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http://theredzone.org/BlogDescription.aspx?EntryId=2309Bernie Kosar's assets will be sold off 1/9/2010 1:50:57 PM The Associated Press reports former Browns quarterback Bernie Kosar had his bankruptcy converted to a liquidation after a judge granted a court-appointed trustee's request. U.S. Bankruptcy Judge Raymond B. Ray in Fort Lauderdale, Fla., ordered Kosar's bankruptcy case to be changed to Chapter 7, according to court papers filed Jan. 6. Under Chapter 7 of the U.S. Bankruptcy Code, a trustee is automatically appointed to sell assets and distribute the proceeds to creditors. Kosar filed for bankruptcy protection June 19 along with three of his companies seeking to restructure his debt under Chapter 11 of the Bankruptcy Code, court papers show. Businesses and some individuals use Chapter 11 to reorganize their financial affairs. Kosar listed $9.2 million in assets and $18.9 million in debt in court documents filed Sept. 23. The most effective and efficient method to liquidating Kosar's assets is through a Chapter 7, Robert C. Furr, the Chapter 11 trustee appointed in October said in court filings. Kosar had a Chapter 11 trustee appointed to take over and manage his case, at the request of his ex-wife, Babette Kosar, court papers show. Babette is owed about $3 million from a divorce settlement. Kosar does not have any business prospects which justify the reorganization effort, and as of Nov. 1 he had missed child support payments totaling $105,000, Furr said in court papers. Kosar, 46, started his 12-year NFL career with the Browns in 1985. He led the team to the playoffs in each of his first five seasons.
GO BROWNS!!
If you're a real fan, gut-wrenching defeat is not something you discard a team for -- it's something that fuels your lunatic devotion.
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I feel bad for him in that he'll pretty much have nothing. I don't feel bad for him that he couldn't handle his wealth. He should have hired someone to do that for him.
#gmstrong #gmlapdance
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Legend
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You would think,...  The man had (has) a degree in Business Administration,...  I suspect a lot of this centers around the defunct AFL entry ?
Last edited by OoooRahJoice; 01/09/10 09:23 PM.
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What caught me by surprise was the $105,000 in child support that he owes!!
GO BROWNS!!
If you're a real fan, gut-wrenching defeat is not something you discard a team for -- it's something that fuels your lunatic devotion.
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Legend
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The man GAVE away a lot of money to friends, and so called friends. It's a shame that he gets bit in the ass because some other took advantage of him. He has a heart of gold.
I AM ALWAYS RIGHT... except when I am wrong.
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A heart of gold and a business mind of dirt gets you......bankrupt. Intelligence should get you to a certain point, and Bernie had football intelligence, and book smarts. But, look where it got him.
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heard his ex wife was a real piece of work too on top of it all. hopefully he can get back on his feet
"All I know is, as long as I led the Southeastern Conference in scoring, my grades would be fine." - Charles Barkley
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Ugh, it's tough watching your childhood heroes fall down. 
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Quote:
What caught me by surprise was the $105,000 in child support that he owes!!
Why does that surprise you? The guy is millions and millions of dollars in debt,how is he supposed to pay a child support payment that was established when he was under better financial terms? I think Bernie needs to go back to family court and get a re estimate of his child support liability.
KING
You may be in the drivers seat but God is holding the map. #GMSTRONG
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Legend
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Quote:
Quote:
What caught me by surprise was the $105,000 in child support that he owes!!
Why does that surprise you? The guy is millions and millions of dollars in debt,how is he supposed to pay a child support payment that was established when he was under better financial terms? I think Bernie needs to go back to family court and get a re estimate of his child support liability.
KING
I may be wrong, as I am not up to date on the current child support laws - but I believe he still would owe that amount even though the future payments would be less.
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Quote:
Quote:
Quote:
What caught me by surprise was the $105,000 in child support that he owes!!
Why does that surprise you? The guy is millions and millions of dollars in debt,how is he supposed to pay a child support payment that was established when he was under better financial terms? I think Bernie needs to go back to family court and get a re estimate of his child support liability.
KING
I may be wrong, as I am not up to date on the current child support laws - but I believe he still would owe that amount even though the future payments would be less.
True enough, but at least the debt wouldn't grow so much so quickly.
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Quote:
I feel bad for him in that he'll pretty much have nothing. I don't feel bad for him that he couldn't handle his wealth. He should have hired someone to do that for him.
Oh really?? The guys millions of dollars in debt and all he ever needed to do was hire the right guy.
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These are the last two paragraphs of the same article in the PD which are omitted from the story above. Sheds some light on his monthly finances... http://www.cleveland.com/browns/index.ssf/2010/01/bernie_kosars_assets_will_be_s.htmlBefore the appointment of the Chapter 11 trustee Kosar's lawyers filed what they called a "hybrid" plan to satisfy creditors' claims. Under the proposed plan his companies' assets, including a 6 percent interest in the NHL's Florida Panthers valued at $14.4 million, would be liquidated while he would keep assets including his NFL pension and a vehicle, according to court documents filed Sept. 30. Kosar expects to make about $24,000 per month from radio and personal appearances and from providing services to companies such as Longaberger, court papers show. Kosar, who owes at least $15,000 per month for child support, estimates his monthly expenses at $13,800, leaving him about $11,000 to divide among his ex-wife and unsecured creditors.
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Just how the heck is a guy suppose to scrape by on only $13800 a month? Geez Alou, I just hope he doesn't have to do the Browns pre season games wearing a barrel 
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Quote:
Quote:
I feel bad for him in that he'll pretty much have nothing. I don't feel bad for him that he couldn't handle his wealth. He should have hired someone to do that for him.
Oh really?? The guys millions of dollars in debt and all he ever needed to do was hire the right guy.
Um, no. He needed to hire the right guy long before he was millions in debt. 
#gmstrong #gmlapdance
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Quote:
Quote:
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I feel bad for him in that he'll pretty much have nothing. I don't feel bad for him that he couldn't handle his wealth. He should have hired someone to do that for him.
Oh really?? The guys millions of dollars in debt and all he ever needed to do was hire the right guy.
Um, no. He needed to hire the right guy long before he was millions in debt.
*sigh* OK Michelle
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Legend
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Quote:
Oh really?? The guys millions of dollars in debt and all he ever needed to do was hire the right guy.
Hire the right guy to do what?
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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Quote:
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Oh really?? The guys millions of dollars in debt and all he ever needed to do was hire the right guy.
Hire the right guy to do what?
You'll need to ask Michelle about that Daman. 
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Legend
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OK,, Michelle,, hire the right guy to do what?
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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To manage his money. I don't see what is so hard about that line of thinking...if I have MILLIONS and MILLIONS of dollars, I'm going to have someone help me manage it so I don't make poor decisions or blow my wad without knowing it. What's the issue? You guys think that's a bad idea?
#gmstrong #gmlapdance
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Ahh, manage his money.. I get it,,
What about the severe drop in real estate values which seem to be at the Root of his financial dilemma.. for that he doesn't need a money manager. what he would have needed was a tarot card reader to tell him his investments were going to tank..that way he could have gotten rid of them..
Or his divorce,,, For that he'd have needed a marriage counselor,, not a money manager..
What I'm saying is, it seems to be much more involved than what a money manager would be able to do..
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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