Gracelander Posted June 25, 2010 Share Posted June 25, 2010 probably wishes he had done some eastern motors commericals. Link to comment Share on other sites More sharing options...
Master Blaster Posted June 25, 2010 Share Posted June 25, 2010 Still very little understanding of what is going on. Mark's cash on hand is not the issue. The issue is Champion LLC or whatever it was called does not have the dollars coming in that are going out. Chapter 11 bankruptcy allows for a business organization to stop paying creditors while it reorganizes. Champion LLC is what is in trouble, and since it is a Limited Liability Company, Mark's personal finances are not at stake. As I said previously, Mark still has money. His business was going to fail and this is a way to protect assets. Creditors will get paid almost nothing compared to the amount he owes, and Mark can do it again in 7 years. Did everyone on here freak out when some of Snyder's organizations filed bankruptcy? Link to comment Share on other sites More sharing options...
polywog999 Posted June 25, 2010 Share Posted June 25, 2010 Still very little understanding of what is going on.Mark's cash on hand is not the issue. The issue is Champion LLC or whatever it was called does not have the dollars coming in that are going out. Chapter 11 bankruptcy allows for a business organization to stop paying creditors while it reorganizes. Champion LLC is what is in trouble, and since it is a Limited Liability Company, Mark's personal finances are not at stake. As I said previously, Mark still has money. His business was going to fail and this is a way to protect assets. Creditors will get paid almost nothing compared to the amount he owes, and Mark can do it again in 7 years. Did everyone on here freak out when some of Snyder's organizations filed bankruptcy? Thank you. In the mad rush to judgment, MB has been labeled everything from a dumb-ass to irresponsible and beyond. This is why I try not use summery judgement on people as a standard. Link to comment Share on other sites More sharing options...
Malcomb Kelly Posted June 25, 2010 Share Posted June 25, 2010 *Edit* I take that back... the USA today & Jax Obs. pieces make it sound like its a business bankruptcy. Mark doesn't want to spend any more of his own money on it. http://www.jaxobserver.com/2010/06/25/mark-brunell-files-for-chapter-11-bankruptcy/ Link to comment Share on other sites More sharing options...
LetThePointsSoar Posted June 25, 2010 Share Posted June 25, 2010 Still very little understanding of what is going on.Mark's cash on hand is not the issue. The issue is Champion LLC or whatever it was called does not have the dollars coming in that are going out. Chapter 11 bankruptcy allows for a business organization to stop paying creditors while it reorganizes. Champion LLC is what is in trouble, and since it is a Limited Liability Company, Mark's personal finances are not at stake. As I said previously, Mark still has money. His business was going to fail and this is a way to protect assets. Creditors will get paid almost nothing compared to the amount he owes, and Mark can do it again in 7 years. Did everyone on here freak out when some of Snyder's organizations filed bankruptcy? Exactly - not to mention he's still knocking down $1.5M, I'm sure Mark is going to be ok, this isn't an MC Hammer out on the street broke in debt situation that some people are making it out to be. This happens in business all the time. Link to comment Share on other sites More sharing options...
MumboSauce Posted June 25, 2010 Share Posted June 25, 2010 Bankrupt Smankrupt. He still has way more money than most of us. Moving on. Link to comment Share on other sites More sharing options...
Ghost of 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. This. Guys, it's not 1900 anymore, bankruptcy happens in many different ways and for different reasons, even when you have major assets. I don't know how liquid Brunell is but he may still be rich by any American standard. I like that someone finally got to that point because bankruptcy for millionaires is different than the person who is defaulting on all their loans and makes 35 K a year. Link to comment Share on other sites More sharing options...
boobiemiles Posted June 25, 2010 Share Posted June 25, 2010 Athletes need to learn that life does not end at 35. How do you support a million dollar life style without a million dollars. Link to comment Share on other sites More sharing options...
elkabong82 Posted June 25, 2010 Share Posted June 25, 2010 good job rushing to judgment just to try and get an insult in guys. as MasterBlaster pointed out, this is a business bankruptcy, NOT a personal one. I wonder if Brunell had done better here if there would be so many to kick the man while they thought he was down. Is this really what ESers want, take everything at face value (or reading the title only and reacting) and reserve sympathy only for players who did really well here. If this was Cooley or Fletcher I doubt these jokes would occur. Stay classy fellas! It's so easy to rip a player who's finances we are jealous of, many did not like and overexaggerated the bad play, and now we think has made a mistake in life. Go get him guys! He deserves it? Link to comment Share on other sites More sharing options...
