A man who secured a lifetime annual salary of £190,000 through a lottery win faces the risk of losing it as the company responsible for the payouts has declared bankruptcy.
John Wyllie, aged 61 and residing in Oregon, attained a $5,000 (£3,687) weekly prize for life from the PCH Prize Patrol in 2012, receiving an annual sum of $260,000 (£191,738.30) every January.
This substantial yearly amount allowed him to retire comfortably and purchase a property with six acres in Bellingham, Washington.
In the past, the company offered various prizes, including gift cards and weekly payments spanning 30 years.
Unfortunately, John now confronts financial instability following the bankruptcy filing of the Publishers Clearing House (PCH) earlier this year, a move that was not communicated to him or other winners.
Expressing his distress, John revealed to KGW8 that the situation feels like a nightmare, worsened by his prolonged unemployment, spanning over a decade. Consequently, he has had to sell his trailer and jet ski and may soon have to part with his home.
In response to the collapse, former PCH senior vice president Darrell Lester expressed deep anger at the turn of events.
John recounted that during his tenure at PCH, the company ensured funds for winner payouts through long-term investments. He mentioned the assurances provided by ARB regarding future winners but emphasized that the responsibility for compensating previous winners does not lie with them.
PCH, acquired by ARB Interactive for $7.1 million (£5.24 million), faced financial distress post-pandemic, with its annual revenue dropping from $900 million (£663.71 million) before the crisis to just over $180 million (£132.74 million) last year, leading to the Chapter 11 filing in April.
Bankruptcy filings indicate that the decision to halt payments to former winners predates ARB’s acquisition of PCH.
An ARB spokesperson affirmed the commitment to restoring trust in the PCH brand, aiming to rebuild it as a symbol of trust, excitement, and long-term integrity, ensuring future winners receive their prizes in full.
The article has been produced with information collected through cookies and other identifiers to enhance user experience, analyze site usage, and display personalized advertising. Users can manage data sharing preferences by adjusting settings on the website. Acceptance of cookies is implied by using the website and services provided.
