c4man5282 Posted June 25, 2010 Share Posted June 25, 2010 ryanohalloran $52 million evidently doesn't go that far anymore. Former #Redskins QB Brunell files for bankruptcy. http://bit.ly/bErZxb 18 minutes ago via bitly click link in tweet for full story... http://twitter.com/ryanohalloran/status/17011277921 Sorry mods if this needs to be in the tailgate. Link to comment Share on other sites More sharing options...
ntotoro Posted June 25, 2010 Share Posted June 25, 2010 If most of the cause is from business loans on which he co-signed (and upon which the signors obviously defaulted), then it's proof these guys are just dumb, dumb, dumb. It's one thing to trust people, but not with that kind of cash. Link to comment Share on other sites More sharing options...
Rocky21 Posted June 25, 2010 Share Posted June 25, 2010 Weird story. Scott Boonell can't manage his money. Link to comment Share on other sites More sharing options...
Idaho fan Posted June 25, 2010 Share Posted June 25, 2010 Yeah... it would be rough trying to make ends meet with only $52 mill in earnings. I feel bad for Scott. Link to comment Share on other sites More sharing options...
Mr. S Posted June 25, 2010 Share Posted June 25, 2010 Sad to hear, he definitely seemed like a pretty cautious player when it came to finances. Wonder where all his money went. Link to comment Share on other sites More sharing options...
Dan T. Posted June 25, 2010 Share Posted June 25, 2010 Yeah that is sad news. Brunell was always a stand-up guy here. I hope he gets his financial affairs righted. Link to comment Share on other sites More sharing options...
onedrop Posted June 25, 2010 Share Posted June 25, 2010 Anyone that makes that much money and declares bankruptcy is a dumbass. Link to comment Share on other sites More sharing options...
Dan T. Posted June 25, 2010 Share Posted June 25, 2010 This article offers some details into the financial trouble - it looks like he got slammed by the downturn in the real estate market. He was part of a partnership called Champions LLC with ex-Jaguars Joel Smeenge and Todd Fordham that defaulted on a loan for a real estate project in Jacksonville Beach. He also invested in real estate projects that failed Traverse City and Grand Rapids, Michigan. Link to comment Share on other sites More sharing options...
MartinC Posted June 25, 2010 Share Posted June 25, 2010 This article offers some details into the financial trouble - it looks like he got slammed by the downturn in the real estate market. He was part of a partnership called Champions LLC with ex-Jaguars Joel Smeenge and Todd Fordham that defaulted on a loan for a real estate project in Jacksonville Beach. He also invested in real estate projects that failed Traverse City and Grand Rapids, Michigan. Lots of folks took a bath in real estate over the last couple of years - its been a very difficult period for all kinds of investments. Its a bit like betting though - if you are so expossed on an investment that you cant pay it back if it goes bad you made a poor decision getting involved in the first place. People who earned as much as Mark have no business going bankrupt. By all means make some of your money work for you but too many people make investments believing its a one way bet - prices can and do go down as well as up! Like many of those who lost big with the Madoff Ponzi scheme rich people sometimes over reach themselves in an effort to get even more rich. I liked Mark and hope he gets back on his feet. Link to comment Share on other sites More sharing options...
Rocky21 Posted June 25, 2010 Share Posted June 25, 2010 The good news? There will be a Super Bowl ring on Ebay soon! Link to comment Share on other sites More sharing options...
benskins26 Posted June 25, 2010 Share Posted June 25, 2010 I'm torn here. Generally when this happens, I have no sympathy. I make less than 50k a year, and I make it work. But I like Boonell, always seemed like a stand up guy. So I actually feel bad for him. Link to comment Share on other sites More sharing options...
santana_4_prez Posted June 25, 2010 Share Posted June 25, 2010 Sounds like he throws his money away as well as he throws passes away out of bounds. Link to comment Share on other sites More sharing options...
benskins26 Posted June 25, 2010 Share Posted June 25, 2010 Sounds like he throws his money away as well as he throws passes away out of bounds. Maybe he can throw a few bubble screens for a quick 5 bucks Link to comment Share on other sites More sharing options...
mojobo Posted June 25, 2010 Share Posted June 25, 2010 Is he personally filing for bankruptcy or his corporation is filing? I could understand his real estate corporation going bankrupt, but you have to believe he has some money saved up. He just made $1.8 million last year so I be surprised if he would throw every penny he had in real estate. Link to comment Share on other sites More sharing options...
