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Dermontti Dawson deals with nearly $70 million in debt

Longtime great Steelers center Dermontti Dawson can feel Mark Brunell’s bankruptcy pain.

Dawson, in fact, dug himself a far greater financial hole than Brunell over the years.  A finalist in the voting for the Pro Football Hall of Hame the last two years, Dawson filed for bankruptcy this week.  He has liabilities totaling $69.659 million.  He has assets totaling $1.417 million.

The filing indicates Dawson owes many business partners, primarily in real estate.

“Today’s real estate market and economic conditions, plus the fact that I
own non-controlling minority interests in the entities which own the
real estate, left me with limited options,” Dawson said.  “I certainly wish things had
turned out differently and look forward to continuing my contributions
to this community.”

It’s a sad, sobering story about a man that by all accounts is a valued and highly respected member of his community.  Current NFL players would be wise to keep Dawson’s plight in mind as they try to grow their small fortunes.

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59 Responses to “Dermontti Dawson deals with nearly $70 million in debt”
  1. The Real Shuxion says: Jul 2, 2010 12:29 PM

    “Today’s real estate market and economic conditions, plus the fact that I own non-controlling minority interests in the entities which own the real estate, left me with limited options,”
    ——————————————————
    Thank you Barney Frank and Chris Dodd.

  2. SATAN567 says: Jul 2, 2010 12:31 PM

    Typical Steelers story.

  3. bluestree says: Jul 2, 2010 12:44 PM

    Thank god the banks came out of this unscathed!

  4. JaxJagtixholder says: Jul 2, 2010 12:44 PM

    What’s a Hall of Hame?

  5. db3300 says: Jul 2, 2010 12:46 PM

    Wealth and stupidity is a bad situation waiting to happen.

  6. jj jones says: Jul 2, 2010 12:52 PM

    I am sure the NFL and the NFLPA have financial programs for their players but they need to use these examples for rookies. I doubt they will be the last names we here that end up in bankruptcy court. Luther Elliss filed recently also.
    They should have Rod Smith come and speak to them. I remember reading an interview with him. He lived in a normal neighborhood, owned one suit and shopped at K-Mart.

  7. CleanSlaton says: Jul 2, 2010 12:53 PM

    Man, it costs a lot to be rich.

  8. TampaBayBucs6and10 says: Jul 2, 2010 12:54 PM

    That stinks. Who was running the country when all of this happened? Who was given a $4 Billion surplus and turned it into a $1.7 Trillion debt? I know this is not a political chat room but I am wondering if anyone has the answer to that very basic question.

  9. plt2006 says: Jul 2, 2010 12:55 PM

    The difference in tone in this piece vs the one on Brunell reveals quite a bit about this site’s contributing writers.

  10. robert ethen says: Jul 2, 2010 12:57 PM

    Now they’re going to guarnashee his pension to pay off that 70 million. I hope he’s in good health.

  11. Section731 says: Jul 2, 2010 12:57 PM

    That sucks. If you are going to be broke – it may as well be through hookers and coke like LT. I am sure that he had a lot more fun blowing through his millions.

  12. jambalaya says: Jul 2, 2010 1:00 PM

    I hope current players learn from situations like this, but I guarantee most wont.

  13. severs28 says: Jul 2, 2010 1:00 PM

    I feel sorry for no one that makes millions of dollars in their career but has to file for bankruptcy. Ultimately you get what you deserve. IF you are stupid with your money, you deserve to lose it.

  14. markusj says: Jul 2, 2010 1:03 PM

    bullshit…he owes $70 million with assets of under $2 million…I dont care how bad the real estate market or the economy is right now….if he borrowed 100% on $70 million in real estate they are saying that the land is now only worth $2? NOOOOOOOO the market didng go down like that..Possiby worth $35 but not $2…There were many other dumb decisions made to squander that much money than just pawning it off on the economy

  15. The Black Cat says: Jul 2, 2010 1:03 PM

    That’s quite a bar tab!

  16. The Black Cat says: Jul 2, 2010 1:04 PM

    In jeapordy game terms, “The amount that Norm owes the bar Cheers.” What is 70 million dollars?

