Posted on 06/19/2009 9:49:48 PM PDT by Dysart
MIAMI -- Former NFL and Miami Hurricanes star quarterback Bernie Kosar has filed for bankruptcy protection in Miami.
Kosar's Chapter 11 filing Friday lists assets between $1 million and $10 million and liabilities of between $10 million and $50 million.
Kosar owes almost $1.5 million in "unsecured debt" to the Cleveland Browns, who he played for from 1985 to 1993. Kosar also owes his ex-wife Babette $3 million and $725,000 (from a personal loan) to the owner of the Cleveland Gladiators of the Arena Football League. He owes a bank more than $9 million for bad real estate deals.
(Excerpt) Read more at cbssports.com ...
Babette. Her name was Babette and he couldn't see this coming?
Funny, I always thought Bernie was pretty astute. I recall him somewhat fondly as he had his little stint with the Cowboys before he retired after his more prominent days in Cleveland...he made lousy choices in women and investments: a foreboding confluence of events indeed.
...”owes Browns 1.5M
He owes me about that much from those playoff games with the Denver Broncos.
Yes, Babette, she drove the little red corvette.
HAHA. Never quite got it done did he?
With the Hurricane’s he did, in 1983.Damn I feel old.
I read an article - I think it might have been on FR - a while back about professional athletes and money troubles. Apparently, a surprising number of former pros end up going bankrupt within 5-10 years after the end of their career.
Curiously, many lottery winners suffer the same fate.
When I was in high school I was a server in a country club in Weston, FL. Kosar was at the table one night with his family and friends...I shook his hand and told him I was glad he won his ring with Dallas and not anyone else. He took that kind of oddly and said thanks...seemed like a decent guy...we chatted about various subjects during dinner and he was a good tipper.
Sorry to hear this.
Bernie: Good QB, lousy businessman.
“I read an article - I think it might have been on FR - a while back about professional athletes and money troubles. Apparently, a surprising number of former pros end up going bankrupt within 5-10 years after the end of their career.”
I guess the money stops coming in as fast. Funny, most people I know expect that outcome when they retire - you’d think these guys could be taught that between dance lessons.
Anyway, athletes (in general) do not understand money--large sums can quickly flow away before they even realize it. Couple that with their hiring of poor money managers or who help themselves to more than their fair share and... But again, I thought Kosar was pretty sharp. It happens though.
Lottery winners- see above.
If you paid some guy $25 million over eight years as a pro for your team...he will dish out almost $12 million to IRS and his agent. Of the remaining $13 million...four million will go toward some mansion, which has a $40k yearly tax fee attached and $60k for repairs and lawn maintenance. If you were smart enough to avoid your buddies recommendation for a financial adviser or your cousin who claimed he was an expert on investing...you might actually have a $10 million nest egg five year after retirement.
I recall years ago hearing the story of Ernie Banks...who was the great shortstop of the Cubs...and at the end of his career...he basically had a house paid for and almost nothing else except his reputation. The reputation...was enough to get him a real job, which paid real money, and helped him survive the second career.
I was watching a sports segment two years ago...on Earl Campbell...famed Oilers player. He was basically smart enough to hand his wife a fair amount of his money, while the rest went to a investor game. None of the investor money ever did anything but sink into a pit. The wife? She was smart and put the money she was given into guaranteed savings and CDs apparently. The two today....have a house that’s clear, and this savings that the wife established is what they live off of.
These huge salaries? They aren’t accomplishing anything. The government is making a fair amount off this deal....and the investor guys are swiping a fair amount. The player is getting little of out of this in the end.
If I were going to sign a contract with a team today...I’d write so they pay me half of the money now and the other half in ten years...spread over several payments. At least I’d have something in my hand after my career.
Kosar also owes his ex-wife Babette $3 million
Babette.
Her name was Babette and he couldn’t see this coming?
***
Bernie ... Bernie ... Bernie ...
Tsk ... Tsk ... Tsk ...
This is too bad. Bernie was my favorite player as a little kid. He actually turned me into a Cowboys fan for a few months in 1993 after the evil duo of Modell and Belichick released him. This is surprising because Bernie has always been known for his intelligence. I believe he graduated from Miami in 3 years with a double major in finance and economics. In doing this, I think he was able to exploit an NFL loophole which made him eligible for the summer supplemental draft. The Browns, who he had grown up rooting for in Youngstown, had the first pick. He also was about the best quarterback of the late 80s and early 90s at reading an opponent’s defense.
You’re right about his scrambling skills. He also had a terrible throwing motion. Legendary sportswriter Jim Murray once said that his throwing motion resembled a bar of soap slipping out of someone’s hand in the shower, but he got the job done. While his passing wasn’t pretty, he was extremely accurate. I think he still holds the record for most passes attempted without throwing an interception.
As a Dallas Cowboy fan I will never forget that pass he threw to Alvin Harper in the NFC Championship game against the 49ers right before they won Super Bowl XXVIII.
I’m just waiting for someone to blame this on Bill Belichick.
The Dem’s wanted him to run for the US Senate from Ohio back in ‘06.
Bernie would not make a good politician, D or R.
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