Drawdown

A Drawdown is a reverse Raffle. What this means is that instead of all the raffle tickets being thrown into a big bowl, and the first one picked is the winner, in the case of a Drawdown, all the tickets are drawn out of the bowl, one by one, and the last one standing is the winner of the ELC Drawdown Grand Prize.

The first drawing of the evening will be for the Early Bird Prize of $250. Every ticket purchased before September 1, 2012 will be entered into the Early Bird Drawing, and a winner will be drawn from that group of tickets. The winner of this drawing will still be eligible for both the Mid-point Drawing and the Grand Prize Drawing. After the Early Bird Drawing, the remaining tickets will be added to the bowl, and the Drawdown will begin. The 151st ticket drawn will be the Mid-point Drawing winner, and will remain eligible for the Grand Prize Drawing. The remaining tickets will be drawn until there are five tickets left, at which point the drawing will be stopped to discuss with each of the last five active ticket holders whether they want to stop and split the prize five ways or draw another ticket. The decision must be unanimous to stop, otherwise one more ticket will be drawn, and then the drawing will be stopped again to discuss once again what the final four want to do. This will continue until there is a unanimous agreement or there is only one ticket remaining.