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Blog Entry

Batch might lose SB rings to bankruptcy

Posted on: March 23, 2011 12:56 pm
 
Posted by Josh Katzowitz

The Pittsburgh Tribune Review did some digging into Steelers QB Charlie Batch’s bankruptcy case, and the paper is reporting that court documents show a Murraysville, Pa., group can begin seizing some of Batch’s property, including two Super Bowl rings, to recover the money Batch owes them.

Batch's Bankruptcy
According to the paper, Batch filed for bankruptcy in December, and the U.S. Bankruptcy Court lifted an automatic stay last Friday, which means Primerock Real Estate Fund LP can collect on its $820,000 claim against Batch.

The property, the paper writes, is valued at about the same as his debt (the assets of his living trust, a personal watercraft, federal income tax refunds, jewelry and sports memorabilia).

Like Jets QB Mark Brunell before him, it seems that Batch fell victim to the real estate market, as his company had 25 properties turned over to a court-appointed receiver. When he filed for bankruptcy, Batch listed $8.29 million in liabilities and $2.3 million in assets.

Batch is scheduled to make $865,000 this year in the final year of his contract with the Steelers. He also is one of the key NFL players in the continued labor negotiations.

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Comments

Since: Dec 2, 2011
Posted on: January 8, 2012 1:02 pm
 

Batch might lose SB rings to bankruptcy



fghdfre
Since: Dec 2, 2011
Posted on: January 2, 2012 11:57 pm
This comment has been removed.

Post Deleted by Administrator




Since: Dec 1, 2009
Posted on: March 24, 2011 1:52 am
 

Batch might lose SB rings to bankruptcy

Superbowl Rings?

My mother is about to lose her home of thirty-five years; so I don't want to hear sob stories about people who make more per year than she made in twenty years or better...



Since: Sep 5, 2006
Posted on: March 23, 2011 5:01 pm
 

Batch might lose SB rings to bankruptcy

Athletes that double as successful business men are few and far between. I think someone needs to advise these guys to be conservative with their money. Is it the sexiest thing to do? No. Will you make double-digit returns? No. Will you declare bankruptcy and lose your two Super Bowl rings? No. Vick the Murderer had a contract worth $130,000,000.00 and was broke when he went to jail. He started a vineyard, for crying out loud. What the **** does Vick know about wine? Lenny Dykstra sold a succesful carwash company for a tidy price ($25 million), leveraged the note out six ways to Sunday, and recently declared and spent time living in his car. He had to authorize charges on his employees' credit cards and is being sued by everyone under the sun. Take your money, stick it in some bonds, and enjoy not losing it all.



Since: Aug 23, 2006
Posted on: March 23, 2011 4:49 pm
 

Batch might lose SB rings to bankruptcy

You blame that on America?  If the bubble didn't burst and he made millions would youstill say thanks America.  Yes you would.  Dude got hit in bad times sounds like he thought he had good investments but...  so did alot of us.



Since: Jun 25, 2009
Posted on: March 23, 2011 4:36 pm
 

Batch might lose SB rings to bankruptcy

Seriously folks, where do these idiot players get their finanical advise? 8.29 Million in liabilities, from a guy in a backup QB role? Seriously?! Do these guys know 800K a year is only like 500K after taxes give or take a few thousand (or less depening upon locale). I can understand investing in real estate but seriously should never get that far in without some kind of backup plan. Just poor decisions.

Greed is the reason these athletes go broke, no other reason at all.  That being said, he's grossing more then people on this thread think he is though which only makes it worse.... his 800 plus thousand is his salary.  Last year alone he picked up a 1.2 million dollar roster bonus before the year got started.  And I think it was from about 2006 to 2008 he grossed just under a combined 4 million dollars at about 1.3 per season, plus I believe another 800 thousand in bonuses.  And that doesn't include about 8 years of his career before that....  the guy has probably already grossed 10 million dollars in his career since 1998..... if he took home 6, he should have easily saved 3 of that..... he could have lived on 250 thousand per year on average after taxes or almost 5 grand per week and still had 3 million dollars right now plus interest in his bank account....
These athletes are a joke. They would DIE if they had to live like the rest of us do.  You have Batch declaring bankruptcy.  You have Brunell declaring bankruptcy who has made even more money then Batch.  You have Randy Moss publicly stating he needs to work this year to "feed his family"... you have another player that owed millions in back pay for child support.....  and I'm sure HUNDREDS more that aren't set for life that have made more money in a short time then most of us will make in our lifetimes.
The players better pray the judge rules in their favour in that decertification lawsuit because if she doesn't, they are screwed.   They are already showing signs of weakness where some players are going public saying they're afraid of that court case going against them and the owners having all the power.    If they lose that lawsuit, the players will be on their knees begging their union to settle quickly because most can't survive without a paycheck, let alone support their lifestyle. 



Since: Dec 8, 2006
Posted on: March 23, 2011 3:57 pm
 

Batch might lose SB rings to bankruptcy

EYO is actually pretty correct here. The Clinton administration came down hard on banks that did not lend to those who could not afford to own a home. It started with the Community Redevlopement ACT signed by Jimmy Carter. It was designed to get low income people homes of their own, but banks refused to lend underqualified buyers the money. Then Clinton came along and put in mandates that forced the banks to lend the money or be fined. That's right lend money to a high risk buyer or be fined. He even made it so they didn't need a soc sec #. Clinton pulled the trigger on this, but it was banker Alan Greenspan that told Clinton to stimulate the economy the housing industry must thrive. That didn't mean endanger the economy, but BC did just that. He put into motion a snowball that became a financial meltdown. It did succeed in spurring on the economy in the 90's though. All politicians are guilty Democrats and Republicans alike. Let everything alone. Anything they try to control dies. I'm not saying banks are innocent, but Clinton is the #1 person to point the finger at.



Since: Mar 19, 2008
Posted on: March 23, 2011 3:51 pm
 

Batch might lose SB rings to bankruptcy

Seriously folks, where do these idiot players get their finanical advise? 8.29 Million in liabilities, from a guy in a backup QB role? Seriously?! Do these guys know 800K a year is only like 500K after taxes give or take a few thousand (or less depening upon locale). I can understand investing in real estate but seriously should never get that far in without some kind of backup plan. Just poor decisions.



Since: Dec 27, 2008
Posted on: March 23, 2011 3:22 pm
 

Batch might lose SB rings to bankruptcy

"EYO is obviously a banker or works for a bank.  Go away tool.   You know how money really works.  The major banks and the FED are to blame for just about everything going wrong in the world today."

Agreed, Federal law stipulated that people had to be considered for home loans, not that banks should approve them for homes they never had a chance of sustaining payment on.  Furthermore, all that "bad debt' the banks passed onto the American public was supposed to be in return for an increase in business loans etc...to stimulate the economy.  We're still waiting on that to happen as the banks keep handing out record bonuses to their mamangers.

There is plenty of room to blame a whole lot of people but don't you dare try and avoid the share of it belonging to banks.

They were the primary culprits in this. End of story.



Since: Aug 30, 2006
Posted on: March 23, 2011 3:00 pm
 

Batch might lose SB rings to bankruptcy

"A fool and his money are soon parted."
This is correct...that's why America itself is the biggest fool on the planet.  All that gold and we traded it away to the Fed for green toilet paper.


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