bankruptcy Page 2 - Sports News, Headlines & Highlights
Jack Johnson Is Fighting For His Contract In Bankruptcy Court
Columbus Blue Jackets defenseman Jack Johnson filed for Chapter 11 bankruptcy last October, after being scammed out of millions by his parents. Now, he’s attempting to convert his filing into a Chapter 7 case—which, in very broad terms, would allow Johnson to resolve his debts by liquidating his ass...
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 possibilit...
Michael Vick Is Learning To Live Boat-Free
Here's a story on how Michael Vick has paid off an extraordinary amount of debt over the last five years—more than $15 million of the $17.8 million he owed creditors upon declaring for bankruptcy while in prison on dogfighting charges. It's a window on Vick's responsibility—which has, by all account...
Jack Johnson's Bankruptcy Filing Claims His Parents Spent All His Money
If you haven't yet read the Columbus Dispatch article on Blue Jackets defenseman Jack Johnson, do so. It's an insane (but not uncommon) story about how a pro athlete, who signed a $30.5 million contract in 2011, ends up filing for bankruptcy....
The 11 Best Things For Sale At Curt Schilling's Bankruptcy Auction
Curt Schilling is being sued by the state of Rhode Island as a result of that whole video game company going bankrupt and defaulting on $75 million in loans thing. In an attempt to satisfy his creditors, Schilling's putting the contents of his Medfield home up for estate auction, enabling you (or so...
New Owner Of Chicago Arena Football Team Is A Bankrupt Convicted Felon
David Staral Jr. bought the Arena Football League's Chicago Rush in February. He replaced an owner whose tenure had lasted three months before the league "terminated its relationship" with her because of financial issues. But, look: Staral has three convicted felonies to go with even bigger financia...
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 do...
Auburn Wrests Title Of "Team Everyone Wants To Play" From Arkansas
Arkansas beat Auburn today, which in itself wouldn't be so strange except that as recently as this morning it was reasonable to ask whether Arkansas would ever win another game, ever, ever. The Hogs were a preseason top-10 team that lost f̶i̶v̶e̶ four games—in September. If someone was to cushion th...
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 ...
Arkansas Interim Head Football Coach John L. Smith Files For Bankruptcy
Arkansas football coach John L. Smith, thrust into the interim role after Bobby Petrino's midlife crisis, is facing a crisis of his own after filing for Chapter 7 bankruptcy liquidation in an Arkansas court today....
Report: The NHL Is Planning To Seize The New Jersey Devils From Their Owner
Jeff Vanderbeek, he's the guy above, not the guy from Dawson's Creek. He owns the New Jersey Devils, or at least he "owns" them in the same way that the Wilpons own the Mets or Frank McCourt owned the Dodgers. Oodles of his debt weigh the team down, and he can't pay it off. The Devils missed a loan ...
Curt Schilling's 38 Studios Files For Bankruptcy, Faces Federal Investigation
We presume this is how 38 Studios' lawyers opened their conversation with Curt Schilling: "What do you want first? The bad news, or the worse news?"...
Warren Sapp Is Broke
TMZ has the exclusive on QB-Killa's bankruptcy, and it's grisly. Sapp owes $6.7 million to his creditors—nearly a million of that to the IRS—and only has $6.45 million on hand. Among that $6.45 million are some distinctly Sapp-y assets:...
Your Semi-Irregular Update On The Financial Solvency Of Former NBA Stars Turned Train Wrecks
Thanks to the good folks at TMZ, we are able to provide an update on the financial proceedings with respect to both Stephon Marbury and Antoine Walker. It's a little bit of a good news/bad news situation, so let's start with the good news....
The Mets' Owners Have Reached A Settlement With The Bernie Madoff Bankruptcy Trustee
The federal trial was supposed to begin this morning, but Richard Sandomir of The New York Times tweeted that the Wilpons and Saul Katz have instead reached a settlement that will cost them $162 million. Irving Picard, the trustee representing the victims of Bernie Madoff's Ponzi scheme, had been se...
Miami Players Who Got Cash And Cars From Nevin Shapiro May Have To Pay Benefits Back In Bankruptcy Court
Oh, boo. Not only is this gang of Miami players being unfairly scapegoated for violating silly rules of a bloated, ineffective system—now they might have to give back the rewards they got....
If There's A Lockout, Charlie Batch Could Lose His Super Bowl Rings
Batch declared bankruptcy in December, and his creditors now have the option of seizing the property he used as collateral to secure his debt. That includes "a 2006 Kawasaki personal watercraft, and sports memorabilia and jewelry." Among that, his two Super Bowl rings, as well as his collection of a...
Last Night's Winner: Bankruptcy Auction Enthusiasts
In sports, everyone is a winner—some people just win better than others. Like the reporters working the Texas Rangers bankruptcy auction, who got quite a showdown last night between two of the biggest figures in Texas sports....
Lenny Dykstra Would Still Like You To Trust Him With Your Money
Remarkably, Lenny Kyle Dykstra won't quit just because he filed for bankruptcy. No, teammates, it's just a bump in the road. He's still got the golden touch, so jump in while the water's freezing, etc....
Lenny Kyle Dykstra Slides Headfirst Into Rock Bottom
The legend of Financial Wizard Lenny Kyle Dykstra, last seen "flying higher", has finally shriveled up and died: The Dude officially filed for bankruptcy today. I hope you didn't hurt yourself when you fell out of your chair....