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  1. #1
    shower beers's Avatar
    shower beers is offline Registered User
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    Mark Brunell to file for bankruptcy

    Former Jaguar Mark Brunell filing for Chapter 11 bankruptcy
    Brunell fell victim to real estate downturn.
    Posted: June 24, 2010 - 10:11pm





    By Abel Harding
    Former Jaguars football player Mark Brunell, who was paid nearly $52 million during his past 10 years in the National Football League, plans to file for Chapter 11 bankruptcy protection this morning.

    Brunell, a three-time Pro Bowl quarterback who played for the Jaguars from 1995 to 2003 and won a Super Bowl last season as a backup quarterback with the New Orleans Saints, faces multiple lawsuits over failed real estate and business loans from a partnership called Champion LLC that included former Jaguars Joel Smeenge and Todd Fordham.

    One of the disputes involves a real estate project in Jacksonville Beach, involving a $2.2 million loan made by CNL Bank in 2005. CNL began foreclosure proceedings on the property in May 2009, accusing the partners of defaulting on the loan.

    Brunell, a Ponte Vedra Beach resident, also invested in several other businesses including real estate projects in Traverse City and Grand Rapids, Mich. Those real estate investments failed, and Michigan-based Select Bank won a $1.1 million judgment against Brunell and his partners.

    “The timing of the group’s real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good,” Brunell said in a statement e-mailed to the Times-Union.

    Brunell said he had personally shouldered the payments on the loans for several years, as the group worked to reach a resolution with financiers.

    “In the end, we couldn’t and I am no longer able to shoulder this burden,” said Brunell, who declined to comment further when reached by the Times-Union on Thursday night.

    Smeenge, one of the partners in Champion, previously filed for bankruptcy.

    Brunell, who came to Jacksonville in 1995 in a trade with the Green Bay Packers and was dealt before the 2004 season to the Washington Redskins, still holds nearly every Jaguars passing record, including yards, completions, attempts and touchdowns. He led the Jaguars to the AFC championship game in 1996 (the team’s second season in the NFL) and 1999.

    He was also among the highest-paid Jaguars players. Brunell received signing bonuses of a combined $14.3 million in 2000 and 2001, and he was paid an $8.6 million signing bonus when traded to the Washington Redskins in 2004.

    Brunell spent the past two seasons with the Saints and was the holder on the 40-yard field goal kicked by Garrett Hartley in overtime against the Minnesota Vikings in the NFC championship game that sent New Orleans to its first Super Bowl. The Saints then beat the Indianapolis Colts in Super Bowl XLIV, 31-17. Brunell became a free agent after the season and has not signed with another team.

    Brunell has been active in the Jacksonville community, establishing the Brunell Family Foundation in 1997 to raise funds for critically ill children and their families. Since its inception, the organization has raised nearly $800,000 to benefit charitable causes. He was named the Byron “Whizzer” White Award recipient in 2002 by the NFL Players Association for his commitment to community causes. He also has invested in a local Whataburger franchise.

    Brunell, who is married with four children, said he remains committed to Jacksonville, and his work to help critically ill children.

    “It has reaffirmed what is most important to me — my faith, my family and my friendships,” Brunell said in his statement.

    abel.harding@jacksonville.com, (904) 359-4184




    ------------------------------


    Wow, what a fall. Seems like if I were in position, I would be more than satisfied with starting quarterback money.


  2. #2
    AlphaRam is offline Registered User
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    Re: Mark Brunell to file for bankruptcy

    Too bad he didn't come here and see these ads in the thread:

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  3. #3
    Bing69's Avatar
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    Re: Mark Brunell to file for bankruptcy

    How the hell do you blow nearly 52million?? Some people will never be happy....

  4. #4
    AvengerRam's Avatar
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    Re: Mark Brunell to file for bankruptcy

    Forget $52 Million...

    Imagine you had $10 Million...

    If you put it in the bank (or split b/w multiple banks, just to be safe) and earned a mere 2.5% interest on it, that's $250,000 in interest per year w/out ever touching the $10M or risking a bad investment.

    Not enough to live on?

    These guys need to get their priorities straight.

  5. #5
    JustinPoole is offline Registered User
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    Re: Mark Brunell to file for bankruptcy

    Did you guys not read the part where he shouldered the burden of several failed real estate ventures on his own?

    Its not that he blew through his money buying ridiculous nonsense, he just made some very poor business choices.

  6. #6
    MACD is offline Registered User
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    Re: Mark Brunell to file for bankruptcy

    Real estate investments in Michigan? Who was advising this guy?

  7. #7
    SLSG's Avatar
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    Re: Mark Brunell to file for bankruptcy

    Hopefully he has a few million tucked away somewhere.

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