The Jamal Lewis bankruptcy hasn’t been going well

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On May 27, word first emerged that former NFL running back Jamal Lewis filed for bankruptcy protection, unable to marshal his $14 million in assets in a way that allowed payment of his $10 million in bills.

There are signs that the process isn’t going well.

According to Reuters, the bankruptcy trustee (i.e., the person appointed to oversee the process) has asked that the case be thrown out or that it be converted from Chapter 11 (reorganization) to Chapter 7 (full liquidation).  The request came because Lewis allegedly has failed to submit required financial records.  He also didn’t show up for a meeting with court officials.

The good news for Lewis (apart from the fact that he owns $4 million than he owes) is that the trustee asked to postpone a hearing set for Tuesday on the request, because Lewis is showing signs of compliance with the various requirements of bankruptcy.

The hearing has been rescheduled for July 10.  If Lewis does enough to cooperate between now and then, the effort to pitch the case or change it to a full liquidation likely will be abandoned.

45 responses to “The Jamal Lewis bankruptcy hasn’t been going well

  1. Concussions, Blackmon, and former millionaires going broke seems to be this websites offseason darlings

  2. The NFL needs to have mandatory personal finance classes for rookies coming into the league. Pretty soon the players will start suing the league because they didnt know frivolously wasting their money on their homies would cause them to go bankrupt, just like playing football causes concussions.

  3. Pathetic. Absoloutley pathetic how these athletes take up scholarships, benefits, fame, millions and have a chance to be a role model for many of the areas they come from ….

    only to end up worse than where they started off.

    Hope it was fun while it lasted.

  4. These guys are a bunch of Idiots, live within your means, How the F!!! do you spend $14 million dollars that should have lasted you a freaking lifetime.

  5. Seriously, how do you blow that kind of dough? Now here’s a guy without a doubt will be feeling the effects of his football career later in life and won’t even have any real jack to at least say that it was somewhat worth it. Yeesh.

  6. He can always fall back on that great education ! Oh wait thats right hes a football player.

  7. What killed him was ALL his failed business ventures/investments….why do these guys fall for this crap….SMDH!!!

  8. You’d think that someone like Jamal Lewis with a rough upbringing would understand the value of a dollar. That’s the most confusing thing to me with all of these bankruptcies.

  9. The average human being with a “professional degree” – highest schooling possible – earns 3.67 million in a lifetime. A Master’s degree? 2.67. Just… Puttin’ that out there.

  10. “niagara14305 says:

    I’m sorry, but is bankruptcy not defined as “when your liabilitys exceed your assets.” am I missing something???”

    I think it means he might have assets worth 14 million, but he either cannot, or has not, liquidated them. For instance if he has 3 houses worth14 million, he has to sell them first to pay off the 10 million.

  11. Those of you who complain about the content of free websites are hilarious to me.

    Here’s an idea……don’t visit the site if you don’t like the content.

  12. The sad thing about this is that there is a mandatory rookie class that does teach money management and warns rookies from wasting money…

  13. Went to Tenneesee at the same time Jamal Lewis did, even took a class with him….he drove an SUV, had “special tutors” help him with his homework, and had a reputation for hard partying and spreading a particularly painful STD (just putting that out there). And he entered this kind of “all about me” lifestyle since he was at least 17 years old. With all this enabling going on, when/how would he have ever learned how to manage his money or develop a stronger sense of personal responsibility?

  14. The request came because Lewis allegedly has failed to submit required financial records. He also didn’t show up for a meeting with court officials.

    ————————————————

    He was to busy trying to get an advance on his concussion lawsuit.

  15. What killed him was ALL his failed business ventures/investments….

    When you’re making millions you don’t need business ventures, just a bank that pays 0.5 % interest.

  16. All hope is not lost for this guy. He can always sue for damages related to concussions……everybody else is.

  17. niagara14305 says:
    Jun 5, 2012 3:40 PM
    I’m sorry, but is bankruptcy not defined as “when your liabilitys exceed your assets.” am I missing something???

    ————————–

    Yeah, that’s not correct. If that were the case, every college student with loans and most Americans with mortgages would be “bankrupt” as they’d owe more than their combined assets were worth. And that’s obviously not the case.

    “Bankruptcy” is “I have huge outstanding debts that I’ll never be able to reply so let’s have the court figure out who gets what.”

  18. “His bankruptcy hasn’t been going well? How do most bankruptcies go? Splendidly???”

    Donald Trump has declared bankruptcy FOUR times and has a net worth of 2.7 billion. For some people it’s just a savvy business move.

  19. “thetwilightsown says: Jun 5, 2012 4:00 PM
    The average human being with a “professional degree” – highest schooling possible – earns 3.67 million in a lifetime. A Master’s degree? 2.67. Just… Puttin’ that out there.”

    You’re making a giant assumption that those with Masters degree and above enter into a profession where they a) will make a lot of money or b) want to make money with that degree. Many with Masters and PhDs enter into research or teaching others, not the highest of incomes but gives them the personal satisfaction that money cannot buy.

