The Jack Trevor Story Memorial Prize is awarded sporadically, and is presented by Moorcock, literary executor of Trevor's estate. Moorcock explained the audurous selection process in 2006:
The rules vary. They are fairly arbitrary. Sometimes it's a fair selection made from a number of writers. Sometimes it's to a writer who could do with the dosh (but is funny). Sometimes it depends on the size of the bribe offered to the committee. Which, sometimes, is just me.
When the prize was first awarded it was scrupulously fair. But, as in the course of all such prizes, it is now totally corrupt.
It is generally awarded for a work of fiction or body of work which, in the
opinion of the committee, best celebrates the spirit of Jack Trevor Story. The conditions of the prize are that the money shall be spent in a week to a fortnight and the author have nothing to show for it at the end of that time. This is to recall Mr Story's famous reply to the bankruptcy judge who enquired where a substantial sum of money paid to him for film rights had gone -- "You know how it is, judge. Two hundred or two thousand, it always lasts a week to a fortnight."
Waldrop was presented with a commemorative Jack Trevor Story Memorial Prize "Cup" which has the value-added feature of being able to drink coffee or other liquid beverages from, an uncertain amount of money generally assumed to be roughly equivalent to £50 (which Waldrop insists he will have no problem spending with nothing to show for it) and all the prestige he can eat. Overcome with emotion, Waldrop was overheard telling friends that the award had inspired him to go finish his long-delayed novel, I, John Mandeville.
Congratulations, Howard! Nobody deserves it more than you!
Additional Armadillocon photos may be viewed at Lisa on Location.