Monday, June 28, 2010

Mark Brunell Files For Bankruptcy

((HT: FirstCoastNews))

Ex-Jacksonville Jaguars quarterback Mark Brunell's Chapter 11 bankruptcy filing was put in motion on Friday. It is 68 pages long and lists assets of $5.5 million, but has liabilities close to $25 million.

He co-signed loans and that was his financial downfall, according to his lawyer, Michael Freed. He said Brunell made the deals just before the economy collapsed.

Earlier this month, Brunell, Joel Smeenge, and Todd Fordham were charged with loan defaults in the state of Michigan as well as one with CNL Bank in Jacksonville. The one with CNL has been resolved to the satisfation of the bank. Freed also disclosed that there are other loans in question.

Brunell is reporting a monthly income around $5,000. He also listed five rings as part of assets totaling more than $15,000. Three were from the Rose Bowl and one was from this year's Super Bowl win, and his NFL 401(k) plan has a reported worth of $627,000.

In the filings, there's a question that asks about "any potential increase or decrease in earnings." Brunell listed a "possible NFL contract." There is talk that Brunell could end up as a backup quarterback for the New York Jets.

Here's Brunell's filing...

As part of his restructuring, Brunell has surrendered his Whataburger restaurants- all 11 of them in Georgia and Florida...

Here's FirstCoast's story when all this first broke...

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