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Mark Brunell: "I got in over my head, debt was insurmountable"

Mark Brunell, the Jets backup quarterback who declared bankruptcy this year despite earning $52 million in his career, said at a hearing that he simply couldn’t keep up with his losses in the real estate market.

“I got in over my head and the debt was insurmountable,” Brunell said, per the Jacksonville Daily Record. “I’m filing Chapter 11 to reorganize and come up with a plan to make this right.”

Although Brunell is generally considered a lock to make the Jets’ roster as their No. 2 quarterback, he said at yesterday’s bankruptcy hearing (which he attended by phone from Philadelphia, where the Jets are playing tonight) that there are no guarantees he’ll earn the $1.5 million he’s expecting to make in the NFL this year.

“It depends on how I play tomorrow night,” Brunell said. “You’re not guaranteed anything if you’re not on the roster the opening day of the season. . . . I should know within the next seven days.”

Asked what he’ll do if he doesn’t make the team, Brunell said, “First off, cry.”

The people Brunell owes millions of dollars know the feeling.

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43 Responses to “Mark Brunell: "I got in over my head, debt was insurmountable"”
  1. quadya says: Sep 2, 2010 12:18 PM

    The people Brunell owes millions of dollars know the feeling.
    Harsh

  2. texasPHINSfan says: Sep 2, 2010 12:18 PM

    There’s a valuable lesson here somewhere. The NFL would be wise to work with Brunell to deliver a message to all the other players regarding managing one’s finances.
    Many of these guys come from nothing and all of a sudden get millions dumped on them. I can only imagine how easy it is to be irresponsible and reckless with the money…

  3. TryTheVeal says: Sep 2, 2010 12:19 PM

    Oh cry me a freakin river…..52 million dollars in ten or so years and you are in debt?…..You may be the biggest Jackass the world has ever known….

  4. minhw0714 says: Sep 2, 2010 12:21 PM

    Has Brunell tried praying for the money yet?

  5. researchALLwars says: Sep 2, 2010 12:22 PM

    UHHH.
    If it’s a banking institution that he owes the money to- then they do not know the feeling.
    The only thing they know is how to fleece the common man, which last time I checked…. is EVERY ONE OF US.
    Please read “The Creature From Jekyll Island” by Robert Griffin.
    Then come talk to me about crying.

  6. DcNinerFan says: Sep 2, 2010 12:26 PM

    All I know is that people should have seen this coming ever since the Dumbocrats forced the CRA on American’s, thus completely diluting the potency of the real estate market (after massively over-inflating it…). Good times.

  7. cunninglinguist says: Sep 2, 2010 12:34 PM

    He should change his name to Goldman Sachs, he would be eligible for a bail out
    Where’s Bernanke when you need him

  8. maxwellsmart says: Sep 2, 2010 12:43 PM

    Let’s all take a deep breath and go surfing! The waves are epic!

  9. LunarPie says: Sep 2, 2010 12:49 PM

    Just like with the football and the quarterback position you held, you are an idiot with your money. We have no sympathy for you Mark!

  10. danmast22 says: Sep 2, 2010 1:01 PM

    I’m baffled as to what kind of investments somebody can make that has them losing up to 2 million a year. you’d think at some point you’d cut your losses. whoever his financial advisor was sucks at his job.
    the comments have been pretty harsh, i dont feel sorry for him cause he lost more money in bad investments than most of us will make in our lives. at least he was trying to do the right thing and put his money into things that could earn him some form of income after his career. it’s not like he lost all of his money on fancy cars and jewelry.

  11. hotchick says: Sep 2, 2010 1:05 PM

    Yes he owes the money to a bank. But to think that doesn’t effect “the people he owes the money to” you dont understand money. Do you think a bank does not have stockholders? Do you not realize that it ultimately leads to our wallets in the form of tax dollars due to bank failures?
    I’m not sure it points to a NFL player needing to be educated as to how to handle finances after suddenly having all this money handed to them. Its not like he was buying $50,000 ear rings. He was trying to invest and make more money. Real estate is something that drove many people to bankruptcy. Not just NFL players.
    Then we get into “he had $52 million I dont feel bad for him blowing it.” Is there a certain dollar amount that when you make it you are expected to sit on it? Its Bill Gates wrong for continuing to make money, or anyone who is loaded that makes an investment that involves risk so they can make even more?
    The real estate drop was unprecedented. Many people who thought they had enough of a cushion found out it wasn’t big enough.
    Plus all we know is it was a real estate investment. But we dont know what kind. Was he buying land and sitting on it specualting it would rise or was he buying it to develop it? The development angle would include the fact that the investment was a risk that would not only help him if it played out, but also would have created jobs for many others.
    Point is. On the surface he looks like he was dumb and blew a fortune. The reality is we do not know enough to judge.

