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Started By
Message
Jamal Lewis files for bankruptcy, is $10.5 million in debt
Posted on 5/28/12 at 7:43 am
Posted on 5/28/12 at 7:43 am
quote:
Retired NFL star Jamal Lewis -- who helped the Baltimore Ravens win the Super Bowl in 2001 -- has filed for bankruptcy, claiming he's a financial train wreck ... and can't pay his eight-figure debt.
Jamal filed the Chapter 11 papers in Atlanta -- according to the docs, he's got $14,455,854 in assets but he's racked up a whopping $10,566,764.18 in debts.
Among his creditors -- Bank Of America has a lien for $947,876, Benz has one for 113k, Chrysler for 15k ... and the list goes on.
As for his assets -- Jamal's got five homes, a bunch of expensive cars, a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, OH (worth about $6 mil).
According to the docs, Jamal is self-employed and earns approximately $35,000 a month.
By filing Chapter 11 Jamal ... can keep most of what he's got, while negotiating reduced and extended payments to creditors.
LINK
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Posted on 5/28/12 at 7:45 am to Unbiased Bama Fan
should have posted on the money board here asking for help
Posted on 5/28/12 at 7:46 am to Unbiased Bama Fan
sell 4 houses, all but 1 car, and the ownership in the waterpark
that will cover most if not all the debt.
athletes and lottery winners - easy come easy go
that will cover most if not all the debt.
athletes and lottery winners - easy come easy go
Posted on 5/28/12 at 7:48 am to Unbiased Bama Fan
quote:
According to the docs, Jamal is self-employed and earns approximately $35,000 a month.
Posted on 5/28/12 at 8:08 am to jcole4lsu
When you look at the athletes and lottery winners who are incapable of handling the large amount of money that they receive, they are almost always people who came from poor backgrounds. You seldom see people from middle class and higher backgrounds who don't handle their success well.
This is understandable, because often people from the more poor backgrounds tend to over compensate for where they came from. They also don't have the sort of support network around them who can help steer them towards the right sort of investments. I know it's shocking, but poor people don't know how to manage money...
This is understandable, because often people from the more poor backgrounds tend to over compensate for where they came from. They also don't have the sort of support network around them who can help steer them towards the right sort of investments. I know it's shocking, but poor people don't know how to manage money...
This post was edited on 5/28/12 at 8:10 am
Posted on 5/28/12 at 8:10 am to Sophandros
its also a logical argument against forced lending to "high risk" applicants for things like mortgages, based on the same principle.
thats a poliboard thread tho.
thats a poliboard thread tho.
Posted on 5/28/12 at 8:16 am to Sophandros
quote:
poor people dont know how to manage money
You sir are a genius!
Posted on 5/28/12 at 8:19 am to Sophandros
Lewis has not been poor since 1999, and he spent those years in a major college atmosphere
At some point you have to take that crutch away. He has had enough time living on the right side of the tracks to have learned better
At some point you have to take that crutch away. He has had enough time living on the right side of the tracks to have learned better
Posted on 5/28/12 at 8:24 am to Rouge
quote:
At some point you have to take that crutch away. He has had enough time living on the right side of the tracks to have learned better
Even if an athlete has absolutely NO idea how to manage money they should at least have the common sense to realize that they should hire a trusted financial adviser/money manager.
Posted on 5/28/12 at 8:32 am to St Augustine
Indoor waterpark turned out to be a good investment.
Posted on 5/28/12 at 8:32 am to Rouge
It's not a crutch. It's an explanation of why he doesn't know how to manage money.
And the people closest to him for his entire life ARE poor and many of them didn't have his best interests in mind when they were asking him for shite.
Again, look at the overall pattern here: poor people get a shite ton of money, and they burn through it extremely quickly. People from a more financially stable background DON'T do that. We learned how to save and invest from our parents and others around us. Lewis and people like him don't get that concept because they've never had the means to do so. Additionally, he (and other like him) clearly doesn't understand what a good investment is. How often do you hear of athletes investing in stupid shite that their friends convince them to throw their money at? How many of those guys were athletes who came from middle class or higher backgrounds? Not often.
