Mark Brunell to file for Bankruptcy
 

Wow!

[url=http://sports.espn.go.com/nfl/news/story?id=5326679]Mark Brunell to seek bankruptcy, former Pro Bowler says - ESPN[/url]

Re: Mark Brunell to file for Bankruptcy
 

Wow is right. I sure hope he wasnt getting his investment advice from Gibbs.

Re: Mark Brunell to file for Bankruptcy
 

Yeah heard about his financial troubles a few weeks ago. Apparently that's why he hasn't retired yet, he can't afford to.

Re: Mark Brunell to file for Bankruptcy
 

I wonder if any of his real estate investments were near New Orleans...the land is probably worthless and unsellable down there. Jacksonville has been hit harder than most cities in the nation from this economy also, which is no secret...just look at their ticket sales.

I wondered how it happened when I saw the title...he's a good person, not one to have child support issues or a gambling problem like so many other pro athletes. Real estate was a big cash cow for a few years, but it took a violent and sudden downturn...a LOT of people got burned bad.

From the article, it sounds like other members if his investment group couldn't hold up their parts and he tried to cover the entire thing himself for a couple of years...and just couldn't sustain it.

Diversify your investments...don't try to rely on any one source of investment income...if it goes south, you lose everything.

Re: Mark Brunell to file for Bankruptcy
 

Maybe Mark will play for another decade. He can still be a holder at age 50.

Re: Mark Brunell to file for Bankruptcy
 

52 million isn't what it used to be...

Re: Mark Brunell to file for Bankruptcy
 

The thing about the Brunnel situation is he is not the only one in this boat right now who was invested heavily in real estate dealings. There are alot of people out there who are stuggling after the market crashed in Sept of 08.


Right now in America Cash is King so hold off on any heavy investing right now rooks and pros.

Re: Mark Brunell to file for Bankruptcy
 

I cant believe it....he seemed like such a good smart family guy.....the last guy in the world you'd think would have blown all their money....i'm saddened

Re: Mark Brunell to file for Bankruptcy
 

[quote=SolidSnake84;708986]I cant believe it....he seemed like such a good smart family guy.....the last guy in the world you'd think would have blown all their money....i'm saddened[/quote]

He didn't blow it, it was due to some investments that went bad.

Re: Mark Brunell to file for Bankruptcy
 

so the loan was for 2.2 million? why can't he just pay that off, unless he doesnt have the money any more.

Re: Mark Brunell to file for Bankruptcy
 

Maybe he can sell his SB ring?

Re: Mark Brunell to file for Bankruptcy
 

Sorry to hear that about MB. But I really can't believe that he's broke. He's a good looking man that speaks well so he should be able to have a TV career once he's done playing.

Re: Mark Brunell to file for Bankruptcy
 

[quote=CrazyCanuck;708975]52 million isn't what it used to be...[/quote]
Totally unrelated to Brunnel, but I saw this post and saw the posters avatar was AH and could not help but chuckle.

Re: Mark Brunell to file for Bankruptcy
 

This is just so difficult to believe.

Re: Mark Brunell to file for Bankruptcy
 

I was pretty shocked when I read this

Re: Mark Brunell to file for Bankruptcy
 

Sad , I like Mr. Brunell , I bet he makes some money after football , he is still young as far as being able to work < 40's > . Good luck MB Skins 14 - cowpukes 13 .

Re: Mark Brunell to file for Bankruptcy
 

Brunell's personal wealth is not at issue here because of the LLC of Champion. They partnership is filing chapter 11 so Champion is going broke not Brunell.

