Mark Brunell to file for Bankruptcy

Brunell needs Wu-Tang Financial

Wu-Tang Financial | Chappelle's Show | Comedy Central (http://www.comedycentral.com/videos/index.jhtml?videoId=11887&title=wu-tang-financial)

I wonder if any of his real estate investments were near New Orleans...the land is probably worthless and unsellable down there. Jacksonville has been hit harder than most cities in the nation from this economy also, which is no secret...just look at their ticket sales.

I wondered how it happened when I saw the title...he's a good person, not one to have child support issues or a gambling problem like so many other pro athletes. Real estate was a big cash cow for a few years, but it took a violent and sudden downturn...a LOT of people got burned bad.

From the article, it sounds like other members if his investment group couldn't hold up their parts and he tried to cover the entire thing himself for a couple of years...and just couldn't sustain it.

Diversify your investments...don't try to rely on any one source of investment income...if it goes south, you lose everything.

From the article:

Brunell faces multiple lawsuits from his involvement in Champion, The Times-Union reported. Brunell's failed real-estate investments also included projects in Traverse City, Mich., and Grand Rapids, Mich.

From the article:

Michigan's economy is VERY bad too, likely second-worst to only California.

24.7 LARGE, darn. Now thats just foolish.

Bankrupt former Jaguars quarterback Mark Brunell owes $24.7 million | jacksonville.com (http://jacksonville.com/sports/football/jaguars/2010-06-29/story/bankrupt-former-jaguars-quarterback-mark-brunell-owes-247)

It does look like it is his personal bankruptcy:

Loan Guarantees Led To Brunell’s Bankruptcy - Bankruptcy Beat - WSJ (http://blogs.wsj.com/bankruptcy/2010/06/29/loan-guarantees-lead-to-brunells-bankruptcy/)

"Brunell filed for Chapter 11 protection, meaning he intends to craft a plan to repay his creditors. It’s not clear if he intends to sell off any of his assets as part of that plan, but he did list some of his most valuable possessions in court papers.

Among those were his Super Bowl ring won in February, rings from his three appearances in the Rose Bowl as a member of the Washington Huskies and his National Championship ring."

He personally gauranteed the loans, which the big-pockets person in a deal is often asked to do. Many don't hesitate because 'What could go wrong?"