Bankrupt former Jaguars quarterback Mark Brunell owes $24.7 million

[Scorpion]

http://jacksonville.com/sports/football/jaguars/2010-06-29/story/bankrupt-former-jaguars-quarterback-mark-brunell-owes-247

Bankrupt former Jaguars quarterback Mark Brunell owes $24.7 million

Former Jaguars quarterback Mark Brunell has assets of $5.5 million, but liabilities of nearly five times that, according to his bankruptcy filing.

The petition, filed Friday in U.S. Bankruptcy Court, lists $24.7 million in liabilities.

The filing lists his only current monthly income as $5,000 as president of Mark Brunell Enterprises, which operates football camps. His wife, Stacy, also makes $5,000 a month from Mark Brunell Enterprises, for a combined take-home income total of $8,780.

The filing says that the Brunells have monthly expenditures of $24,879, including $3,500 in real estate taxes, $3,887 in professional dues and agent fees and $500 as his 10 percent tithe to Southpoint Community Church.

Over the past year, it said, he has given $155,000 to the church. His salary last year with the New Orleans Saints was $1.55 million.

Related: Former Jaguars expect Mark Brunell to recover from bankruptcy

Most of the debts are listed as personal guarantees that Brunell gave on millions of dollars worth of commercial loans involving several limited liability companies: Champion LLC, Core Development LLC, JWB Ventures LLC and JWB Owner LLC.

Champion, named the most often, is a real estate and development partnership between Brunell and former Jaguars teammates Joel Smeenge and Todd Fordham. Smeenge had already filed for bankruptcy.

“They bought some land and they got killed, like a lot of people did,” said Robert Wilcox, the attorney who filed the bankruptcy filing for Brunell.

Smeenge is also listed as the registered agent for Core Development.

The two JWB companies are involved in the ownership of Whataburger franchises in Jacksonville and through them, Brunell owns an interest in 11 Whataburgers. The operation of the restaurants will not be affected by Brunell’s filing, Wilcox said.

Besides the donation to his church, Brunell listed more than $50,000 in other gifts during the last year, including for his parents’ mortgage payments in Colorado, gifts to Providence School and the National Fatherhood Iniative, and contributions to college funds for his niece and nephew.

He also paid $58,039 in legal fees associated with the bankruptcy.

roger.bull@jacksonville.com, (904) 359-4296

[thebayareabeast]

What a moron, thats just unreal.

[Scorpion]

[Mr Nuts]

What a dumb ass!

[THE PROFIT]

WOW!

[Fishhead]

Not sharp

[gravy]

when in doubt or out of money go the easy way out

[blueghost]

why dont these people get an accountant instead of pals that know you have money and want to use you

[OverUnder]

unbelievable, must have been a gambler

[Chi_archie]

Ouch

[Jaug]

Bad money management

[CarpeDime]

Whatadumbass DAT CAM

[purecarnagge]

they bet it all on the real estate deal, and when they started it 5-7 years ago it was a great idea... when they finished it... NOPE

[Brock Landers]

First white athlete to be broke, amazing, he must have black blood in him

[beach nut]

He should try to get the $155,000 back that he gave to the church last year. Talk about pissing your money away. At least donate to a worthwhile charity not some religious morons.

[whatsgood5]

Guy gave way too much money to churches over the years.

What a shame, he's a class act.

This shit happened like two weeks ago, and I'm pretty sure I posted in one of your Derrick Coleman threads that you oughtta post about MB while you were at it... May have been someone else though

[Emily_Haines]

Guy gave way too much money to churches over the years.

What a shame, he's a class act.

This shit happened like two weeks ago, and I'm pretty sure I posted in one of your Derrick Coleman threads that you oughtta post about MB while you were at it... May have been someone else though

I don't get that. Why is he giving money to the church when he is broke. If I was that guy holding a personal loan for 927000, I would be looking to bust a knee.

[whatsgood5]

I don't get that. Why is he giving money to the church when he is broke. If I was that guy holding a personal loan for 927000, I would be looking to bust a knee.

Well I'm sure he didn't give the church any $$$ when he was dealing with his financial troubles, but if I remember correctly, he used to give the church something crazy like 30% of his income. I may have that number wrong and it could be closer to 10%, but still crazy/dumb either way.

[tblues2005]

Must be a bad money manager. I feel for him on this and hopefully he will do better in the future.

[Brock Landers]

Tithe this, unreal

[DwightShrute]

Rumor has it that Brunell is the leading contender to replace treasury secretary Timothy Geithner in the Obama administration

[khaden]

Wow and he seemed to have his shit together-I wonder how long it will take dumb ass Jamarcus Russell to go broke.

[iwantcougars]

insane

[str]

This is a real shame.

[Philavanh]

going broke and still giving to the church.....

[Ryangene]

Maybe pimp out his wife could make him some money.

[CarpeDime]

Wow and he seemed to have his shit together-I wonder how long it will take dumb ass Jamarcus Russell to go broke.

can see this coming a mile away

[ronjon619]

get out of the WHATABURGER business.

[plzkthx]

what an idiot...i would never put my self into debt like that.

[maersksealand]

I don't get that. Why is he giving money to the church when he is broke. If I was that guy holding a personal loan for 927000, I would be looking to bust a knee.

brainwashed by religion

[james4512]

This is really sad, being one of the biggest jaguar fans of all time he was a real class act and he was a great player in his day and always under appreciated he took a brand new franchise and took them to several playoff wins

[jjgold]

These guys I guess just do not realize how easy it is to get in debt no matter how much you make

When are guys going to learn?

Be safe and conservative

[pavyracer]

You can't expect a guy who never finished college and has concussions throughout his career to have good business management skills.

[ttwarrior1]

he needs to go back to jacksonville , that bum they got now can't pass for shiit

[UntilTheNDofTimE]

Its funny but the church actually expects you to donate 10% of your income per year to the church. For covering the light bill and additions that never happen. Churches pay no property taxes or taxes in general on the money they collect and probably get discounts on gas and electricity. I swear the pope probably has 20 billion under his bed.