Jamal's broke

[vmax]

It seems like only yesterday when Jamal pulled into training camp driving a monster truck Hummer with 57 tv's in it.

What's the stat ???...most of these players are broke within 5 years of leaving the game?

 

Retired NFL star Jamal Lewis -- who helped the Baltimore Ravens win the Super Bowl in 2001 -- has filed for bankruptcy, claiming he's a financial train wreck ... and can't pay his eight-figure debt.

 

Jamal filed the Chapter 11 papers in Atlanta -- according to the docs, he's got $14,455,854 in assets but he's racked up a whopping $10,566,764.18 in debts.

 

Among his creditors -- Bank Of America has a lien for $947,876, Benz has one for 113k, Chrysler for 15k ... and the list goes on.

 

As for his assets -- Jamal's got five homes, a bunch of expensive cars, a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, OH (worth about $6 mil).

 

According to the docs, Jamal is self-employed and earns approximately $35,000 a month.

 

By filing Chapter 11 Jamal ... can keep most of what he's got, while negotiating reduced and extended payments to creditors.

http://www.tmz.com/2012/05/27/jamal-lewis-nfl-bankruptcy/

 

I feel bad for Jamal. He was a great running back and a joy to watch. 2003 was insane.

I hope he can pull out of this and land on his feet.

 

[BengalBilly]

He should probably go back to selling cocaine.

[oldno82]

So many of these guys, and its been this way for 50 years, come from poor backgrounds and don't get good advice from their agents and financial advisers. Its so sad. Even Johnny U. had a hard time making it after football.

[papasmurfbell]

It is something like 80% are broke in 5 yrs. I thought Jamal was smarter. It looked like he was getting ready for post playing.

[BengalBilly]

It is something like 80% are broke in 5 yrs. I thought Jamal was smarter. It looked like he was getting ready for post playing.

Wait until Ochocinco gets out of the game. You'll see it happen even faster.

[papasmurfbell]

No doubt. He has wasted so much cash. Unless he has other income he is done.

[cravnravn]

5 homes??? in this market

[oldno82]

I did read that he has liabilities of 10 million with 14 million in assets but the assets are currently not liquid (houses, cars, etc.). So if he sells everything he owned he'd still have a few million in cash.

[papasmurfbell]

That is what bankrupcy is for.

[vmax]

Here's the astounding stat...

 

Not every player falls into these traps, but a 2009 Sports Illustrated study said that 78 percent of NFL retirees have "gone bankrupt or are under financial stress because of joblessness or divorce" within two years of their careers ending.

http://espn.go.com/nfl/story/_/id/7983790/life-nfl-struggle-many-former-players

[papasmurfbell]

I remember when this was talked about then. When the current players are living under bridges I will not care.

[JPPT1974]

Yeah as know that sort of is. As wonder why he can just transfer his assets to help his bankruptcy or it can't be touched?

[papasmurfbell]

http://articles.baltimoresun.com/2012-06-04/news/bs-md-jamal-lewis-bankruptcy-20120604_1_bankruptcy-united-athletes-foundation-georgia-court

 

 

 

 

 

Jamal Lewis among star athletes to land in bankruptcy

 

 

Hearing scheduled Tuesday in Georgia court

 

 

It might have been trash-talking, but Jamal Lewis made good on his promise. The young Baltimore Raven broke the single-day rushing record by running for 295 yards in the 2003 home opener at the stadium newly rechristened for the company that had bought the naming rights, M&T Bank.

Today, though, the now retired Lewis and M&T are linked in court rather than on the field. Lewis filed for bankruptcy in Georgia in April, listing $14.5 million in assets and $10.6 million in debts — among them, a more than $350,000 judgment on a defaulted loan from the bank whose name hangs over the Ravens' stadium.

 

A hearing will be held Tuesday in federal bankruptcy court in Georgia on Lewis' filing.

M&T is just one of the companies saying Lewis did not repay loans that went toward failed real estate ventures and his now-shuttered trucking company, as well as a lifestyle of multiple houses and expensive cars. While Lewis and his attorney declined to comment, a trail of court documents tells an all-too-common story — a pro athlete who, despite making millions during his playing career, ends up in bankruptcy court.

"These are talented people, but with very little expertise in financial matters," said Annamaria Lusardi, a George Washington University School of Business professor who has offered workshops on financial education for pro athletes.

"You take a 20-year-old, and give them millions of dollars. Often there is very little guidance given to them," she said. "And this is a very risky career. Their careers can end when they are very young because of injuries."

Lewis, 32, retired in 2009 after nine seasons with the Ravens and Cleveland Browns. He lost part or all of some seasons in college and in the pros after tearing knee ligaments, and is among the football players who have sued the NFL over concussion injuries.

His financial problems put him on a veritable all-star team of professional athletes who have landed in bankruptcy court over the years, from football players Johnny Unitas, Warren Sapp and Michael Vick (who is still playing) to NBA players Allen Iverson, Latrell Sprewell and Shawn Kemp.

A 2009 article by Sports Illustrated estimated that within two years of retirement, nearly 80 percent of NFL players are in financial trouble due to bad investments, costly divorce and child custody payments, or simple overspending.

It's a subject of growing concern, and groups like United Athletes Foundation are trying to alert younger players of the pitfalls in mismanaging the multimillion-dollar bonuses and contracts thrown at them.

"We've been trying to target college athletes because once they start playing [professionally] and the money starts coming in, it's harder to get them to listen," said Reggie Howard, founder of the nonprofit organization that seeks to leverage athletes' celebrity into community and education projects.

Howard, a former Carolina Panther, said he knows too many fellow athletes who have lost fortunes, which in domino fashion then hurt the charitable efforts they had launched. His foundation, in which Ravens linebacker Ray Lewis is particularly active, has offered financial seminars to players and their families, and has partnered with CESI, a debt-management group, to further such efforts.

 

The financial woes of Jamal Lewis — no relation to Ray beyond having been teammates — can be traced through court documents in several jurisdictions. The trail runs from Atlanta, where he was born and still lives; to Baltimore, where he began his NFL career as the Ravens' fifth overall pick in the 2000 draft; and finally Ohio, where he ended his career with the Cleveland Browns.

In July 2006, Lewis contracted with Lowery & Associates to build a $2.4 million home in Atlanta. Lewis sued Lowery after a construction expert he hired to inspect the site found it less than half-built and plagued with rust and mold. In July 2009, a Superior Fulton County Court judge awarded him more than $2 million in actual, consequential and punitive damages, court documents show.

But, a couple of months later, building company president Bradley Lowery filed for bankruptcy.

Meanwhile, Lewis continued to play, even as he worked to set himself up for the future. He had signed a six-year, $35.3 million contract and as a rookie helped lead the Ravens to a Super Bowl victory in 2001. Now that ring is among the assets listed in his bankruptcy filing.

While still with the Ravens, he jumped into the cross-country trucking business. Lewis operated All American Xpress Inc. out of terminals in Georgia and Florida, with a fleet of around 200 trucks at one time traversing the United States delivering perishable goods.

 

 

[cravnravn]

Wonder if Jamal had a financial advisor? 2006 even I knew the housing market was heading for the shitter..

[papasmurfbell]

I knew the housing market was going down by 2003.

[cravnravn]

I was working in it..And all those so called baloon loans people had were starting to come due, And the interest only 5 years loans were also coming due..Our building business just ceased..

[papasmurfbell]

I knew it because the prices were going up to fast for to long. At some point it had to fall.