Former Packer Mark Brunell files for Chapter 11 bankruptcy

[Badgerinmaine]

Rough timing on his real estate investments have sacked the old QB:
http://jacksonville.com/sports/football/jaguars/2010-06-24/story/former-jaguar-mark-brunell-filing-chapter-11-bankruptcy
Ouch.

[mraynrand]

Wow, tough break. Perhaps he could pick up some cash playing for the Omaha Nighthawks. I hear they have an open roster spot.

[channtheman]

Pathetic that someone who made 52 million dollars didn't know how to manage that money.

[Patler]

Pathetic that someone who made 52 million dollars didn't know how to manage that money.

I can't be too hard on the guy. It was a business that failed, not necessarily him personally.

Apparently he was a part owner in a failed real estate business. He wasn't the only owner of that business. I doubt that he was running the business himself, but it sounds like the business bought real estate at about the worst time possible. I suspect he is filing for reorganization to legally define what his personal liability is to the failed business. It doesn't necessarily mean that he is insolvent in his personal affairs.

To his credit, it seems that he has been personally paying the bills of the business in an attempt to resolve the problems, even after at least one other owner apparently bailed out last year already. He couldn't do that indefinitely, so it is time to let the business go.

It's a failed business no different than any other failed business of which there have been many of recent. Not all failed because people couldn't manage their money, especially if the business was investing in business property to rent. When renters failed and there were no businesses to replace them, the real estate owners become collateral damage to their renters failures.

[Scott Campbell]

And it's not like he took home $52M.

[Guiness]

Sounds about right Patler.

His bankruptcy was a result of a failure of a business venture he attempted - Not fair to lump him in with other NFL players that are paying child support in 4 different states for 6 different kids, or can no longer afford payments on their 16,000 sq ft mansion when the next contract isn't as big as the last one.

[KYPack]

I'm with P on this one.

There have been some very savvy financial people that lost it in the last financial crisis.

Sound like Brunnel was a victim of timing and got squeezed. It happens, now.

[gbgary]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

[bobblehead]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Investments create jobs and revenues. Jobs and revenues create tax revenues. We want people investing and growing the economy and preferably technology. He invested some money, it failed, it happens. Hopefully his next venture creates a thousand jobs and is more successful.

[falco]

Do you know what bank interest rates are right now? Even a good savings account or money market account is only going to earn a percent or two.

[Patler]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Why do any of the mega-rich continue to do so? You could ask the same about many who have started one business after another. Many people just have a drive to create, to build, to compete. By and large, that is a very good thing. If the people with money don't build the new business opportunities, who will?

[bobblehead]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Why do any of the mega-rich continue to do so? You could ask the same about many who have started one business after another. Many people just have a drive to create, to build, to compete. By and large, that is a very good thing. If the people with money don't build the new business opportunities, who will?

Obviously the government Patler, don't you know anything? Oh shit, this thread is going to end up in FYI, I see it already.

[Patler]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Why do any of the mega-rich continue to do so? You could ask the same about many who have started one business after another. Many people just have a drive to create, to build, to compete. By and large, that is a very good thing. If the people with money don't build the new business opportunities, who will?

Obviously the government Patler, don't you know anything? Oh shit, this thread is going to end up in FYI, I see it already.

:lol: :lol: :lol:

[gbgary]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Why do any of the mega-rich continue to do so? You could ask the same about many who have started one business after another. Many people just have a drive to create, to build, to compete. By and large, that is a very good thing. If the people with money don't build the new business opportunities, who will?

these athletes don't have the business sense, education, experience, or connections, that the moguls do. they're like lottery winners. they're not building anything for the most part.

[Patler]

i don't see why these millionaire athletes feel like they have to invest in stuff. they can just stick it in the bank and live very comfortably off the interest without having to touch the principle very much if at all.

Why do any of the mega-rich continue to do so? You could ask the same about many who have started one business after another. Many people just have a drive to create, to build, to compete. By and large, that is a very good thing. If the people with money don't build the new business opportunities, who will?

these athletes don't have the business sense, education, experience, or connections, that the moguls do. they're like lottery winners. they're not building anything for the most part.

Most don't run their businesses, they just invest their money via their financial advisors.

[The Leaper]

Investments create jobs and revenues. Jobs and revenues create tax revenues. We want people investing and growing the economy and preferably technology. He invested some money, it failed, it happens. Hopefully his next venture creates a thousand jobs and is more successful.

All well and good bobble...but most of the guys we are talking about from the NFL are ATHLETES, not experienced entreprenuers. Most of them are being foolish if they are investing the bulk of their career earnings in things that have the chance to go *poof*. Some may have gone to school for it or have some background in it...but those are the minority.

[retailguy]

Earl Campbell Sausage...

http://www.earlcampbellmeatproducts.com/default.asp

[falco]

Money doesn't have to be actively invested in order to be put to work. Simply sitting funds in a checking account makes them available for banks to lend out to other investors. Putting them in some sort of mutual funds puts them out to the secondary market where they can be put to use by a variety of firms.

[falco]

Investments create jobs and revenues. Jobs and revenues create tax revenues. We want people investing and growing the economy and preferably technology. He invested some money, it failed, it happens. Hopefully his next venture creates a thousand jobs and is more successful.

All well and good bobble...but most of the guys we are talking about from the NFL are ATHLETES, not experienced entreprenuers. Most of them are being foolish if they are investing the bulk of their career earnings in things that have the chance to go *poof*. Some may have gone to school for it or have some background in it...but those are the minority.

Apparently he never heard of diversification before...

[Fritz]

Poor Earl Campbell. That guy's body is like sausage now...

[mraynrand]

Earl Campbell Sausage...

http://www.earlcampbellmeatproducts.com/default.asp

I bet Ole' Earl works the stun line himself.

[retailguy]

Investments create jobs and revenues. Jobs and revenues create tax revenues. We want people investing and growing the economy and preferably technology. He invested some money, it failed, it happens. Hopefully his next venture creates a thousand jobs and is more successful.

All well and good bobble...but most of the guys we are talking about from the NFL are ATHLETES, not experienced entreprenuers. Most of them are being foolish if they are investing the bulk of their career earnings in things that have the chance to go *poof*. Some may have gone to school for it or have some background in it...but those are the minority.

Apparently he never heard of diversification before...

Nope, he believed the "hype and bull" that real estate is "always" the best place to put your money. It is NEVER a good idea to be over leveraged, regardless of "how good the deal is".

Put your money to work where YOU understand it. Don't rely on "experts" who have less money than you do. (The world is full of those "experts".)

If all you understand is a checking account then put it there. But please realize that if you do that, you have a LOT of work to do and a LOT to learn.

edit -

And NEVER NEVER NEVER take on a "partner". Let me repeat that - NEVER NEVER NEVER take on a partner.