Blog Entry

Brunell wants to keep his rings

Posted on: April 6, 2011 3:25 pm
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Posted by Josh Katzowitz

Last June, Jets backup QB Mark Brunell filed bankruptcy, claiming assets of $5.5 million but liabilities of $24.7 million. Brunell had been a victim of the Florida real estate market, and his lawyer basically said that he bought some land and then got killed when the market turned bad.

Today, we get word from the Florida Times Union that Brunell is intent on keeping his 1991 college championship and his 2010 Super Bowl ring as his bankruptcy reorganizational plan calls for him to purchase his rings, which would then be used to pay his creditors.

He also has a few other pieces of memorabilia that he wants to keep – at a value of $16,300.

Where he’d get the money to pay that is, well, rather unclear, especially if the 40-year old quarterback’s career is at an end.

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Category: NFL
Comments

Since: Dec 2, 2011
Posted on: January 9, 2012 8:23 am
 

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Since: Dec 2, 2011
Posted on: January 3, 2012 9:10 pm
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Since: Dec 2, 2011
Posted on: December 7, 2011 9:46 am
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Since: Dec 2, 2011
Posted on: December 5, 2011 10:23 am
 

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Since: Dec 2, 2011
Posted on: December 5, 2011 10:21 am
 

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Since: Dec 1, 2009
Posted on: April 6, 2011 3:52 pm
 

Brunell wants to keep his rings

Katz,
Where he’d get the money to pay that is, well, rather unclear, especially if the 40-year old quarterback’s career is at an end. "
Certain assets are retained upon discharge from bankruptcy. This differs from state to state, but once included a primary homestead valued at up to $10,000,000. (It could be used as collateral for a loan that would itself survive the proceedings, allowing the proceeds of the loan to be added to the estate.) Also, there can be significant "qualified" retirement assets that are exempt from inclusion, such as an NFL pension and 401(k). (Dollar limits also apply here.) 
Further, Brunnell will earn money in the future which he may keep. (And some, perhaps, which he may not.) Autograph signings, even speeches and appearance fees, for instance. Name recognition and connections built during his playing days may also open up doors for unrelated work, such as sales. 
Beyond all of that, anyone with such a muddled nest of assets, debts, and diverse creditors,  has the power of legal delay on his side. Time is money, especially given that the lawyers for both sides are all spending the estate's money. So, there's room for compromise, splitting their differences.


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