  17. 69ers says: Jul 2, 2010 1:05 PM

    As I always say NFL players are the stupidest people on earth. At least he can speak english unlike Chris Johnson

  18. dafish says: Jul 2, 2010 1:08 PM

    plt2006 says:
    July 2, 2010 12:55 PM
    The difference in tone in this piece vs the one on Brunell reveals quite a bit about this site’s contributing writers.
    ——————————————–
    very telling. I’ve yet to see one positive article on the Jaguars on this site.

  19. BigMFBen says: Jul 2, 2010 1:09 PM

    Dirt is as classy as they come… Real Estate is a killer right now. Add to that the fact that he didn’t have controlling interests, and that compounds the problem.
    Best wishes for a class act and a certain Hall of Fame to get a fresh start.

  20. JoeSchmoe says: Jul 2, 2010 1:10 PM

    Who in the hell lends a guy 35X what his net assets are worth? They’re the dumb ones here!

  21. Halftime says: Jul 2, 2010 1:17 PM

    One word of advice for all NFL players: diversify.
    I’m sure many NFL players don’t know what the word means so here it is:
    Diversify: To distribute investments among different companies or securities in order to limit losses in the event of a fall in a particular market or industry.

  22. Thomas Paquette says: Jul 2, 2010 1:18 PM

    Bucsfan, who has taken a 1.7. Trillion dollar deficit and is on base to nearly quadruple that in just 4 years through liberal, unnecessary spending? I am 15 and I certainly know who that crook is.

  23. Meldog says: Jul 2, 2010 1:19 PM

    I wish we could go back to a time when we only had a 1.7 trillion dollar debt.
    The real estate market killed everyone who put all their money into housing and property. It’s going to be decades before prices rise again to what they were. Hopefully his wife and kids have some assets in their names that can’t be taken by the banks.

  24. raiderrob21 says: Jul 2, 2010 1:20 PM

    Welcome to the real world!

  25. 90ragtop says: Jul 2, 2010 1:20 PM

    Think about it. If every man, woman, and child in the United Staes would chip in just a single shiny quarter, we could get Dermontti Dawson out of debt tomorrow.
    For about 15 minutes.
    Until he goes and runs up more liabilities making idiot business and personal spending decisions., like all of the other bankrupt zillionaire players do.

  26. ttommytom says: Jul 2, 2010 1:23 PM

    Markus J is correct. Dawson’s math does not add up. There was all kind of stupidity going on.
    My house is paid off, money in the bank and I don’t do the big bad 4.
    1: Shady characters (just say no).
    2: Restaurants
    3: New Cars
    4: Bars
    Avoid the above (most, not all the time) and you too can retire rich. I did.

  27. KUHawks2010 says: Jul 2, 2010 1:24 PM

    I am sorry but I just think it is bullsh-t to have that much money and file for bankruptcy. Even if he lost his ass in the real estate collapse, he should have had money in his bank account or retirement fund or somewhere. These guys make all this money, live the high life and then take the easy way out. The people who suffer the most are the people who dont squander everything they got, they pay higher credit card rates and loan rates to make up for others debt. I read that in some states people can keep there million dollar homes and there cars after they declare bankruptcy. Thats B.S. They should have to sell everything they got to repay the debt.

  28. ripped says: Jul 2, 2010 1:28 PM

    @TampaBayBucs6and10
    please shut up.
    that 4 billion was just the budget surplus for the year… the country was still over a trillion in debt. stick to football talk please… maybe you are smarter on that subject anyways

  29. Dapollock says: Jul 2, 2010 1:28 PM

    I don’t think he could have lost 75m even if he bought the entire lower 9th ward in NO on August 20, 2005. Either that or he’s got the exclusive rights to the first Taco Bell on Mars.