Re: Mark Brunell to file for Bankruptcy
 

[quote=Mattyk;708987]He didn't blow it, it was due to some investments that went bad.[/quote]

All of his eggs in one basket kind of is blowing it.. shame he put all of his money into it... 52m should last a lifetime and then some... not saying he's greedy and having your money work for you is great but he blew through more than any of us will likely see, he didn't need that much more that he ended up sinking himself

sounds like this is a biz 11 though right? hopefully the family still has some

Re: Mark Brunell to file for Bankruptcy
 

Look these are the guys in adolescents that have everything handed to them, grades, scholarships, and women. They go through life thinking everything is going work in their favor and when life slaps in the face people feel sorry. He should of took a few classes before he threw his hat in the ring. Give me $250,000 and I'll be fine.

Re: Mark Brunell to file for Bankruptcy
 

Honestly it kills me these guys that have made 50/60 million or God knows how much over the years and are total FUCK UPS in finance's and/or business decisions, it's really hard to believe they are this dumb.

But go ahead and drop a B, MB I hope they take all your shit. Ole never mind just pass it along to all the other taxpayers that make a normal salary and get taxed to F*ck and back.

Re: Mark Brunell to file for Bankruptcy
 

I really don't understand how people can be this retarded with money. It's completely unfathomable to me.

Re: Mark Brunell to file for Bankruptcy
 

[quote=Schneed10;709168]I really don't understand how people can be this retarded with money. It's completely unfathomable to me.[/quote]
I agree . We need to teach finance / money management in school starting early so they will have years worth of knowledge prior to working and writing checks .

Re: Mark Brunell to file for Bankruptcy
 

[quote=Schneed10;709168]I really don't understand how people can be this retarded with money. It's completely unfathomable to me.[/quote]

this.

Re: Mark Brunell to file for Bankruptcy
 

[quote=Mattyk;708987][B]He didn't blow it,[/B] it was due to some investments that went bad.[/quote]

I disagree. He put too much into investments. Any intelligent adult could tell you not to invest so much that you aren't left with enough to cover your liabilities. Said investments went bad and he lost his shirt. With as much money as he's made, he should have socked away enough to live off of seperate from those investments. Poor planning. He blew it IMO.

I will say I'm pretty surprised that a guy as seemingly intelligent as Brunell finds himself in this situation.

Re: Mark Brunell to file for Bankruptcy
 

Yeah,I dont feel sorry for him one bit.52 mill over his career is quite enough.Plus I feel like he robbed us of millions,not his fault,Gibbs threw it at him,but i still dont like it.

Re: Mark Brunell to file for Bankruptcy
 

[quote=GMScud;709185]I disagree. He put too much into investments. Any intelligent adult could tell you not to invest so much that you aren't left with enough to cover your liabilities. Said investments went bad and he lost his shirt. With as much money as he's made, he should have socked away enough to live off of seperate from those investments. Poor planning. He blew it IMO.

I will say I'm pretty surprised that a guy as seemingly intelligent as Brunell finds himself in this situation.[/quote]


Typo. Put the same post in twice. Look up ;)

Re: Mark Brunell to file for Bankruptcy
 

[quote=GMScud;709185]I disagree. He put too much into investments. Any intelligent adult could tell you not to invest so much that you aren't left with enough to cover your liabilities. Said investments went bad and he lost his shirt. With as much money as he's made, he should have socked away enough to live off of seperate from those investments. Poor planning. He blew it IMO.

I will say I'm pretty surprised that a guy as seemingly intelligent as Brunell finds himself in this situation.[/quote]


Couldn't agree more. If he didn't blow it or make HORRIBLE decisions he wouldn't be in this situation.

BOTTOM LINE: DIVERSIFY, DIVERSIFY, DIVERSIFY PERIOD if you follow simple rules of logic when investing you will NOT go bankrupt!

Re: Mark Brunell to file for Bankruptcy
 

[quote=GMScud;709185]I disagree. He put too much into investments. Any intelligent adult could tell you not to invest so much that you aren't left with enough to cover your liabilities. Said investments went bad and he lost his shirt. With as much money as he's made, he should have socked away enough to live off of seperate from those investments. Poor planning. He blew it IMO.

