Footballjoe Posted June 25, 2010 Share Posted June 25, 2010 (Rotoworld) Free agent QB Mark Brunell is expected to file for Chapter 11 bankruptcy Friday morning. Analysis: Brunell has earned close to $52 million over the past 10 years, but he's facing a string of lawsuits due to failed real estate and business loans. The 39-year-old is expected to sign with the Jets as Mark Sanchez's veteran backup in July. Quote Link to comment Share on other sites More sharing options...
buddahj Posted June 25, 2010 Share Posted June 25, 2010 Just because he can sling the pigskin doesn't mean that he's business savy. Quote Link to comment Share on other sites More sharing options...
Jrick35 Posted June 25, 2010 Share Posted June 25, 2010 Just because he can sling the pigskin doesn't mean that he's business savy. There in lies the problem. A person who makes $52 million dollars in less than 10 -15 years does not need to be "Business Savvy". All he needs to do is stick his money into a mutual fund with a 30 year record of returns and live off the interest. There is no need to co-sign business loans AT ALL. Quote Link to comment Share on other sites More sharing options...
ljbrun Posted June 25, 2010 Share Posted June 25, 2010 A few years ago many thought that real estate was practically a no-lose investment. It's quite possible that he, or his management, felt the same way. At least he's not being sued by Vegas casinos for defaulting on gambling debt (e.g. Antoine Walker). Quote Link to comment Share on other sites More sharing options...
Seahawks21 Posted June 25, 2010 Share Posted June 25, 2010 I know when he was younger, he and Boselli gave TONS of money to the church. This is a pretty bizarre one. There has to be something going on. Quote Link to comment Share on other sites More sharing options...
matt770 Posted June 25, 2010 Share Posted June 25, 2010 I know when he was younger, he and Boselli gave TONS of money to the church. This is a pretty bizarre one. There has to be something going on. Happens all the time, Real Sports did a piece on it. Athletes spend like drunken sailors on things that do not hold value, listen to stupid investment advice, and feel obligated to help family and friends. They spend as if the income will always be coming in, then one day they are washed up and they are mortgaged to their eyeballs. Quote Link to comment Share on other sites More sharing options...
Big John Posted June 25, 2010 Share Posted June 25, 2010 Happens all the time, Real Sports did a piece on it. Athletes spend like drunken sailors on things that do not hold value, listen to stupid investment advice, and feel obligated to help family and friends. They spend as if the income will always be coming in, then one day they are washed up and they are mortgaged to their eyeballs. recent thread on this Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 25, 2010 Share Posted June 25, 2010 I know when he was younger, he and Boselli gave TONS of money to the church. It will be interesting to see if the church now returns the favor. Quote Link to comment Share on other sites More sharing options...
hooknladder Posted June 26, 2010 Share Posted June 26, 2010 It will be interesting to see if the church now returns the favor. i doubt he's staying at a mission or eating free cheese....bankruptcy is a buisness move people make to keep from whiping out...-happens all the time. don't cry for Mark Brunell, he'll be just fine. Quote Link to comment Share on other sites More sharing options...
ABearWithFurniture Posted June 26, 2010 Share Posted June 26, 2010 I know when he was younger, he gave TONS of money to doctors. Fixed...literally time and time again Quote Link to comment Share on other sites More sharing options...
Jason72 Posted June 29, 2010 Share Posted June 29, 2010 Mark got caught up in trying to be a stand up guy for bad investments where his partners pulled out due to losses. As someone pointed out, this is a business maneuver to protect his home etc.. from creditors. I'm sure that Mark isn't totally broke. Quote Link to comment Share on other sites More sharing options...
Jrick35 Posted June 29, 2010 Share Posted June 29, 2010 (edited) i doubt he's staying at a mission or eating free cheese....bankruptcy is a buisness move people make to keep from whiping out...-happens all the time. don't cry for Mark Brunell, he'll be just fine. While I agree that he probably is not staying at a mission or homeless shelter it is worth mentioning that one can not file bankrutpcy unless their debt outweighs their assets. From what I read he is filing on 2 - 3 million $ in debt. By definition that means that after a playing career in which he grossed $52 million he can not now prove a 2 - 3 million $ net worth. Even after 15% to his agent and taxes he should have cleared at least 20 - 25 million $. So he has gone through more than 20 million $ and has nothing to show for it. That is sad. But regardless I would not cry for him, he has made whatever bed he has so he has to lie in it. But still he has blown through a s.h.i.t. ton of money. Edited June 29, 2010 by Jrick35 Quote Link to comment Share on other sites More sharing options...
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