  30. PhillyHouse says: Jul 2, 2010 1:37 PM

    69ers says:
    July 2, 2010 1:05 PM
    As I always say NFL players are the stupidest people on earth. At least he can speak english unlike Chris Johnson
    ————————————————————
    I hate reading inane comments like this, because it is so ridiculous. A majority of the players in the NFL are responsible, viable citizens. The problem is that the knuckleheads are the ones who get all the publicity.
    Myron Rolle becoming a Rhodes scholar will not net the same publicity as Donte Stallworth’s foolishness.
    BTW 69ers, “english” should have a capital “E”. But since you are so “intelligent”, I’m sure you knew that already…

  31. PackFaninPackLand says: Jul 2, 2010 1:39 PM

    How is this even possible – unless, of course, Dawson bought $70 Million worth of Obama inauguration memorabilia back in Jan. of 2009 !
    That stuff has lost about 98 % of their “value” !!!!!

  32. PackFaninPackLand says: Jul 2, 2010 1:48 PM

    @TampaBayBucs6and 10
    Answer: THAT would be the Democrats who took over in Nov. of 2006 ! Look at the economy from 2001-2006 BEFORE they took over.
    Everything has been going downhill ever since.
    Made worse in Nov. of 2008.
    Wait until the Jan. 1st, 2011 tax INCREASES kick in. You aint seen nothing yet !
    http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171
    Hopefully we can reverse this nighmare on November 2nd !

  33. SkolVikings says: Jul 2, 2010 2:02 PM

    When in doubt, its all George Bush’s fault I guess. Sure am glad we haven’t run up a deficit since he left office….Some folks really need to learn what they’re talking about prior to opening their mouths.

  34. theycallme_iPod says: Jul 2, 2010 2:24 PM

    Spending billions on the stupid wars in Iraq and Afghanistan, spending even more billions on the completely useless and more than gigantic military apparatus, using and propagating a highly inefficient and uneconomic social and health care system, not controlling and furthermore deregulating the financial market, not giving the children and young people a decent education and perspectives in life, saying that what Obama does is socialism, even though it works PERFECTLY in many, no most other countries who are about as far from being a “commie country” as it is even possible, saying that Obama is a “liberal” whereas in most other countries Obama and his administration would be considered center with a slight leaning towards the political right, providing dangerous false information, not providing quality information and news, being so super-patriotic, being ignorant, not caring about the world, or even noticing, that there is a world east of New York, west of LA and south of Houston.
    This is the US in 2010, and folks, the GOP is responsible for most of the above mentioned nuisances.
    Sincerely, an American who lived abroad for a long, long time and who clearly is able to see, that the US is nowhere near of being the greatest nation on earth. That’s the truth, it hurts, but if you are educated and are informed about whats going on, the have no other chance than agreeing with me.
    Happy 4th July….

  35. numberfour says: Jul 2, 2010 2:48 PM

    “I certainly wish things had turned out differently and look forward to continuing my contributions to this community bank. And that community bank. And that one over there. And the one next door to it… Then the one across the street…”

  36. Berserkers says: Jul 2, 2010 2:49 PM

    He obviously didn’t consult Wu-Tang Financial. You need to diversify your bonds bitches!

  37. numberfour says: Jul 2, 2010 2:51 PM

    but hey ipod, osamabama turned the printing presses on high (watch “the inconvenient debt”…)…
    and gee the democrats were going to stop the war. osamabama in particular. but no they just wanted political advantage and to hamstring the military. and they did.
    and osamabama isnt pulling anyone out of afghanistan.
    but hey, go live somewhere else. socialism is bs. and we dont need it here.
    you havent lived long enough or learned enough to be allowed to post on the topics you spew on.

  38. tomdog says: Jul 2, 2010 2:51 PM

    Yeah,but we sure did find Sadaam didnt we?

  39. getagrip10 says: Jul 2, 2010 2:56 PM

    theycall you a tool….who past the laws to give people with no money mortgages??? Slick Willy in the oval with little Monique is who?!!! That started the real estate downfall.