McD5 Posted June 25, 2010 Share Posted June 25, 2010 A huge number of players file BK within 2 years of leaving the league. I believe the stat is 40%. I wouldn't trade places with any NFL player. Brunnell was just faster than most. Link to comment Share on other sites More sharing options...
NewCliche21 Posted June 25, 2010 Share Posted June 25, 2010 Anyone that makes that much money and declares bankruptcy is a dumbass. Sums it up pretty well. He was a great person, though, even if he wasn't our greatest quarterback, so I feel for him. Link to comment Share on other sites More sharing options...
Destino Posted June 25, 2010 Share Posted June 25, 2010 A huge number of players file BK within 2 years of leaving the league. I believe the stat is 40%.I wouldn't trade places with any NFL player. Brunnell was just faster than most. On the 106.7 interview with Joe Gibbs 78% of NFL players are bankrupt within 3 years of leaving the NFL. It came up because Gibbs and Strayer are sponsoring some free financial education seminars for players. They just did their first seminar with the Redskins and plan on offering it to the league. I think they got that stat from this sports illustrated article: By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce. http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm Link to comment Share on other sites More sharing options...
instinct21 Posted June 25, 2010 Share Posted June 25, 2010 I don't feel sorry for anyone that can't manage 52mil. If only he was as cautious with his money as throwing down field. Link to comment Share on other sites More sharing options...
The Diesel Posted June 25, 2010 Share Posted June 25, 2010 I don't feel sorry for Brunell. I'm sure he'll find some way to convince himself that this was just god's plan for him. Link to comment Share on other sites More sharing options...
mojobo Posted June 25, 2010 Share Posted June 25, 2010 I'm guessing he personally is not bankrupt, and that it is simply the corporation he owned went bankrupt. If anything Brunell was extremely smart for forming a LLC so that the liabilities he had in his business ventures wouldn't spill over and affect his personal income that wasn't invested in real estate. Link to comment Share on other sites More sharing options...
brianm23 Posted June 25, 2010 Share Posted June 25, 2010 It's amazing how stupid people are. Fifty two million dollars and it's gone. Just give me one, and I'll be set for life. Link to comment Share on other sites More sharing options...
polywog999 Posted June 25, 2010 Share Posted June 25, 2010 Anyone that makes that much money and declares bankruptcy is a dumbass. Very easy to sit around, point your finger and call someone a dumb-ass. It's a lot of fun too! Link to comment Share on other sites More sharing options...
SkinFromNepal Posted June 25, 2010 Share Posted June 25, 2010 On the 106.7 interview with Joe Gibbs 78% of NFL players are bankrupt within 3 years of leaving the NFL. It came up because Gibbs and Strayer are sponsoring some free financial education seminars for players. They just did their first seminar with the Redskins and plan on offering it to the league.I think they got that stat from this sports illustrated article: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm I AM WAITING FOR THE DAY WHEN THAT FAT AL HAYNESWORTH goes bankrupt!!! I have never hated any active redskins player more than this ba**ard Link to comment Share on other sites More sharing options...
Master Blaster Posted June 25, 2010 Share Posted June 25, 2010 I'm guessing he personally is not bankrupt, and that it is simply the corporation he owned went bankrupt. If anything Brunell was extremely smart for forming a LLC so that the liabilities he had in his business ventures wouldn't spill over and affect his personal income that wasn't invested in real estate. First intelligent post ITT. It's amazing how stupid people are. Fifty two million dollars and it's gone. Just give me one, and I'll be set for life. No it isn't. A lot of people in this thread have very little understanding of Bankruptcy. You do it to protect your assets when you know you are going to lose money. He will pay his creditors pennies on the dollar and come out just peachy on the other side. Link to comment Share on other sites More sharing options...
mbws Posted June 25, 2010 Share Posted June 25, 2010 He gave away too much money to some religious douchebags. Link to comment Share on other sites More sharing options...
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