  12. robert ethen says: Sep 2, 2010 1:05 PM

    “I got in over my head, the debt was insurmountable” is a phrase I use after a trip to the local gas station.

  13. snarkygurl says: Sep 2, 2010 1:11 PM

    @texasPHINSfan
    Great point!!

  14. cheapargentina says: Sep 2, 2010 1:22 PM

    @texasPHINSfan
    im irresponsible on payday cant imagine if pay day was a couple mil

  15. smiley says: Sep 2, 2010 1:28 PM

    Wow….$52M!! The problem is he’s at the tail-end of a $52M career.
    Hotchick – it’s called a balanced portfolio. You have to make some MAJOR mistakes to bankrupt after $52M.

  16. Matt S. says: Sep 2, 2010 1:33 PM

    “dumbocrats”
    Of course we have to throw political name-calling into this. Someone’s still upset they lost the elections.

  17. petro says: Sep 2, 2010 1:46 PM

    He never struck me as being a bright guy. Comes down to this. Personal accountability. Take accountability for your actions. That is why I feel no pity for him and hope he gets what’s coming to him. Can’t believe the Jets signed him cause he’s washed up and can’t even backup adequately anymore.

  18. shaqter says: Sep 2, 2010 1:51 PM

    Should all of us that won’t make $1.5 mil this year start crying?
    Can’t feel sorry for him. Sometimes I feel a little sorry for felted people that are asking for money on the street but I never give them any money…instead, I beat them to the punch by asking them for money first…that always throws them off.

  19. Actlikea2yrold says: Sep 2, 2010 1:51 PM

    Got it, real estate loss is the new code phrase for hookers and blow. someone notify Lawrence Taylor of this change.

  20. KoaMisiFan says: Sep 2, 2010 1:53 PM

    Will he and Ryan have a cry-fest?
    He didn’t have to pay State taxes for most of his NFL career living in Florida so he lost more than face value. What happened to his Whattaburger franchise? Did that go belly up also?

  21. KoaMisiFan says: Sep 2, 2010 1:54 PM

    cunninglinguist says:
    September 2, 2010 12:34 PM
    He should change his name to Goldman Sachs, he would be eligible for a bail out
    Where’s Bernanke when you need him
    ———————————————-
    You’re so funny. Do you do standup comedy as well?

  22. superb owl says: Sep 2, 2010 2:06 PM

    yes, research, and also see beck’s “the inconvenient debt” video. lending policy, demonetization etc all go hand in hand.
    it is disappointing but not surprising, the lack of critical thinking (skills) in evidence. the public education system is certainly working as it was intended to.

  23. 8man says: Sep 2, 2010 2:15 PM

    “Brunell filed for Chapter 11 reorganization on June 25, listing assets of $5.5 million and liabilities of $24.7 million.”
    Uh, that is about a $19.2 million gap there. Unless the values of whatever his concern holds increase dramatically, or he gets a huge contract, the people owed are getting only pennies on the dollar, if anything And anyone starting pursuit now is screwed.
    There is a story here of greed, stupidity, deception and despair. But no compassion from me.

  24. XLI says: Sep 2, 2010 2:16 PM

    These people are financial fools…
    Even in a moderate investment you can stick $10 Million in the bank @ 5% and yield $500,000 dollars a year in interest (even though with that kind of $$$ you should be able to get at least 7-10%+).
    Buy your house outright, a few cars, and then set up an Interest-Based revenue stream to live off of. You have your principal intact and a solid income flowing in for the rest of your life.
    You have to try really hard to blow through money like that.
    Either too many concussions or stupidity… or both.