  40. NFL4EVER says: Jul 2, 2010 3:33 PM

    @theycallme_iPod
    Name one thing Obama has done to actually grow the Private Sector economy since taking office?
    There is not a centrist bone in that man’s body, he is a radical revolutionary w/o the violence aspect.
    You and the other 52% who voted for him got snowed, just admit it already. He is purposely weakening (destroying) the economy so it can be eventually run and controlled by the Govt.
    I could go on and on.
    If you don’t see what’s happening then I truly feel sorry for you.
    Until the Dems got control of the Senate & House unemployment was never over 6%.
    Was Bush a great President? by no means, but the fact that Dems chide him for spending too much is laughable, if a Democrat did exactly the same things Bush did it would be fine. Obama is on pace to quadruple the debt and beyond, and notice there are no more war protesters? where did they all go? We are still fighting in the Middle-east, more troops are being deployed, where the protests?
    Democrats = Hypocrites!

  41. KUHawks2010 says: Jul 2, 2010 3:39 PM

    theycallme ipod……..What about Barney Frank and Chris Dodd ?They were in the Clinton administration pushing for very easy first time buyer loans for people who could and should have never qualified for. How about Henry Cisneros? He was on the board of CountryWide Mortagage who the taxpayers had to bail out. Those three are as much to blame for the shape of this economy than anybody. They padded there wallets to make loans simple to get for people that never should have got them. And once people failed to keep up on there Mortgages Fannie Mae, Countrywide went broke. Also, in 2005 John McCain tried to pass a legislation to limit the activities of these companies. It was voted down by the DEMOCRATS including your boy OBAMA>>>>

  42. Ray Guy says: Jul 2, 2010 3:49 PM

    “# TampaBayBucs6and10 says: July 2, 2010 12:54 PM
    That stinks. Who was running the country when all of this happened? Who was given a $4 Billion surplus and turned it into a $1.7 Trillion debt? I know this is not a political chat room but I am wondering if anyone has the answer to that very basic question.”
    ____________________________________
    Perhaps you should look at who controls Congress that writes all the spending bills and passes them with tons of added pork. You may find your answer.
    __________________________________
    “theycallme_iPod says: July 2, 2010 2:24 PM
    Spending billions on the stupid wars in Iraq and Afghanistan, spending even more billions on the completely useless and more than gigantic military apparatus, using and propagating a highly inefficient and uneconomic social and health care system, not controlling and furthermore deregulating the financial market, not giving the children and young people a decent education and perspectives in life, saying that what Obama does is socialism, even though it works PERFECTLY in many, no most other countries who are about as far from being a “commie country” as it is even possible, saying that Obama is a “liberal” whereas in most other countries Obama and his administration would be considered center with a slight leaning ”
    ____________________________________
    Signed: Karl Marx
    Oh by the way genius, do you really think the NEA might have something to do with “not giving the children and young people a decent education and perspectives in life”. Or is that Bush’s fault too?

  43. ODOT says: Jul 2, 2010 3:51 PM

    If you DBags wanna talk politics go to CNN or something this is a sports website, jerkoffs. U guys would ruin a free lunch. Wtf? Economy these

  44. jb10 says: Jul 2, 2010 3:54 PM

    imo the funny thing is the democrats blame the republicans and the republicans blame the democrats when in truth they are both crooked as a dogs back leg. the majority of them lie cheat and steal to get into office then do whatever the hell they want or whatever lobbyist group pays them the most to do.
    sadly i believe the system is working the way it is supposed to. maybe it is the system that is broke?

  45. NFL4EVER says: Jul 2, 2010 4:03 PM

    ODOT says:
    July 2, 2010 3:51 PM
    If you DBags wanna talk politics go to CNN or something this is a sports website, jerkoffs. U guys would ruin a free lunch. Wtf? Economy these
    ——————————————————
    What eloquence! obviously a product of the Government run school system.
    I do get your point but some of the political ignorance spewed cannot go unchecked.