I will say I'm pretty surprised that a guy as seemingly intelligent as Brunell finds himself in this situation.[/quote]

Yeah, putting all of an investment group's money into one type of asset if that's the case is pretty durrrr...

I mean if you're going to lose it all it might as well have been in cars and boats, hookers and blow, etc.. same outcome

buying in MI during the height of the boom... who thought that that was a good idea?

Re: Mark Brunell to file for Bankruptcy
 

Okay i've read other articles, and it is not Brunell and his family that are bankrupt.

it is his former company, Champions LLC. Brunell was paying the loan solely on his own, and for his own well-being, could not afford to pay it any more. He was also unable to reach any kind of settlement with the creditors.

So Mark Brunell and his family are fine. His company however, is not.

Re: Mark Brunell to file for Bankruptcy
 

[quote=SolidSnake84;709205]Okay i've read other articles, and it is not Brunell and his family that are bankrupt.

it is his former company, Champions LLC. Brunell was paying the loan solely on his own, and for his own well-being, could not afford to pay it any more. He was also unable to reach any kind of settlement with the creditors.

So Mark Brunell and his family are fine. His company however, is not.[/quote]

yeah that was kind of cleared up.. just wonder how much of his money he sunk into it

Re: Mark Brunell to file for Bankruptcy
 

Brunell needs Wu-Tang Financial

[url=http://www.comedycentral.com/videos/index.jhtml?videoId=11887&title=wu-tang-financial]Wu-Tang Financial | Chappelle's Show | Comedy Central[/url]

Re: Mark Brunell to file for Bankruptcy
 

[quote=Buster;708970][B]I wonder if any of his real estate investments were near New Orleans...[/B]the land is probably worthless and unsellable down there. Jacksonville has been hit harder than most cities in the nation from this economy also, which is no secret...just look at their ticket sales.

I wondered how it happened when I saw the title...he's a good person, not one to have child support issues or a gambling problem like so many other pro athletes. Real estate was a big cash cow for a few years, but it took a violent and sudden downturn...a LOT of people got burned bad.

From the article, it sounds like other members if his investment group couldn't hold up their parts and he tried to cover the entire thing himself for a couple of years...and just couldn't sustain it.

Diversify your investments...don't try to rely on any one source of investment income...if it goes south, you lose everything.[/quote]

From the article:

[quote]Brunell faces multiple lawsuits from his involvement in Champion, The Times-Union reported. [B]Brunell's failed real-estate investments also included projects in Traverse City, Mich., and Grand Rapids, Mich.[/B][/quote]

Re: Mark Brunell to file for Bankruptcy
 

[quote=Beemnseven;709267]From the article:[/quote]

Michigan's economy is VERY bad too, likely second-worst to only California.

Re: Mark Brunell to file for Bankruptcy
 

24.7 LARGE, darn. Now thats just foolish.

[url=http://jacksonville.com/sports/football/jaguars/2010-06-29/story/bankrupt-former-jaguars-quarterback-mark-brunell-owes-247]Bankrupt former Jaguars quarterback Mark Brunell owes $24.7 million | jacksonville.com[/url]

Re: Mark Brunell to file for Bankruptcy
 

It does look like it is his personal bankruptcy:

[URL="http://blogs.wsj.com/bankruptcy/2010/06/29/loan-guarantees-lead-to-brunells-bankruptcy/"]Loan Guarantees Led To Brunell’s Bankruptcy - Bankruptcy Beat - WSJ[/URL]

"Brunell filed for Chapter 11 protection, meaning he intends to craft a plan to repay his creditors. It’s not clear if he intends to sell off any of his assets as part of that plan, but he did list some of his most valuable possessions in court papers.

Among those were his Super Bowl ring won in February, rings from his three appearances in the Rose Bowl as a member of the Washington Huskies and his National Championship ring."

He personally gauranteed the loans, which the big-pockets person in a deal is often asked to do. Many don't hesitate because 'What could go wrong?"