Bernie Kosar files for Bankruptcy

[Charlie Brown]

LINK

Former gridiron great Bernie Kosar, dogged by financial and legal problems, filed for bankruptcy Friday.

Kosar, 45, the former Miami Hurricane and NFL quarterback, filed for Chapter 11, which is generally used by companies to reorganize.

The bankruptcy petition didn't provide much detail. Boxes were checked off on the petition indicating Kosar has assets estimated between $1 million and $10 million and liabilities of between $10 million and $50 million.

The filing listed Kosar's largest unsecured creditors, owed a combined $19.5 million. Among them and the amount of their claims: the Cleveland Browns, a team he quarterbacked from 1985 to 1993, nearly $1.5 million; his ex-wife Babette, $3 million; and Jim Ferraro, the owner of the Cleveland Gladiators, an Arena Football League team, $725,000. Kosar is the team's president.

Other major unsecured creditors include Tampa's Florida Bank, owed about $9.7 million over some sour real estate investments, and Key Bank of Cleveland, owed $3.1 million.

The filing marks a hard fall for Kosar, the star Hurricanes quarterback in the 1980s who went on to excel in the NFL with the Cleveland Browns before ending his career with the Miami Dolphins in 1996.

Kosar, who owns a home in Weston, has endured a variety of setbacks lately. Kosar's wife, Babette, divorced him in 2007. Last year, his Bernie Kosar's Steakhouse went out of business.

Lenders also obtained foreclosure judgments on apartment properties Kosar had an interest in in Tampa, Clearwater and Pinellas Park.

[Al Wilson 4 Mayor]

That's too bad. I liked what I knew of Bernie.

I hope he finds a good job and makes a good rebound!

[ebsoria]

It's just a shame that an athlete can make so much money and yet still end up in financial ruin.

[CoryWinget81]

It's just a shame that an athlete can make so much money and yet still end up in financial ruin.

That's the funny thing about it. The more you make, the more you care less about spending I guess.

I know I'd probably drive a nice Chevy truck everyday and live in a regular 'ol house if I were an NFL star. Probably still wear t-shirts and jeans everywhere too....maybe a polo for nice occasions.

[ebsoria]

That's the funny thing about it. The more you make, the more you care less about spending I guess.

I know I'd probably drive a nice Chevy truck everyday and live in a regular 'ol house if I were an NFL star. Probably still wear t-shirts and jeans everywhere too....maybe a polo for nice occasions.

I'd like to think the same thing. But money has a funny effect on people.

[Charlie Brown]

That's the funny thing about it. The more you make, the more you care less about spending I guess.

I know I'd probably drive a nice Chevy truck everyday and live in a regular 'ol house if I were an NFL star. Probably still wear t-shirts and jeans everywhere too....maybe a polo for nice occasions.

A lot of his money went to his ex-wife. She was nothing but a gold digger. Even when they were married she had that reputation.

[Sunbiz1]

So what?, the economy has hit people in this nation a hell of a lot worse than Kosar. He'll be fine.

LINK

Former gridiron great Bernie Kosar, dogged by financial and legal problems, filed for bankruptcy Friday.

Kosar, 45, the former Miami Hurricane and NFL quarterback, filed for Chapter 11, which is generally used by companies to reorganize.

The bankruptcy petition didn't provide much detail. Boxes were checked off on the petition indicating Kosar has assets estimated between $1 million and $10 million and liabilities of between $10 million and $50 million.

The filing listed Kosar's largest unsecured creditors, owed a combined $19.5 million. Among them and the amount of their claims: the Cleveland Browns, a team he quarterbacked from 1985 to 1993, nearly $1.5 million; his ex-wife Babette, $3 million; and Jim Ferraro, the owner of the Cleveland Gladiators, an Arena Football League team, $725,000. Kosar is the team's president.

Other major unsecured creditors include Tampa's Florida Bank, owed about $9.7 million over some sour real estate investments, and Key Bank of Cleveland, owed $3.1 million.

The filing marks a hard fall for Kosar, the star Hurricanes quarterback in the 1980s who went on to excel in the NFL with the Cleveland Browns before ending his career with the Miami Dolphins in 1996.

Kosar, who owns a home in Weston, has endured a variety of setbacks lately. Kosar's wife, Babette, divorced him in 2007. Last year, his Bernie Kosar's Steakhouse went out of business.

Lenders also obtained foreclosure judgments on apartment properties Kosar had an interest in in Tampa, Clearwater and Pinellas Park.