A Lifetime Ain't as Long as It Used to Be

[silverscreenselect]

Publishers Clearing House’s bankruptcy means ‘forever’ winners will no longer get paid

For nearly 60 years, Publishers Clearing House had been known for changing individuals’ lives, fulfilling their dreams with prize money it promised would keep coming for as long as they lived. But now the company is in bankruptcy, and winners’ dreams have turned into nightmares. ARB Interactive, a mobile gaming company that bought PCH’s remaining assets, said that under the terms of the sales agreement it would not honor payouts for those who won their life-changing prizes before July 15th of this year.

Some winners, who thought they’d never have to work again, are now finding themselves uncertain of how they’ll pay their bills. “This feels like a nightmare. I thought this was going to go on for the rest of my life, so I didn’t really have to worry about money,” John Wyllie told CNN affiliate KGW. Wyllie, 61, of Bellingham, Washington, had been promised $5,000 a week for life. Now he’s looking for a new job, but he’s not hopeful, since he hasn’t worked for more than 10 years. He is currently living on the proceeds of sales of some of his prized possessions, like a jet ski and a trailer. But Wylie said he had no idea the company was even in trouble until his annual check for $260,000 didn’t show up, as expected, in January.

The bankruptcy is not just upending the finances of people who had been promised continued riches; it’s eroding a part of America’s popular culture. Today, Publishers Clearing House and its prize money seem quaint in comparison to jackpots of more than $1 billion from Powerball and Mega Millions. But the PCH Prize Patrol with their balloons and oversized checks became almost universally known across the county from the 1970s through early 2000s, long before national lotteries and billion-dollar jackpots started grabbing headlines, feeding fantasies of riches. And unlike state lotteries, Publishers Clearing House allowed people to win without buying tickets or even the magazine subscriptions it was hawking.

ARB Interactive, headquartered in Miami, defended not paying out prizes, since that was never part of its purchase agreement. “At ARB Interactive, we are committed to restoring and preserving the trust that has defined the Publishers Clearing House brand for decades,” the company said in a statement. “We understand the concerns surrounding unpaid prizes owed to past winners and are taking decisive steps to ensure that every future prize winner can participate with absolute confidence.” It said it is planning to implement a pay structure separate from that company so that “all future PCH prizes are honored, regardless of ARB’s financial status.” But that’s little comfort to the past winners.

[BackInTex]

At ARB Interactive, we are committed to restoring and preserving the trust that has defined the Publishers Clearing House brand for decades, by dishonoring and breaking all commitments and any trust of existing of Publishers Clearing House winners

I don't think that's how it, trust, works.