You don't hear stories about guys like Grant Hill going broke because of how they were brought up.
So no, it's not an excuse. It's an explanation. It's why there needs to be more than just the rookie symposium. It's why coaches and other mentor figures need to impress certain values on these guys at younger ages, so that they can break the cycle.
And the people closest to him for his entire life ARE poor and many of them didn't have his best interests in mind when they were asking him for shite.
Again, look at the overall pattern here: poor people get a shite ton of money, and they burn through it extremely quickly. People from a more financially stable background DON'T do that. We learned how to save and invest from our parents and others around us. Lewis and people like him don't get that concept because they've never had the means to do so. Additionally, he (and other like him) clearly doesn't understand what a good investment is. How often do you hear of athletes investing in stupid shite that their friends convince them to throw their money at? How many of those guys were athletes who came from middle class or higher backgrounds? Not often.
You don't hear stories about guys like Grant Hill going broke because of how they were brought up.
So no, it's not an excuse. It's an explanation. It's why there needs to be more than just the rookie symposium. It's why coaches and other mentor figures need to impress certain values on these guys at younger ages, so that they can break the cycle.
Posted on 5/28/12 at 8:33 am to Unbiased Bama Fan
quote:
...he's got $14,455,854 in assets but he's racked up a whopping $10,566,764.18 in debts.
Why did he have to file bankruptcy? He's still $3.9m in the green.
And not all poor people are bad with money. What about the stories of Depression-era people who lived poor all their lives but died with millions?
Posted on 5/28/12 at 8:35 am to Cold Pizza
quote:
And not all poor people are bad with money.
no one said ALL poor people are bad with money. however to pretend that a great deal of them are is having your head in the sand.
quote:
What about the stories of Depression-era people who lived poor all their lives but died with millions?
they sound stingy as frick
Posted on 5/28/12 at 8:37 am to Unbiased Bama Fan
I do not pity anyone that is making 35k a month and is broke. There is absolutely no sense whatsoever in this.
This is 4.2M a year. To put this into perspective, a person making 100k a year has to work 42 years to make what he makes in a single 12 month period.
This is 4.2M a year. To put this into perspective, a person making 100k a year has to work 42 years to make what he makes in a single 12 month period.
Posted on 5/28/12 at 8:38 am to Sophandros
Not an explanation this time. Guys has had lots of money for close to 15 years now
And in this case, he hasn't burned through it quickly as shown by his 14MM in current assets
And in this case, he hasn't burned through it quickly as shown by his 14MM in current assets
Posted on 5/28/12 at 8:38 am to 4LSU2
quote:
I do not pity anyone that is making 35k a month and is broke. There is absolutely no sense whatsoever in this.
This is 4.2M a year.
lolwut
Posted on 5/28/12 at 8:39 am to 4LSU2
quote:
I do not pity anyone that is making 35k a month and is broke. There is absolutely no sense whatsoever in this.
This is 4.2M a year. To put this into perspective, a person making 100k a year has to work 42 years to make what he makes in a single 12 month period.
You want to try again?
Posted on 5/28/12 at 8:39 am to Unbiased Bama Fan
Well, based on my crappy math skills, he's worth over 3 million dollars. Chapter 11 is a reorganization, not like a Chapter 7 where you don't have enough assets to pay your debts. The bankruptcy trustee will likely make him sell some of his cars or give them back and put some payments towards his mortgages. It'll mess up his credit a little, but it stops any foreclosures and lawsuits and will help negotiate lower payouts.
When it's all said and done he will still be a millionaire.
When it's all said and done he will still be a millionaire.
Posted on 5/28/12 at 8:41 am to Cold Pizza
quote:
And not all poor people are bad with money.
No one said that.
Logic is your friend.
Athletes and lottery winners who came from poor backgrounds tend to have more problems with that amount of money than people who came from middle class and higher backgrounds. There are a number reasons for that.
Posted on 5/28/12 at 8:41 am to 4LSU2
4lsu2 must be buds with jamal lewis
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