Loudmouthed Warren Sapp part of the problem with this country...

  1. You have chosen to ignore posts from Quagmire3. Show Quagmire3's posts

    Loudmouthed Warren Sapp part of the problem with this country...

    I know its old news but it really annoys me. Warren Sapp has recently filed for Chapter 7 bankruptcy in South Florida. This loudmouth (who made over $60 mil in his playing career) listed debts of $6.7 mil (how is that possible?!), assets of $6.45 mil (including 240 pairs of Air Jordans valued at $6500.), and income of "about $115,881 per month split among several sources." I know he recently was terminated from NFL network, but he obviously still has other sources of income. What I dont get is the guy is only $250,000 in debt, and has other sources of income so why file bankruptcy? Heck average Americans owe that on there mortgages. He filed because he knows this will relieve him of his obligation to pay off some debts. Who cares that all that loss will be made up by the creditors by rising prices on average hard working Americans like you and me. That is why this d!ck filed Ch 7 and not Ch 13 because under Ch 13 you may have to repay some of your debts. I hope the courts tell him to sell off ALL his assets and pay his bills. "To whom much is given, much shall be required" -Luke 12:48
     
  2. You have chosen to ignore posts from ma6dragon9. Show ma6dragon9's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    No, he's in 6.7 million debt, he 'claims' his assets are worth 6.45, but the fact is, if he had to liquidate everything, he'd probably get half that (who's paying 6500 for 240 USED pair of Jordan's?). This way, he'll make some cupcake deal, keep most of his c r a p, and pay off little by little, sacrificing little, if anything, from his way of life.

    He is part of the problem with this WORLD, not just this country.
     
  3. You have chosen to ignore posts from NEGAME2. Show NEGAME2's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    and he still is on the NFL network.
     
  4. You have chosen to ignore posts from PatsEng. Show PatsEng's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    I hate to say it, trust me I do hate to admit any politicians are right about anything, but when Mitt used the analogy that it use to be (mind you he's referencing Iowa in the 1800's) when you saw a fire in the distance then families would ban together and fight the issue before it ever reached their homes or homes of their neighbors. Now a days the thought is, well someone else will take care of it for me or maybe the wind won't blow the fire towards my direction. This is what's wrong with America, too many people turning a blind eye or passing their troubles on to other people and moving on with their lives.
     
  5. You have chosen to ignore posts from TSWFAN. Show TSWFAN's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    THE DEVIL MADE ME DO IT. No personal responsibility. Sapp, Barkley, J.Jackson, A. Sharpton, all loud mouth losers.
     
  6. You have chosen to ignore posts from Shadowcpt. Show Shadowcpt's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Loudmouthed Warren Sapp part of the problem with this country...:
    I know its old news but it really annoys me. Warren Sapp has recently filed for Chapter 7 bankruptcy in South Florida. This loudmouth ( who made over $60 mil in his playing career ) listed debts of $6.7 mil (how is that possible?!), assets of $6.45 mil (including 240 pairs of Air Jordans valued at $6500.), and income of "about $115,881 per month split among several sources." I know he recently was terminated from NFL network, but he obviously still has other sources of income. What I dont get is the guy is only $250,000 in debt , and has other sources of income so why file bankruptcy? Heck average Americans owe that on there mortgages. He filed because he knows this will relieve him of his obligation to pay off some debts. Who cares that all that loss will be made up by the creditors by rising prices on average hard working Americans like you and me. That is why this d!ck filed Ch 7 and not Ch 13 because under Ch 13 you may have to repay some of your debts. I hope the courts tell him to sell off ALL his assets and pay his bills. "To whom much is given, much shall be required" -Luke 12:48
    Posted by Quagmire3



    I'd bet he'll wind up filing under Chapter 13; from what's reported in the media it appears that he has sufficient assets to repay at least a portion of his debt. If he's allowed to eliminate his debts under Chapter 7, that would be wrong in my opinion.
     
