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.
The story calls him a "A $5-an-hour office supply store salesman", so at 2,000 hours a year it's $10,000. That makes the gross prize money five times his salary.
"It takes time to make up a hit like this . . . but I know this will generate enough business to cover the loss."
[1] https://www.highbeam.com/doc/1P2-4165888.html
[2] http://articles.chicagotribune.com/1993-04-16/news/930518041...