  25. LunarPie says: Sep 2, 2010 2:24 PM

    To hotchick:
    Whatever!
    If have $52 Mil and you lose it, you either made alot of dumb decisions or you are simply a retart. Us middle class know how to not lose all of our money. Believe me, if I had $52 mil I would MAKE SURE that I didn’t get into anything that could make me go bankrupt. Stop sticking up for the stupid-once-super-rich-mediocre-never-did-anything-quarterback!

  26. Dooly says: Sep 2, 2010 2:35 PM

    Wow! All of a suden everyone is the next Warren Buffett on here. The guy bet on the real estate market as a developer. He had partners in the investment and was left servicing the loans when things when belly up. It became too much to bear hence the Chapter 11 filing.
    Does he deserve my compassion? No. He took a financial risk and lost like many other investors around the country. However, it’s not like the guy was running around in his Mr. T starter kit and got robbed and is claiming it’s worth $19 M. He like many investors played the leverage game and lost. Besides, it’s easy to manage $52M (before taxes) when you’re speaking hyperthetically.

  27. midwest85 says: Sep 2, 2010 2:45 PM

    Good Point XLI. It amazes me how they can blow that much money. When I read about Brunell and others like Nicholas Cage and all the other athletes and stars I laugh my ass off. People who are money smart LIVE within there MEANS, regardless if your a multi millionaire or just a average middle class joe.

  28. TheSleepness says: Sep 2, 2010 2:46 PM

    repbublicans, demorcats, wake up..both are put there to distract you from the truth son

  29. DcNinerFan says: Sep 2, 2010 3:05 PM

    Matt S. – Not as sore as you should feel for voting in the worst White House and Congress ever. ;-) Gonna take us 20 years to recover from just 2 years of ObaMao spending…

  30. Wrathchild says: Sep 2, 2010 3:09 PM

    “Has Brunell tried praying for the money yet?”
    He’s asking Tebow to do that for him.

  31. sjfootball32 says: Sep 2, 2010 3:13 PM

    I don’t believe his take home pay was 52 million, unless his name is Wesley Snipes.

  32. TJ Whippets says: Sep 2, 2010 3:26 PM

    Didn’t he waste his money on a Church or something meaningless like that? I feel bad for him…

  33. researchALLwars says: Sep 2, 2010 3:42 PM

    hey ‘everybodygotAIDS’ thanks for copying and pasting the entire article AND the comments above mine just so you could NOT post the part about the book i told you all to check out.
    What are the Mods being paid for here?
    “The Creature From Jekyll Island” by Edward Griffin.
    Are you afraid of the creature? Fear is born of ignorance. Maybe you should stop ignoring!

  34. superb owl says: Sep 2, 2010 4:33 PM

    i still get a kick out of the “lenny dykstra, investor” saga…
    //////////////////////
    about the creature, certainly education helps. but one better fear and do something about it cause that creature devours yer wealth and the value of the dollar constantly.
    establishment politicians wont do jack about it, btw.

  35. Shark839 says: Sep 2, 2010 4:36 PM

    Matt S. says:
    September 2, 2010 1:33 PM
    “dumbocrats”
    Of course we have to throw political name-calling into this. Someone’s still upset they lost the elections.
    __________________________________
    That will change in 2 months! :)
    Back to Mark, keep in mind 52 million was before agent fees, and taxes. Mark is a good guy over all. As someone else pointed out it not like he was spending it on bling bling, chid support from his 10 children spread out accross many NFL cities, rims, ect.
    He like many got caught up the worst economy this country has seen in 70 years, with no real end in sight.
    Keep your head up Mark you will make it back. It just might take 10 years. :(

  36. pkrlvr says: Sep 2, 2010 4:50 PM

    DCniners fan, you’re an idiot. This entire crisis started when the idiot Bush signed the commodities futures and modernization act, which stripped away all the the regulations put in place by Clinton to make sure that things exactly like this didn’t happen. To blame it on the democrats is completely ignorant. Clinton left the country with a budget surplus and the best economy in history and GWB left us with a crumbling housing market, 10% unemployment and a national debt of 11+ trillion. At least the richest of the rich got their 1 trillion dollar tax cuts right!? Republicans have no problem giving money to the military or the rich, but I’ll be damned if they’ll give it to the poor!
    Obama hasn’t saved us, but he sure hasn’t caused ANY of the trouble we’re in you ignorant tool.

