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

[LongTimeListener]

http://espn.go.com/nfl/story/_/id/7785883/warren-sapp-files-bankruptcy-more-67-million-debt

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.

 

[TheSportsPredictor]

Those Air Jordans are probably worth $50K.

That's how you go broke.

 

[Sic semper tyrannis]

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.

 

[dixiehack]

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

 

[HanSenSE]

Those Air Jordans are probably worth $50K.

That's how you go broke.

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

 

[JayFarrar]

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 horse**** as he doesn't want to lose them in the bankruptcy through liquidation.

 

[TheSportsPredictor]

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.

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

 

[dooley_womack1]

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

^^^^Quality^^^^

 

[franklin lincoln]

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.

 

[poindexter]

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


Really? Who in the **** actually cares, besides some creditor?

 

[Azrael]

How many 'baby mammas' did Lenny Dyskstra have?

 

[franklin lincoln]

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


Really? Who in the **** actually cares, besides some creditor?

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.

 

[Azrael]

What are the chances Warren Sapp's rings exact the "social" or "economic costs" of any of these bankruptcies - er, "reorganizations?"

www.fastupfront.com/blog/business/21-famous-corporate-bankruptcies-from-2001-2009/

And which bankruptcy will attract more condemnation and empty moralizing?

 

[heyabbott]

Jeremy Shockey smiled and most definitely knows why.

 

[franklin lincoln]

What are the chances Warren Sapp's rings exact the "social" or "economic costs" of any of these bankruptcies - er, "reorganizations?"

www.fastupfront.com/blog/business/21-famous-corporate-bankruptcies-from-2001-2009/

And which bankruptcy will attract more condemnation and empty moralizing?

The bankruptcy system exacts significant social and economic costs. We accept it because, on the whole, we believe it encourages value-adding risk-taking and speculation. However, every example of fraud on the bankruptcy system undermines the system's effectiveness, passes costs onto responsible consumers, and increases the transaction costs of every debt-financed acquisition or sale.

So every example of fraud on the system — whether it be from Warren Sapp or WorldCom, or A.I. or A.I.G.* — is relevant to us all.

*I recognize that A.I.G. never actually filed for bankruptcy protection.

 

[Azrael]

*I recognize that A.I.G. never actually filed for bankruptcy protection.

How many baby mammas did they have?

 

[TheSportsPredictor]

He gone:

http://thebiglead.com/index.php/2012/04/08/warren-sapp-likely-out-at-nfl-network/

 

[hondo]

He gone:

http://thebiglead.com/index.php/2012/04/08/warren-sapp-likely-out-at-nfl-network/

Love how these athletes who become part of the media are stunned to find out they can't make **** up.

 

[BYH]

Couldn't happen to a nicer turd.

 

[heyabbott]

He gone:

http://thebiglead.com/index.php/2012/04/08/warren-sapp-likely-out-at-nfl-network/

Love how these athletes who become part of the media are stunned to find out they can't make **** up.

Nice to see.

Warren Sapp's next public statement:
"Welcome to Harrah's Shreveport Casino"