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Mark Brunell deals with multiple loan defaults

47930d_Brunell_01032010.jpgVeteran quarterback Mark Brunell apparently plans to join the Jets once the rules of the “Final Eight Plan” evaporate on July 22.  And for anyone wondering why Brunell has decided to continue playing after capping a lengthy career with a Super Bowl ring finally secured as the backup to Drew Brees in New Orleans, there’s a good reason for Brunell’s intention to keep playing.

Money.

According to First Coast News in Jacksonville, Brunell and other former Jaguars face multiple lawsuits due to defaulted business loans.

Brunell, Todd Fordham, and Joel Smeenge already have found themselves on the wrong side of a ruling in a Michigan case involving a $1.1 million loan.  Another case involving a Jacksonville bank alleges a $2.2 million debt.

The loans arise from failed business projects involving Brunell and the other players.  Michael Freed, who represents the players, acknowledges the legitimacy of the $1.1 million judgment in Michigan.  “The company [Champion LLC] didn’t remain current on the
loan and there was no question that our clients were guarantors on that
loan, Freed told First Coast News.  “There were no defenses that could be raised so we did not contest
that.”

Freed also acknowledges that Brunell regrets co-signing for the loans.  “He wished he didn’t sign it, but he did and we’re doing
the right thing by working with the bank to try to work it out,” Freed
said.

One way to work it out involves coming up with cash, and one way to come up with cash involves continuing to play football.

Or maybe selling that Super Bowl ring on eBay.

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20 Responses to “Mark Brunell deals with multiple loan defaults”
  1. Chapnasty2 says: Jun 15, 2010 11:54 AM

    How is it that multi-millionaires default on any type of loan. Or, why do they even need loans?

  2. Black QB White RB says: Jun 15, 2010 11:55 AM

    hang in there, Marky mark.
    keep the wind sprints going, hit the weight room, you’ll find work……

  3. frox says: Jun 15, 2010 11:58 AM

    Wait. He regrets guaranteeing a loan that is now in default? Now that is some shocking news.

  4. Jack Acid says: Jun 15, 2010 12:07 PM

    Chap —
    Just because a person has money doesn’t mean they are good with it.
    Having more money doesn’t take away problems, it just trades them in for new ones. Everything is relative.

  5. Scott P says: Jun 15, 2010 12:08 PM

    It’s a simple 2-word rule that should never be broken. Never co-sign.

  6. jj jones says: Jun 15, 2010 12:09 PM

    Brunell learned the hard way to not loan money to your friends or co-sign on loans for them.

  7. EverybodyGotAIDS says: Jun 15, 2010 12:19 PM

    Couldn’t he just do a bunch of commercials for….hell, anything? I’m sure Popeyes or Tabasco or something would pay a few grand to have Mark Brunell hock their product. Now…do that a couple thousand times…..
    Mark Brunell, coming to a Mort’s Tire Center near you.

  8. robert ethen says: Jun 15, 2010 12:31 PM

    Speaking of which….you remember that check I sent for the 300 PFT shirts?

  9. FoF says: Jun 15, 2010 12:43 PM

    20 years in the league and he is broke. Some people will never learn.

  10. onesweetworld says: Jun 15, 2010 12:50 PM

    He has a house on the beach down here in the Jacksonville area on the market for 14mil. So im sure if/when he sells it he’ll be ok… I think

  11. hotchick says: Jun 15, 2010 12:56 PM

    Chapnasty2 says:
    June 15, 2010 11:54 AM
    How is it that multi-millionaires default on any type of loan. Or, why do they even need loans?
    Really? Flabbergasted that this is a mystery to anyone.
    ————————–
    And if you are take out a loan it means you are bad with money? The defaulting on the loan means you are bad with money. And actually that is not really true either. It often only means the particular investment you borrowed it for failed or responded slower then you expected.

  12. Joel_mac5 says: Jun 15, 2010 1:11 PM

    Some people complain that so many pro athletes blow their money on stupid things, when everyone knows that “they should have invested it…”
    Sounds like that is what Brunell tried to do. Not every business venture is successful.

  13. JoeSchmoe says: Jun 15, 2010 1:16 PM

    People always outlive their means…. no matter if you’re on welfare with a giant HDTV and pay your cable and electric but don’t pay your gas and water or buy your kids food, or if you’re a millionaire trying to make power moves, even if you are completely unqualified to take on said power moves…. It’s the American way! And its why this country is collectively EFF’D!!!

  14. EverybodyGotAIDS says: Jun 15, 2010 1:26 PM

    hotchick says:
    June 15, 2010 12:56 PM
    And if you are take out a loan it means you are bad with money? The defaulting on the loan means you are bad with money. And actually that is not really true either. It often only means the particular investment you borrowed it for failed or responded slower then you expected.
    ______________________
    No, having a ton of money, which you could use to live the rest of your life on, then pissing that money away, and defaulting on loans after you have literally made upwards of $25 mil (being conservative. I’d guess Brunell made closer to $50 mil over his career, if not more) makes you bad with money. There’s absolutely zero reason this guy should be broke, unless he’s bad with money.
    It’s either because he made a TON of bad small investments or a few bad HUGE investments. Either way, stupid.

  15. texasPHINSfan says: Jun 15, 2010 1:29 PM

    Athletes REALLY need proper financial advisors.
    The problem? The only financial advisors that can get “approved” to advise NFL athletes have to be top producers and pay their way to the NFL for allowance into the advising program.
    The catch? The advisors that make the most money tend to be the ones with the lowest morals and spend the least amount of time on client-care.
    The altruistic advisors (like myself, ahem), tend to not make as much money and can’t compete with those guys because we’re brutally honest and do what’s best for the client.
    Obviously there are exceptions, but I know a few licensed NFL advisors and they are cut-throat guys that have a long trail of unhappy clients behind them. It’s a problem with the system that, like politics, rewards those who abandon their morals and standards just to get to the top.
    *sigh

  16. texasPHINSfan says: Jun 15, 2010 1:30 PM

    “JoeSchmoe says:
    June 15, 2010 1:16 PM
    People always outlive their means…. no matter if you’re on welfare with a giant HDTV and pay your cable and electric but don’t pay your gas and water or buy your kids food, or if you’re a millionaire trying to make power moves, even if you are completely unqualified to take on said power moves…. It’s the American way! And its why this country is collectively EFF’D!!!”
    ———–
    Haha, great post man. Too true!

  17. luderiffic says: Jun 15, 2010 1:54 PM

    I’m sure his business deal is about as good as hawking What-a-burgers down here in Jax with retard Tony Boselli.

  18. Dave2324 says: Jun 15, 2010 2:00 PM

    Mark Brunell is not broke. He has some solid business interests in Jacksonville. I don’t know what the problem is with paying back the loan, other than that he doesn’t want to pay it. But from what I know about his businesses in Jacksonville, he is far from broke.

  19. Rob J says: Jun 15, 2010 2:41 PM

    Where in the article does it say he’s broke? All I read is that he Co-Signed a loan and the loan has not been paid as outlined in the documents.
    Granted, Florio would have you believe he’s strapped for cash… but really, he just got hooked up with some bad business partners who are now strapped for cash.
    Win some, lose some… Brunell’s doing fine.

  20. Patsfan1776 says: Jun 15, 2010 4:15 PM

    Sounds to me like the other co-signers are trying to have him be the only one paying.

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