  37. i'm just a bill, yeah i'm only a bill says: Sep 2, 2010 5:13 PM

    apparently he had Rocky Balboa’s accountant running his affairs.

  38. i'm just a bill, yeah i'm only a bill says: Sep 2, 2010 5:15 PM

    he could always get a job doing commercials for Money Mutual along with Montell Williams?

  39. SpartaChris says: Sep 2, 2010 6:39 PM

    pkrlvr says:
    September 2, 2010 4:50 PM
    DCniners fan, you’re an idiot. This entire crisis started when the idiot Bush signed the commodities futures and modernization act, which stripped away all the the regulations put in place by Clinton to make sure that things exactly like this didn’t happen. To blame it on the democrats is completely ignorant. Clinton left the country with a budget surplus and the best economy in history and GWB left us with a crumbling housing market, 10% unemployment and a national debt of 11+ trillion. At least the richest of the rich got their 1 trillion dollar tax cuts right!? Republicans have no problem giving money to the military or the rich, but I’ll be damned if they’ll give it to the poor!
    Obama hasn’t saved us, but he sure hasn’t caused ANY of the trouble we’re in you ignorant tool.
    ================================
    Leave it to a left wing libtrard to lie and still try to blame Bush for the world’s problems. Funny how you have the stones to call someone else ignorant when your facts are wrong, though that’s pretty typical of our friends on the left.
    First, idiot, the Commodities Futures and Modernization Act was signed into law by CLINTON in Dec. 2000: http://www.wisegeek.com/what-is-the-commodity-futures-modernization-act.htm.
    Next, the CFMA has nothing to do with the market collapsing. It’s purpose was to classify each type of stock and then figure out which government agency had oversight of that stock.
    Additionally, you should read up on the Glass-Steagall act, which was repealed by Clinton. The repeal of this law has been largely credited towards being the root cause of the financial melt down.
    Finally, look up a guy named Franklin Raines, former Budget Director for President Clinton. He became CEO of Fannie Mae in 1999, which is when, coincidentally enough, the lending standards for the purchase of homes were lowered.
    One final note- In 2003, President Bush asked congress to pass a law that would have granted more government oversight over Fannie Mae and Freddie Mac. The law was blocked by Democrats, led by none other than Barney Frank who was quoted as saying, “What problem, there’s no problem here.”
    Sorry to rain on your Keith Olbermann driven “progressive” agenda, but Republicans didn’t cause the financial meltdown, though they didn’t exactly prevent it either.

  40. JPL9 says: Sep 2, 2010 7:11 PM

    Ha.. I hope that the arm chair economists aren’t selling their advice. Maybe Brunell listened to Greenspan and Paulson.
    Brunell made poor decisions and now he needs to figure out how to live within his means

  41. DcNinerFan says: Sep 2, 2010 9:37 PM

    SpartaChris – Couldn’t have put it better. Isn’t it cute when Olbermaniacs and their ObaMao mancrush, Mathews leg tingle try to sound intelligent? You just want to give them a noogie and tell them to slope off to their hippie communes… Get outta here ya little rascal! What a joker…

  42. mij420 says: Sep 3, 2010 2:42 AM

    hey dumbasses:
    why dont you do some research on your own website:
    http://profootballtalk.nbcsports.com/2010/06/15/mark-brunell-deals-with-multiple-loan-defaults/
    Mark Brunell co-signed on loans for some old Jaguar buddies. It sounds like they ran out on their obligation and now he’s left with the consequences.
    But every other dumbass on this site just wants to criticize him. Dumbasses. Mark Brunell really is a nice guy but I guess that doesn’t matter. Any chance to tear someone down with only half the facts, right?

  43. runtheball says: Sep 3, 2010 1:43 PM

    People don’t really understand bankruptcy. He likely has lawsuits of his own against his partners for contribution to the defaults. If they have any money or assets he may be able to recover some of what he owes from them. In the meantime bankruptcy keeps him in his house and keeps things from getting worse.

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