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Bernie Kosar Files For Bankruptcy
Posted by Aaron Wilson on June 19, 2009, 7:14 p.m.
Bernie Kosar, the former Cleveland Browns’ star quarterback, declared bankruptcy today.
It was the Chapter 11 variety.
According to Patrick Danner of the Miami Herald, Kosar filed a petition that revealed he owes creditors a total of $19.5 million, including almost $1.5 million to the Browns and $3 million to his ex-wife, Babette.
During a radio interview today with Tony Rizzo of WKNR in Cleveland, per Steve King of the Orange & Brown Report, the 45-year-old former NFL star discussed his financial problems.
“I’ve tried to be generous with family, friends and ex-teammates,” Kosar said. “I’ve tried to help people out and let people manage things for me. I’m glad I was able to help those people and to help charities.
“But I’ve got four great kids and now I have to focus on them. The money comes and goes. But God has blessed me with the ability to make it.”
Per the Herald, Kosar’s restaurant — Bernie Kosar’s Steakhouse — went out of business last year. And Kosar has been divorced for two years.
According to the report, Kosar indicated estimated assets ranging from $1 million to $10 million. However, his estimated debt ranged from $10 million to $50 million.
Kosar also reportedly owes $725,000 to Cleveland Gladiators owner Jim Ferraro. Kosar is the Arena Football League team’s president.
Kosar also has a lot of debt, $9.7 million, incurred through real estate investments gone bad.
Kosar, who played at the University of Miami, lives in South Florida.
Posted by Aaron Wilson on June 19, 2009, 7:14 p.m.
Bernie Kosar, the former Cleveland Browns’ star quarterback, declared bankruptcy today.
It was the Chapter 11 variety.
According to Patrick Danner of the Miami Herald, Kosar filed a petition that revealed he owes creditors a total of $19.5 million, including almost $1.5 million to the Browns and $3 million to his ex-wife, Babette.
During a radio interview today with Tony Rizzo of WKNR in Cleveland, per Steve King of the Orange & Brown Report, the 45-year-old former NFL star discussed his financial problems.
“I’ve tried to be generous with family, friends and ex-teammates,” Kosar said. “I’ve tried to help people out and let people manage things for me. I’m glad I was able to help those people and to help charities.
“But I’ve got four great kids and now I have to focus on them. The money comes and goes. But God has blessed me with the ability to make it.”
Per the Herald, Kosar’s restaurant — Bernie Kosar’s Steakhouse — went out of business last year. And Kosar has been divorced for two years.
According to the report, Kosar indicated estimated assets ranging from $1 million to $10 million. However, his estimated debt ranged from $10 million to $50 million.
Kosar also reportedly owes $725,000 to Cleveland Gladiators owner Jim Ferraro. Kosar is the Arena Football League team’s president.
Kosar also has a lot of debt, $9.7 million, incurred through real estate investments gone bad.
Kosar, who played at the University of Miami, lives in South Florida.
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