SkinsCrushCowboys Posted June 25, 2010 Share Posted June 25, 2010 ..we can't be out of money...I still have checks....best of luck MB....never trust a lefty! Link to comment Share on other sites More sharing options...
Stonoman Posted June 25, 2010 Share Posted June 25, 2010 Like stated made $52 Million and now is broke.That makes him one dumbass.:beatdeadhorse::beatdeadhorse: Link to comment Share on other sites More sharing options...
Santana_89 Posted June 25, 2010 Share Posted June 25, 2010 I hope everything works out for Mark. Link to comment Share on other sites More sharing options...
21Knock_U_Out Posted June 25, 2010 Share Posted June 25, 2010 Well, Mark is a tough guy. He's super smart, and if he fights his guts out he will come out on top! Link to comment Share on other sites More sharing options...
Master Blaster Posted June 25, 2010 Share Posted June 25, 2010 Like stated made $52 Million and now is broke.That makes him one dumbass.:beatdeadhorse::beatdeadhorse: If so, you need to read the thread a little more. Link to comment Share on other sites More sharing options...
Rypien1191 Posted June 25, 2010 Share Posted June 25, 2010 He probably bounced too many checks 5 yards in front of his receivers. Link to comment Share on other sites More sharing options...
MadMonkey Posted June 25, 2010 Share Posted June 25, 2010 Anyone that makes that much money and declares bankruptcy is a dumbass. I wish I was as dumb as Donald Trump Filing for bankruptcy does not necessarily mean he's broke. Link to comment Share on other sites More sharing options...
polywog999 Posted June 25, 2010 Share Posted June 25, 2010 I wish I was as dumb as Donald Trump Filing for bankruptcy does not necessarily mean he's broke. ... and It's a reorganization Bankruptcy! It's amazing, how much some readers can tell about a person from a thread title! Bankruptcy=dumb-ass. Link to comment Share on other sites More sharing options...
pocampo Posted June 25, 2010 Share Posted June 25, 2010 ... and It's a reorganization Bankruptcy! It's amazing, how much some readers can tell about a person from a thread title!Bankruptcy=dumb-ass. I was thinking the same thing there is a reason its called Bankruptcy protection.. A strategic BK is a smart move sometimes, One rule to go by is you always file before you need to, Just watch BP in the months to come they will wipe out all share holders and be left with a company that is still viable.. So maybe Brunnell did the right thing... Link to comment Share on other sites More sharing options...
joeknows Posted June 25, 2010 Share Posted June 25, 2010 Anyone that makes that much money and declares bankruptcy is a dumbass. EXACTLY what i was thinking..... i dont care the cause..... Link to comment Share on other sites More sharing options...
Master Blaster Posted June 25, 2010 Share Posted June 25, 2010 EXACTLY what i was thinking..... i dont care the cause..... :facepalm: Link to comment Share on other sites More sharing options...
MadMonkey Posted June 25, 2010 Share Posted June 25, 2010 :facepalm: Lol...I know right :doh: Link to comment Share on other sites More sharing options...
polywog999 Posted June 25, 2010 Share Posted June 25, 2010 EXACTLY what i was thinking..... i dont care the cause..... It's called being narrow-minded. Link to comment Share on other sites More sharing options...
Clark84 Posted June 26, 2010 Share Posted June 26, 2010 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 I'm with you on this! And he WILL go bankrupt. The guy is clearly an idiot. All that money he has stolen in the last 15 months and he cannot pay a $2.3 million dollar loan! Link to comment Share on other sites More sharing options...
BayouBrave86 Posted June 26, 2010 Share Posted June 26, 2010 Anything involving real-estate from Michigan=dumbass Link to comment Share on other sites More sharing options...
killerbee99 Posted June 26, 2010 Share Posted June 26, 2010 Anything involving real-estate from Michigan=dumbass Anyone wanna argue this point?....huh? Link to comment Share on other sites More sharing options...
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