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Serie A Side Parma, $106 Million In Debt, Declared Bankrupt

Serie A side Parma, who are dead last and a sure thing to be relegated, was declared bankrupt in Italian court today, according to The Guardian. While it looks like they will finish out the Serie A season—possibly with funding from the league or Italian soccer federation—there remains the possibility that the club…

Lawsuit Alleges That Curt Schilling's Company Concealed Financial Information To Get Loan From Rhode Island

It's been months since the Curt Schilling's quixotic pursuit to create an online role playing game ended with his video game company, 38 Studios, going belly up. 38 Studios didn't go bankrupt until after it had taken a $75 million dollar loan from the state of Rhode Island, though, and new court documents reveal that…

Arkansas Coach John L. Smith Realizes He's Actually $40 Million In Debt, Not $25 Million

John L. Smith is even more broke than he initially thought. He first filed for bankruptcy on Sept. 6. In a subsequent filing, on Sept. 19, he reported $25.7 million in liabilities and $1.2 million in assets. You don't have to be a CPA to know that this is a bad cash flow position. But wait, it gets worse. Smith filed…

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