  46. theycallme_iPod says: Jul 2, 2010 4:20 PM

    NFL4ever
    You, Sir, are paranoid.
    Saying that the POTUS is destroying the economy, which by the way was already destroyed when he took over, but I’m sure you know that, is complete bullshit.
    What up man, are you afraid of the govt.? Do you really think, that Obama plans to take over everything?
    Sorry, but if so, get a treatment, seriously, do that.
    The ONLY president in recent history who fooled the American public was, guess who?
    Am I a democrat? Yes. Am I satisfied with Obamas performance so far? He did ok. Am I a human, who accepts and glorifies everything the democrats do? Hell no.
    He made mistakes, and the fact that we still are engaged in Afghanistan and Iraq pisses me off, it really does. The fact that GITMO is not closed yet, huge thumbs down for Obama. The fact that the economy is still down?
    I don’t quite blame him.
    Over the last 30 years, the US has spent much money on the wrong things. Imagine where this nation could be with a fully functional health and social care system, with a good education system, just imagine….
    But instead we chose to spend money on military and wars, republicans and democrats did so, I am not saying, that Clinton, Johnson and Carter were perfect.
    Saying what Obama does is socialism is just plain stupid, like it stated in my other post. The mistake of the US? Being so ignorant.
    There are many things, we can do good, but its time to acknowledge, that other countries do things well too, and to get inspired by these countries is no bad thing, its no a sign of weakness, not a sign of stupidity, but a sign of being wise and just.
    The US is besides Israel and North Korea the only militaristic country in the world.
    Land of the free? Home of the brave?
    We are not free, we are in the claws of the military-industrial complex, we abandoned civil rights, for what?
    We, the US, torture, we kill innocent people on a daily basis, we don’t provide American citizens an appropriate style of life. Almost our whole knowhow is gone, gone to China, gone to India.
    We failed to educate our children, we failed to give them proper training for jobs, that is why, companies import workers from oversees, because they are just better than Americans.
    We failed to teach our people how to use and save money, we failed to teach them, that they cannot buy anything and everything on credit, we failed to teach them, to save money (you know, the average percentage of savings rate in the US is 3%, internationally its more than 35%), we failed to teach them the importance of sufficient technologies.
    All that summarizes to problems, all the problems combined with the huge deficits, well, they equal a crisis.
    The key to wealth is education, as long as US citizens do not accept that fact, just as long we will be in horrendous debt and economic mismanagement.
    A strong (not a dominant) govt. can help everyone, businesses and humans, as well as nature and animals.
    Obama made mistakes, no question about it, but the main mistakes were made over the last 30 years and you just cannot overturn 3 decades in 1.5 years, especially not, when the senate and house is full of corrupt pieces of sh*t.

  47. joemac1114 says: Jul 2, 2010 4:33 PM

    Thank you Barney Frank and Chris Dodd.
    _______________________________
    If your opinions are on football are as fact free as your opinions on real estate than you really know absolutely nothing.

  48. joemac1114 says: Jul 2, 2010 4:38 PM

    Thomas Paquette :
    When you hide the cost of your wars off budget for 6 years, as Bush did, the deficits Bush created were easy to hide. Kudo’s to Obama for putting them on budget where the public can see them. Also, you may not have noticed who was president when the banks were bailed out. But hey keep watching faux news. They lie, you cry.

  49. joemac1114 says: Jul 2, 2010 4:43 PM

    getagrip10:
    Yep it is all Clinton’s fault? W had nothing to do with any of it, he tried but couldn’t save the economy.
    Wow are the people in this country ignorant of basic financial facts.
    And by the way your God, Dick Cheney said deficits don’t matter.

  50. Bossman says: Jul 2, 2010 4:45 PM

    One more thing for Barrack Obama’s nephew, TampaBayBucs6and10.
    The guy that is running this Country now is the worst president in the history of this Country; bar none! His health-care plan is a joke. His handling of the economy is a joke. His handling of the situation in Arizona is a bad joke. His energy plan is non-existent. Immigration amnesty? Are you kidding me? No way! Also, 10% unemployment remains even after his vaunted “stimulus plans” His handling of the oil spill; He loves unions and hates Capitalism; Tax the hard-working people to death and take care of the slouches….
    I live in Massachusetts and as much as I would have like for him to succeed, he hasn’t. He is a fraud. The people of the U.S.A elected a college professor/community organizer who has the business sense of my 12 year old daughter.
    Do not bring politics to this site, especially if your shit is weak.