  20. I dont feel sorry for him. Times are tough these days for average people. 4 million leftover on assets, and the fact that he didnt show to a required meeting, tells me he has more to hide. Maybe he is burying that leftover cocaine money in his mothers backyard.

  21. but yeah Drew Brees was so wrong for saying that a lot of NFL players blow their money, how dare he.

  22. Mo money Mo problems…

    But seriously, it’s still sad (pathetic) to hear about another bankrupt former player.

  23. greenmachine14 – the NFL doesn’t need to teach them personal finance. It’s called “personal” finance for a reason. Be accountable!

  24. Another broke athlete who’s mismanaged his money after his career is over.

    Guess he’ll be joining the concussion lawsuit now too so he can get paid. It’s the league’s fault he doesn’t have any money. Yeah..right.

  25. Why are so many people dumping on Jamal Lewis? He actually helped communities in the states of both the teams he played for with his money and I think it’s a shame that it hasn’t worked out for him.

    Many players who run into financial trouble do so because they go into unsuccessful business ventures which from what I hear is the case in this situation (He has money but much of it is tied up in a business that isn’t showing a return).

    If this story was about Peyton Manning would you all be talking about how stupid he was to invest millions into what is now called the “Peyton Manning Children’s Hospital”?

  26. pathetically, nobody understands what chapter 11 is. here’s a hint: Hes still a millionaire.

    you all act like he’s living in a box.

  27. ‘is bankruptcy not defined as “when your liabilitys exceed your assets.”’

    Not necessarily. The great majority of americans have greater liabilities and assets, when you consider mortgages, credit card debt, student loans, et cetera versu assets and savings. Over the last 60 yearswe have converted from a consumer base that lives off savings and income, to one that lives of debt.

    My guess is that Jamal Lewis is in bankruptcy proceedings because he was unable to extricate liquidity from the assets on his own.

  28. Soon he’ll be suing the NFL because he didn’t know concussions can cause problems.

  29. Amazing. Lewis is bankrupt and suing the nfl. This is a guy who constantly botched about carries and not getting enough. If I am the nfl I ask for all 2200 people suing to disclose their financial records

  30. Amazing the ravens training facility is one mile from one of the biggest financial houses in the world and Lewis never went their to invest

  31. Mrfrosty says

    “If this story was about Peyton Manning would you all be talking about how stupid he was to invest millions into what is now called the “Peyton Manning Children’s Hospital”?”

    Uhhh……this story isn’t about Manning, won’t ever be about Manning, and we are all dumber for having read what you wrote.

  32. granadafan says:
    Jun 5, 2012 5:17 PM
    “thetwilightsown says: Jun 5, 2012 4:00 PM
    The average human being with a “professional degree” – highest schooling possible – earns 3.67 million in a lifetime. A Master’s degree? 2.67. Just… Puttin’ that out there.”

    You’re making a giant assumption that those with Masters degree and above enter into a profession where they a) will make a lot of money or b) want to make money with that degree. Many with Masters and PhDs enter into research or teaching others, not the highest of incomes but gives them the personal satisfaction that money cannot buy.

    ________________________________

    No, I’m pretty sure I’m just making the point that those who’ve worked hard to receive an actual education (and who most definitely did not have “special tutors” or coaches/instructors/programs “helping them out” through the tough parts) typically earn in their lifetimes what an average-to-below-average starter in the NFL makes in ONE year.
    How many of these people, who make so much less in their ENTIRE lives are filing for bankruptcy in their 30’s, not showing up for court dates designed to save their arses, and just generally taking the whole situation for granted? In proportion to NFL players… I’m guessing fractions of fractions here.
    Those who pursue their education and land wherever they land get nothing but respect from me. That respect is light years away from the way I and a lot of hard working people see the spoiled athlete who has had a free ride all through school, moves on to play a professional sport, then assumes the world somehow owes him/her something due to their great contribution to society of running around fast. Sorry, Jamal. No tears around here.

  33. Indyeagle says:

    “Uhhh……this story isn’t about Manning, won’t ever be about Manning, and we are all dumber for having read what you wrote.”

    The Point is Manning has spent a lot of his money from his playing days and is much older than Jamal Lewis with the only difference being Manning hasn’t been forced to retire early due to injuries (yet) and if this was about Manning it would be more sympathetic instead of the “typical athlete spending all his money” mindset many of the comments are throwing out there. Not to mention he filed for Chapter 11 meaning HE’S NOT BROKE. Hostess and Kodak filed for Chapter 11 and I’d love to have their CEO’s salaries.

    Also Indyeagle… the “We are all dumber for having read” quote in the context that you used it is a self insult. It means the person stating it doesn’t have the brain power to comprehend something without loosing info already in there when used in response to an opinion. Proper use would be in response to fluff piece fact in which saying it means, you have retained the factual information given to you but will never actually need it, thus “making you dumber” for now knowing a useless fact.

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