Go Back  DVD Talk Forum > General Discussions > Other Talk
Reload this Page >

Guy inherits billion dollars?!?

Other Talk "Otterville" plus Religion/Politics

Guy inherits billion dollars?!?

Old 02-21-06, 09:50 PM
  #1  
DVD Talk Special Edition
Thread Starter
 
Join Date: Apr 1999
Location: ATL
Posts: 1,194
Likes: 0
Received 0 Likes on 0 Posts
Guy inherits billion dollars?!?

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 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)
Old 02-21-06, 10:29 PM
  #2  
DVD Talk Hall of Fame
 
Join Date: Dec 2002
Location: Oklahoma, USA
Posts: 8,494
Likes: 0
Received 0 Likes on 0 Posts
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.
Old 02-21-06, 10:45 PM
  #3  
DVD Talk Legend
 
Join Date: Aug 1999
Location: Chicago, IL
Posts: 17,205
Likes: 0
Received 0 Likes on 0 Posts
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.
Old 02-22-06, 12:41 AM
  #4  
DVD Talk Hero
 
JasonF's Avatar
 
Join Date: Jul 2001
Location: Washington, DC
Posts: 39,620
Received 0 Likes on 0 Posts
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!

Last edited by JasonF; 02-22-06 at 12:46 AM.
Old 02-22-06, 02:26 AM
  #5  
DVD Talk Hall of Fame
 
andicus's Avatar
 
Join Date: Dec 2004
Location: Canada
Posts: 8,066
Received 4 Likes on 4 Posts
Originally Posted by JasonF
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.
Old 02-22-06, 04:09 AM
  #6  
DVD Talk Legend
 
Join Date: Apr 2001
Location: Mt. Olympus
Posts: 11,818
Likes: 0
Received 0 Likes on 0 Posts
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.

Old 02-22-06, 05:04 AM
  #7  
DVD Talk Legend
 
Join Date: May 2004
Location: a mile high, give or take a few feet
Posts: 13,512
Likes: 0
Received 1 Like on 1 Post
Originally Posted by immortal_zeus
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.

True, but with living forever, you should be able to weather out any downturn in the stock market.
Old 02-22-06, 05:11 AM
  #8  
Stealth Moderator
 
namja's Avatar
 
Join Date: Oct 1999
Location: In Transit, HQ
Posts: 25,006
Received 2 Likes on 2 Posts
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.
Old 02-22-06, 08:06 AM
  #9  
DVD Talk Godfather
 
The Bus's Avatar
 
Join Date: Aug 2001
Location: New York
Posts: 54,876
Likes: 0
Received 0 Likes on 0 Posts
Wow. I have an old TI-85 from 1995. I wonder how much that is worth now.
Old 02-22-06, 08:57 AM
  #10  
DVD Talk Hero
 
JasonF's Avatar
 
Join Date: Jul 2001
Location: Washington, DC
Posts: 39,620
Received 0 Likes on 0 Posts
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.
Old 02-22-06, 10:25 AM
  #11  
DVD Talk Legend
 
Join Date: Aug 1999
Location: Chicago, IL
Posts: 17,205
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by JasonF
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??
Old 02-22-06, 10:30 AM
  #12  
DVD Talk Legend
 
Nick Danger's Avatar
 
Join Date: Mar 2001
Location: Albuquerque
Posts: 22,757
Likes: 0
Received 13 Likes on 8 Posts
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.
Old 02-22-06, 11:12 AM
  #13  
DVD Talk Hero
 
JasonF's Avatar
 
Join Date: Jul 2001
Location: Washington, DC
Posts: 39,620
Received 0 Likes on 0 Posts
Originally Posted by ChiTownAbs, Inc
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.
Old 02-22-06, 01:12 PM
  #14  
Guest
 
Join Date: Sep 2005
Posts: 1,699
Likes: 0
Received 0 Likes on 0 Posts
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.
Old 02-22-06, 01:21 PM
  #15  
DVD Talk Legend
 
Join Date: Feb 2003
Posts: 14,204
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by JasonF
Mostly I think about you, but sometimes I mix it up a little and think about Bandoman.
Who can blame you???

Old 02-22-06, 01:49 PM
  #16  
DVD Talk Legend
 
Kittydreamer's Avatar
 
Join Date: Jun 2004
Location: Portland, OR
Posts: 13,611
Likes: 0
Received 0 Likes on 0 Posts
So, does he need a mistress or maybe to adopt a 34 year old or something????
Old 02-22-06, 09:04 PM
  #17  
DVD Talk Special Edition
Thread Starter
 
Join Date: Apr 1999
Location: ATL
Posts: 1,194
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by JasonF
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.
Old 02-22-06, 09:07 PM
  #18  
DVD Talk Special Edition
Thread Starter
 
Join Date: Apr 1999
Location: ATL
Posts: 1,194
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Nick Danger
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.
Old 02-23-06, 10:46 AM
  #19  
DVD Talk Hall of Fame
 
Cusm's Avatar
 
Join Date: Jan 2000
Location: Moore, OK
Posts: 7,565
Received 0 Likes on 0 Posts
How did she buy TI stock in '82 of she died in 1970?
Old 02-23-06, 11:04 AM
  #20  
DVD Talk Ultimate Edition
 
Join Date: Dec 1999
Location: Orlando, FL
Posts: 4,160
Likes: 0
Received 0 Likes on 0 Posts
I think 1982 was used as a reference point because that's as far back as JasonF could find stock data.
Old 02-23-06, 11:14 AM
  #21  
DVD Talk Legend
 
Join Date: Apr 2003
Location: Land of the Lobstrosities
Posts: 10,300
Likes: 0
Received 0 Likes on 0 Posts
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.
Old 02-23-06, 11:20 AM
  #22  
DVD Talk Gold Edition
 
Join Date: Sep 2005
Location: Rocky Mountain High
Posts: 2,588
Likes: 0
Received 0 Likes on 0 Posts
How many dvds would that buy??
Old 02-23-06, 11:25 AM
  #23  
DVD Talk Legend
 
Join Date: Feb 2003
Posts: 14,204
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Cusm
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 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.
Old 02-23-06, 11:37 AM
  #24  
DVD Talk Limited Edition
 
Join Date: Oct 2000
Posts: 6,049
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Duh Vuh Duh
How many dvds would that buy??
All of them.
Old 02-23-06, 12:03 PM
  #25  
DVD Talk Gold Edition
 
Join Date: Jun 2000
Posts: 2,102
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by yashan
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/TRANSCRIP...16/acd.02.html

Thread Tools
Search this Thread

Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.