  51. USMC28 says: Jul 2, 2010 5:05 PM

    You Repubs/Conservatives need 2 get a clue. None of you know what the hell you are talking about. This crap started with Regan 30 yrs ago. all the deregulation, and his Union busting tactics and his B.S. Reganomics have fianally come home 2 roost. Now back 2 football talk.

  52. NFL4EVER says: Jul 2, 2010 5:12 PM

    @theycallme_iPod
    I don’t disagree with all your points, some are spot on, and much of where we are now goes back decades, it cannot completely be blamed on Bush and/or Obama.
    But, anyone who voted for Obama is a fool, this guy has never done anything, period! he is a community agitator, a race hustler is disguise and he wants to control everything! He has a racist AG, he speaks of Social Justice, Spreading the wealth…do you not see the writing on the wall? Not to mention his highly questionable associations. Had the media done their job properly there is no way he’s have been elected or even got 35% of the vote for that matter.
    You’ll see, the worst is yet to come. Obama is NOT who and what you think he is.
    As for me? well lets say you are correct and I’m wrong, I’m just a paranoid conservative clinging to my guns and religion….the worst thing that will happen is my credibility takes a big hit, I can live with that.
    If YOU however are wrong and I am right, we may not have a country left, or one that we recognize, are you OK with that?
    Bottom line, you can’t afford to be wrong, I can.

  53. USMC28 says: Jul 2, 2010 5:52 PM

    @bossman, & others like you who agree with your b.s. Name me 1 conservative P.O.T.U.S. that was ever elected to the highest office that has ever did anything good for the American People. Just give me 1. Bet you can’t come up with any. You know why because you far right neo-con types are full of it. Want out country back my aZZ!!! from who,& from what. Stick to football.

  54. Mike McCarthy's Moobs says: Jul 2, 2010 7:43 PM

    I love all the tools that merely regurgitate what they hear on talk radio and act as if they have some comprehensive understanding of economic issues.

  55. troll_aikman8 says: Jul 2, 2010 7:54 PM

    Couldn’t agree more with USMC28…..
    Now to Dawson. Did he hire Mike Tyson as a financial advisor?

  56. .Vox Veritas. says: Jul 3, 2010 9:19 AM

    “That stinks. Who was running the country when all of this happened? Who was given a $4 Billion surplus and turned it into a $1.7 Trillion debt? I know this is not a political chat room but I am wondering if anyone has the answer to that very basic question. ”
    The answer is: The Democratically controlled Congress.

  57. DM says: Jul 4, 2010 2:07 PM

    .Vox Veritas. says:
    July 3, 2010 9:19 AM
    “That stinks. Who was running the country when all of this happened? Who was given a $4 Billion surplus and turned it into a $1.7 Trillion debt? I know this is not a political chat room but I am wondering if anyone has the answer to that very basic question. ”
    The answer is: The Democratically controlled Congress.
    **********************************
    And here I thought Bush was Pres and Congress was controlled by the GOP for 6 of his 8 years. BTW, we were already running the large deficits BEFORE Dems were elected.
    Last I looked, even when Dems were in Congress, the Pres had veto power. How many Bush vetos were over-turned?
    Zero.
    Turn off talk radio and Faux news, it makes you stupid.

  58. DM says: Jul 4, 2010 2:09 PM

    USMC28 says:
    July 2, 2010 5:05 PM
    You Repubs/Conservatives need 2 get a clue. None of you know what the hell you are talking about. This crap started with Regan 30 yrs ago. all the deregulation, and his Union busting tactics and his B.S. Reganomics have fianally come home 2 roost. Now back 2 football talk.
    ***************************************
    Of the entire national debt, almost 70% was amassed under only 3 Presidents.
    Guess who…
    Reagan
    Bush Sr
    Bush Jr

  59. getagrip10 says: Jul 5, 2010 8:56 PM

    joemac check you facts when wild bill left office we were already in a recession, because of dotcom bust. Bush and Cheney did not pass any laws that allowed people with sub 600 credit ratings to get mortgages. Clinton passed the bill, he believed everyone should own a home, so get you head out of you @SS and check the facts.

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