I had screwed up the math by surreptitiously swtiching from percents to dollars, throwing myself off by two orders of magnitude.

You think about us when your in the the shower??

Nick Danger
02-22-06, 09:30 AM
There isn't another reference to "Sam Gross" on Google. You'd think that AP and Reuters would be all over this.

It proports to be a real life Horatio Alger story, where a guy gets a fortune which has nothing to do with how much or little he worked. I'm wondering if Cooper got spoofed.

I think it's pretty funny if he was.

JasonF
02-22-06, 10:12 AM
You think about us when your in the the shower??

Mostly I think about you, but sometimes I mix it up a little and think about Bandoman.

ShallowHal
02-22-06, 12:12 PM
You know what I'd do if I had a billion dollars? Hire Mike Myers as my personal assistant. Not so he could be Dr. Evil, I just want to drive around and have him pump my gas. If I see a hot chick filling up her Jetta, I'll get out of my car wearing my "Shrek is my bitch" t-shirt, and ask her if she wants to share some Taco Bell. :lol:

NCMojo
02-22-06, 12:21 PM
Mostly I think about you, but sometimes I mix it up a little and think about Bandoman.
Who can blame you???

http://img151.imageshack.us/img151/84/psycho6tp.jpg (http://imageshack.us)

Kittydreamer
02-22-06, 12:49 PM
So, does he need a mistress or maybe to adopt a 34 year old or something????

yashan
02-22-06, 08:04 PM
namja and andicus, you're right. I was thinking about this in the shower this morning and I realized I had screwed up the math by surreptitiously swtiching from percents to dollars, throwing myself off by two orders of magnitude.


Wow! I don't know what to say... I started a thread that somone is thinking about in the shower and this isn't even the Adult forum. ;)

yashan
02-22-06, 08:07 PM
There isn't another reference to "Sam Gross" on Google. You'd think that AP and Reuters would be all over this.

It proports to be a real life Horatio Alger story, where a guy gets a fortune which has nothing to do with how much or little he worked. I'm wondering if Cooper got spoofed.




That's what I was thinking because even the link on CNN.com has disappeared.

If anything, I figured this would become one of those, "Imagine if this happened to you..." sort of stories for people to end their news broadcasts on a positive note.

Cusm
02-23-06, 09:46 AM
How did she buy TI stock in '82 of she died in 1970?

jdodd
02-23-06, 10:04 AM
I think 1982 was used as a reference point because that's as far back as JasonF could find stock data.

wmansir
02-23-06, 10:14 AM
Yeah, I don't follow this. His mom died in 1970 when he was 9. He didn't know about this supposed Billion $ trust until he was 29, so that would be 1990. Now, 16 years later he is finally getting the money because his name wasn't on the documents. So this money has been in limbo for 36 years?

'82 was just as far back as JasonF went, but the company was publicly traded before 1970.

Duh Vuh Duh
02-23-06, 10:20 AM
How many dvds would that buy?? :hscratch:

NCMojo
02-23-06, 10:25 AM
How did she buy TI stock in '82 of she died in 1970?
Bit of confusion here, I think. JasonF found stock information going back to 1982... but TI first went public (http://www.ti.com/corp/docs/company/history/timeline/key/overview.htm) in 1953. So she very well could have had stock options from the late 1960s which (considering various stock splits and gains) could be worth $1 billion today.

Having said that... I too am very skeptical of a news story like this falling so completely through the cracks. There are a dozen megawinners of PowerBall every year, and they all get front-page treatment... this guy would make them look like Romper Room kids. No way this is real.

EDIT TO ADD: you all suck for basically refuting this point before I could post this. :(

grunter
02-23-06, 10:37 AM
How many dvds would that buy?? :hscratch:

All of them.

orangerory
02-23-06, 11:03 AM
That's what I was thinking because even the link on CNN.com has disappeared.

If anything, I figured this would become one of those, "Imagine if this happened to you..." sort of stories for people to end their news broadcasts on a positive note.

The link is still there:

http://transcripts.cnn.com/TRANSCRIPTS/0602/16/acd.02.html

Turd Ferguson
10-09-06, 02:43 PM
Here's an excellent follow-up article on this guy. Sadly and predictably, his story is almost certainly bullshit:

Link (http://www.dallasobserver.com/Issues/2006-04-13/news/feature_full.html)

NotThatGuy
10-09-06, 03:21 PM
How many dvds would that buy?? :hscratch:
It depends on which studios/production companies he invests in.

-p

DVD Josh
10-09-06, 03:29 PM
So basically, his mom saves $13K, which is given to his guardian and presumably spent on his upbrining. Now, he claims that he has been defrauded of $1B with absolutely zero documentation or evidence to substantiate his claims.

Interesting.

Turd Ferguson
10-09-06, 03:55 PM
Some of his court tactics and writings remind me of ghetto pro-se plaintiffs that I have had the misfortune of dealing with in the past. It's sad and pathetic stuff.

drmoze
10-09-06, 04:59 PM
A bit of relevant information (correction of misinformation, actually) even if the story is BS:

A "stock split" isn't necessarily 2-for-1. It can be 5:1, 10:1, 20:1, 100:1, or whatever the company wants to make it. So the factor of 32 for the 5 TI splits since 1982 is almost certainly wrong.

A little information...

NotThatGuy
10-09-06, 05:11 PM
Some of his court tactics and writings remind me of ghetto pro-se plaintiffs that I have had the misfortune of dealing with in the past.

I can only imagine. From what i've seen in small claims court (a mix of misinformation and WAY too many hours spent in front of the TV watch The People's Court, Judge Judy, etc) that would be unbearable.

-p

nodeerforamonth
10-09-06, 05:23 PM
Yeah, I saw this on the news the other day. Pretty crazy stuff. I can't even imagine what it would be like to have that much money just dropped on you.

I can't imagine either, but I sure would like to find out!

Turd Ferguson
10-09-06, 08:56 PM
I can only imagine. From what i've seen in small claims court (a mix of misinformation and WAY too many hours spent in front of the TV watch The People's Court, Judge Judy, etc) that would be unbearable.

-p

One of the General Sessions Judges I go in front of regularly has a stock speech he gives people who say they'll be representing themselves. He usually starts out, "This is not an informal small claims court. This is not Judge Judy or Judge Joe Brown. You are bound by the same rules of evidence as an attorney..."

Coincidentally, I sat next to Judge Joe Brown in a CLE course I took last year. He was a nice guy.