OT - Vince Young files for bankruptcy...

[Deano]

I don't understand how these guys make millions of dollars and blow it all then claim bankruptcy. Apparently he didn't have the greatest of adviser's that is for sure.
http://espn.go.com/nfl/story/_/id/1...-texas-longhorns-quarterback-files-bankruptcy

 

[dasher]

I don't understand how these guys make millions of dollars and blow it all then claim bankruptcy. Apparently he didn't have the greatest of adviser's that is for sure.
http://espn.go.com/nfl/story/_/id/1...-texas-longhorns-quarterback-files-bankruptcy

That's insulting. I gave him the best advice I could!!

 

[Marsh01]

I don't understand how these guys make millions of dollars and blow it all then claim bankruptcy. Apparently he didn't have the greatest of adviser's that is for sure. http://espn.go.com/nfl/story/_/id/1...-texas-longhorns-quarterback-files-bankruptcy

Because they are uneducated stuffheads. Grab that cash and run. I feel not once ounce of pity for these guys.

 

[sufandu]

Was he in the league long enough to b vested? If he was, the judge should garnish 100% of his NFL pension until his debts are paid, and he can find a real job to live off of like the rest of us.

 

[Moontan]

Was he in the league long enough to b vested? If he was, the judge should garnish 100% of his NFL pension until his debts are paid, and he can find a real job to live off of like the rest of us.

He would need to have 4 years in the league.
If he’s qualified, then his benefits don’t kick in util he’s 55.

 

[SUFaninNJ]

Add him to the long list of former athletes who've declared bankruptcy. ESPN did a good piece on this. Can't remember if it was a 30 for 30 or what, but it was interesting. Some guys I knew were broke, others I had no clue.

 

[OburgOrange]

Add him to the long list of former athletes who've declared bankruptcy. ESPN did a good piece on this. Can't remember if it was a 30 for 30 or what, but it was interesting. Some guys I knew were broke, others I had no clue.

It is a 30 for 30, called "Broke" . It's on Netflix. A real eye opener

 

[retro44]

Dan Marino also and Travis Henry who had at least nine kids from nine different women.

 

[Crusty]

Was he in the league long enough to b vested? If he was, the judge should garnish 100% of his NFL pension until his debts are paid, and he can find a real job to live off of like the rest of us.

Don't think you can touch ERISA assets.

 

[sufandu]

Don't think you can touch ERISA assets.

Can the bankruptcy be denied if it is shown he has sufficient future income? I don't know any of these rules. I live within my means on my 5 figure income. (in case I come off as a jerk, the sarcasm isn't directed at you. it's directed at all the instant millionaires that blow their money)

 

[Crusty]

Can the bankruptcy be denied if it is shown he has sufficient future income? I don't know any of these rules. I live within my means on my 5 figure income. (in case I come off as a jerk, the sarcasm isn't directed at you. it's directed at all the instant millionaires that blow their money)

Remember OJ? They couldn't touch his pension.

 

[syr02esq]

I thought VY declared bankruptcy before? Spending 100K for dinner at Grand Lux Café can do it.

 

[orangefan13]

Dan Marino Just wow...

The guy played 17 years and was maybe the best quarterback of his time. What did he think he was going to retire after 35 and 4 brett farve comebacks?

 

[Moontan]

Dan Marino Just wow...

The guy played 17 years and was maybe the best quarterback of his time. What did he think he was going to retire after 35 and 4 brett farve comebacks?

Six kids with his wife, one kid out of wedlock (baby momma was paid millions), race car team investment flopped, and a restaurant chain which flopped. That leaves him with a TV gig and TV spokesperson appearance fees (Hooters, NutriSystem, Papa John's, etc.).

 

[TexanMark]

These idiots would be better to invest in the stock market as opposed to all these business ventures. But it is more sexy to own a franchise or night club than a mutual fund. Also, put a hood on that thing before playing around.

 

[Crusty]

I thought VY declared bankruptcy before? Spending 100K for dinner at Grand Lux Café can do it.

You can file a Chapter 14 two years after the discharge of a previous Chapter 13 filing.

Certain assets such as those obtained by fraud cannot be discharged and certain assets are excluded (determined by each state). ERISA assets such as qualified pension funds are not attachable. As I mentioned earlier, OJ was living comfortably on his pension and the Goldman judgment could not attach it.

 

[The General]

Because they are uneducated stuffheads. Grab that cash and run. I feel not once ounce of pity for these guys.

Young graduated from UT last May so perhaps an educated stuffhead.

 

[Marsh01]

Young graduated from UT last May so perhaps an educated stuffhead.

uneducated at the time of departure. I just get tired of these guys who grab the cash and jump and then we are supposed to feel sorry for them when they make bad decisions with their money. Boo hoo. It drives me crazy.

 

[cusefan88]

Some Titans fans who live in Nashville wrote in to Outkick The Coverage with their claims of where VY spent the money.

http://outkickthecoverage.com/vince...e-factory-bought-entire-southwest-flights.php

 

[Pyle]

Some Titans fans who live in Nashville wrote in to Outkick The Coverage with their claims of where VY spent the money.

http://outkickthecoverage.com/vince...e-factory-bought-entire-southwest-flights.php

I felt bad for him right up until this article. He deserves to be broke.

 

[All4SU]

I felt bad for him right up until this article. He deserves to be broke.

$600 shots. That's SIX HUNDRED DOLLARS...EACH. If I ever spend $600 on a one-ounce shot of cognac, it better be made from grapes that were squished between Marilyn Monroe's breasts.

 

[cuseinchina]

If the players associations had any real interest in their members they would push for trust provisions in contracts - some mandatory percentage of salary and bonuses should go into a trust managed by professional money managers in which access vests over a period of 10 to 20 years. Let them blow 50% and then leave them a good chunk of change so they can live an upscale life after ruining their bodies for the collective entertainment of the general public. the years in between when they stop playing and when their access to funds vests will teach them to grow the up.

 

[sufandu]

If the players associations had any real interest in their members they would push for trust provisions in contracts - some mandatory percentage of salary and bonuses should go into a trust managed by professional money managers in which access vests over a period of 10 to 20 years. Let them blow 50% and then leave them a good chunk of change so they can live an upscale life after ruining their bodies for the collective entertainment of the general public. the years in between when they stop playing and when their access to funds vests will teach them to grow the up.

Isn't this essentially the pension they already get?

 

[sufandu]

These idiots would be better to invest in the stock market as opposed to all these business ventures. But it is more s e x y to own a franchise or night club than a mutual fund. Also, put a hood on that thing before playing around.

Exactly. You could invest what they make, never touch the principal, and still live a lifestyle 95% of us will never see.

 

[cuseinchina]

Isn't this essentially the pension they already get?

I'm not talking pension - I'm saying you take 50% or more of their salary and put in a trust fund where they have access to it over time. some players self-impose this sort of thing and have good financial advisors who take care of it - but I think if the unions cared about their members they would look at the outcomes and say we need to do something about it.