If I recall, there was a basketball one where the insurance company didn’t want to pay because the shooter had paid college ball. The team wound up paying to avoid the PR disaster.
YES! This was at a Chicago Bulls game in the late 90's iirc. I watched the game on TV. The shot was from the free-throw line to the basket on the opposite end of the court. The guy shot one handed, wheeling his arm around wide to throw the ball with a great arc.
It took a few seconds to travel through the air, and from the moment he released the ball the crowd was silent - we could all see it was looking on-target. It went through the hoop! It barely nicked the rim on its way down, so after it went through it ricocheted hard to one side, in my memory it was a near 90-degree turn.
The crowd went wild. Everyone was thrilled to finally see someone win that prize. I don't remember how much it was, but I do remember it was a very large cash prize.
And then, like you said, the next day the prize company said they wouldn't pay because there was some stipulation that participants could not have played any pro or college basketball. Public sentiment turned harshly on the team - you see, to take away his prize would be to invalidate the joyful moment we all shared watching that shot. If he didn't win, what the heck did we just see?
I don't know if the insurance company changed their minds or if the team just ate the cost of the prize, but it didn't take long for the Bulls to realize what was the right thing to do, and do it.
It is interesting. It took me a while to find an article that described his "near disqualification" [1]. Am I imagining things, or is it like all the top results, even for an event so long ago, are tilted towards "of course he'll get the money, who said otherwise?" But clearly it was said. Maybe it was a risky play by the prize company to rope in the team & some partners into chipping in to pay for the loss, which might have crippled them [2]. And then a lot of spin after the fact by the team to save face. They were forced to legitimize a shady move by a business partner, who threatened their reputation. Some rough lines to FB/CA?
"It takes time to make up a hit like this . . . but I know this will generate enough business to cover the loss."
For $1m, the Bulls could avoid to pay it, and should, since they violated the terms of their insurance contract, and they are a huge profitable professional business, not a rube.
> Calhoun said he would not be quitting his job as a sales associate at the Reliable Office Superstore in Bloomington
Anyone that thought he could quit his job needs some math lessons and financial education. $1M isn't enough to retire if you're under 30, especially when taxes come out.
^ it would also solidly cover educational expenses and income loss, etc, in the event one wanted to change careers. One could move to the industry of one's choosing with that kind of cushion.
The prize was paid out at $50k/year for 20 years. After taxes, that could cover a modest living in many parts of the country, but I'd agree that is not "quit your job/retire" money, even in the 90's.
It took a few seconds to travel through the air, and from the moment he released the ball the crowd was silent - we could all see it was looking on-target. It went through the hoop! It barely nicked the rim on its way down, so after it went through it ricocheted hard to one side, in my memory it was a near 90-degree turn.
The crowd went wild. Everyone was thrilled to finally see someone win that prize. I don't remember how much it was, but I do remember it was a very large cash prize.
And then, like you said, the next day the prize company said they wouldn't pay because there was some stipulation that participants could not have played any pro or college basketball. Public sentiment turned harshly on the team - you see, to take away his prize would be to invalidate the joyful moment we all shared watching that shot. If he didn't win, what the heck did we just see?
I don't know if the insurance company changed their minds or if the team just ate the cost of the prize, but it didn't take long for the Bulls to realize what was the right thing to do, and do it.
Thanks for bringing back these fun memories.