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Warren Sapp put his money where his mouth is: in the toilet

Discussion in 'Sports and News' started by LongTimeListener, Apr 7, 2012.

  1. LongTimeListener

    LongTimeListener Well-Known Member


    Bankruptcy with $6.7 million in debt. But he does have $6.45 million in assets including 240 pairs of Air Jordans.

    I would read a book of "How He Went Broke" stories about these guys. It should never surprise me anymore, but it kind of does every time.
  2. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Those Air Jordans are probably worth $50K.

    That's how you go broke.
  3. The Air Jordans are worth $6500 according to the story.
    But the guy's average monthly income was $115,000!!
    You have to work hard to blow that kind of money.

    From a USA Today story:

    In fact, 78% of all NFL players are divorced, bankrupt or unemployed two years after leaving the game, according to Ken Ruettgers, a former player and current advocate for NFL players transitioning from professional sports.
  4. dixiehack

    dixiehack Well-Known Member

    Instead of letting the NFL exploit them like that, they should go to Europe instead.
  5. HanSenSE

    HanSenSE Well-Known Member

    And he waited in line all night for them too ...
  6. JayFarrar

    JayFarrar Well-Known Member

    It isn't as complicated as it might sound. Guys like Sapp make some bad investments while they are players and it doesn't impact them as much since they are still rolling in contract money. Then they get married or have baby mommas. Then they get divorced and start paying alimony and child support. Those figures are based on their pro contract money. After they retire, they stay in the limelight and get broadcasting gigs but their income goes down radically.
    Judges are quite as forgiving and the alimony and child support stays at the same level with the reasoning, that millionaires should handle their money better, then the bad investments from their playing days catch up with them, then one of the decent investments they made, bottoms out and they are hosed. Bankruptcy is the only one option, mostly to break out of the alimony/child support payments.
    Also, Sapp claims to have "lost" his Super Bowl and national championship rings. That's likely horseshit as he doesn't want to lose them in the bankruptcy through liquidation.
  7. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    I bet he spent $48K for them. That's just $200 a pair. I figured he could sell them for that much.
  8. dooley_womack1

    dooley_womack1 Well-Known Member

  9. I hope someone digs real deep to see if his national title ring and Super Bowl ring were actually "lost."

    It sounds awfully self-serving that two valuable assets — which also carry significant personal value — are "missing" and thus cannot be auctioned off during the bankruptcy proceedings. Especially since you would think those are treasured objects for Sapp that would be unlikely to simply go "missing."

    One would suspect Sapp has reason to claim they are missing so that he can unload his debt, short his creditors, and then hold onto two valuable items. A few years after bankruptcy is finished, he mysteriously finds them.

    It's called fraud for a reason, and when you do it to the government, you're putting all your chips on the table.
  10. poindexter

    poindexter Well-Known Member

    I hope someone digs real deep to see if his national title ring and Super Bowl ring were actually "lost."

    Really? Who in the fuck actually cares, besides some creditor?
  11. Azrael

    Azrael Well-Known Member

    How many 'baby mammas' did Lenny Dyskstra have?
  12. Bankruptcy exacts significant social cost and economic costs (though often hidden) on the public. Fraud on the bankruptcy system is something everyone should care about.
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