In Business This Week
A SMALLER BASKET MIGHT ALSO BE IN ORDER
When Dan Calhoun of Bloomington, Ill., won $1 million by heaving a basketball nearly full-court for a swish, he wasn't the only one to luck out. Sponsors of the Chicago Bulls' promotion--restaurant chain Lettuce Entertain You Enterprises and Coca-Cola--had paid $5,000 to insure 21 long-range shots during intermissions in Bulls games. When Calhoun swished in during the twentieth contest, American Hole 'N One, an Oakwood (Ga.) insurer that specializes in risky events, faced a big payout.
But Hole 'N One got lucky. The sponsors had forgotten to have Calhoun sign a required waiver that he had never shot college hoops. Turned out he once played for a junior college. Don't weep for Calhoun, though. Fearing public outrage and potential lawsuits, the Bulls and sponsors ponied up. And Hole 'N One? It plans to insure the event next year--for a much fatter fee. It now calculates the odds of a swish at just 20 to 1.EDITED BY THANE PETERSON