This one set off all my sceptic alarms - sounded like another poetry.com scam. So I googled. And discovered that (a) I wasn't the only one who was suspicious, and (b)
the other guy concluded it was legit. And he seems to have done a good job of checking it out, interviewed some of the principals, etc. The only bad feature is that, at this stage, it's a one-shot event. The $50K first prize donation was a one-time thing. They are hoping to keep it going through a combination of other donors and Bill Lantry's entry fees.