  7. You have chosen to ignore posts from Patsman3. Show Patsman3's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    How is Sapp the problem if he is doing what he can legally under the current system?  He would be dumb not too.  The problem is the system itself and the corrupt morally bankrupt people who keep it going.
     
  8. You have chosen to ignore posts from PatsEng. Show PatsEng's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    How is Sapp the problem if he is doing what he can legally under the current system?  He would be dumb not too.  The problem is the system itself and the corrupt morally bankrupt people who keep it going.
    Posted by Patsman3


    So the people who keep it going are morally corrupt but those who take advantage of the broken system at the expense of everyone else aren't a problem?

    Chapter 7 was meant for those with no assets and debt beyond what they could conceivably produce (Think those with major medical bills who are out of work and no income with a mortgage and said medical bills). It is not meant for someone who still has a steady income and enough assets to cover their debt (ala Sapp). Sapp using chapter 7 is just as bad as the people who haven't closed the loop-hole of assets vs debt
     
  9. You have chosen to ignore posts from Hoier. Show Hoier's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Loudmouthed Warren Sapp part of the problem with this country...:
    I know its old news but it really annoys me. Warren Sapp has recently filed for Chapter 7 bankruptcy in South Florida. This loudmouth ( who made over $60 mil in his playing career ) listed debts of $6.7 mil (how is that possible?!), assets of $6.45 mil (including 240 pairs of Air Jordans valued at $6500.), and income of "about $115,881 per month split among several sources." I know he recently was terminated from NFL network, but he obviously still has other sources of income. What I dont get is the guy is only $250,000 in debt , and has other sources of income so why file bankruptcy? Heck average Americans owe that on there mortgages. He filed because he knows this will relieve him of his obligation to pay off some debts. Who cares that all that loss will be made up by the creditors by rising prices on average hard working Americans like you and me. That is why this d!ck filed Ch 7 and not Ch 13 because under Ch 13 you may have to repay some of your debts. I hope the courts tell him to sell off ALL his assets and pay his bills. "To whom much is given, much shall be required" -Luke 12:48
    Posted by Quagmire3


    There is no good answer here...  Debtor prison?   Seems to be a recurring theme though
     
  10. You have chosen to ignore posts from portfolio1. Show portfolio1's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    I hate to say it, trust me I do hate to admit any politicians are right about anything, but when Mitt used the analogy that it use to be (mind you he's referencing Iowa in the 1800's) when you saw a fire in the distance then families would ban together and fight the issue before it ever reached their homes or homes of their neighbors. Now a days the thought is, well someone else will take care of it for me or maybe the wind won't blow the fire towards my direction. This is what's wrong with America, too many people turning a blind eye or passing their troubles on to other people and moving on with their lives.
    Posted by PatsEng


    You are on to something.
     
  11. You have chosen to ignore posts from prolate0spheroid. Show prolate0spheroid's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...


    Interesting article in the Tampa Bay Times on the reasons for the bankruptcy. 



    But the attorneys who looked at the filing quickly focused instead on its more critical points.

    Sapp filed Chapter 7, the most drastic bankruptcy alternative that requires the sale of assets to pay off debts. He did this, they say, because he's trying to say that his debts are mostly business debts, not consumer debts. If that's true, it doesn't matter that he still brings in large chunks of cash — $45,000 a month to be an analyst for the NFL Network, appearance fees, money from a publisher for a forthcoming book titled Sapp Attack. What he gets on a monthly basis fluctuates, but it's still the kind of hefty income that typically would disqualify somebody from Chapter 7 candidacy — according to the filing, an average of $115,881 a month.

    "Warren filed because of business debts," said Pugatch, his attorney. "There's no question in my mind he qualifies for Chapter 7."

    Sapp lists no credit card debt, for instance, a common form of consumer debt, and he also has no car debt. He shows no cars at all. He and Pugatch have labeled as a business debt the $90,685 he owes National Car Rental, the co-debtor being Nine-Nine LLC, described in the filing as an "artist management" business.

    Some of the lawyers the Times talked to think he'll be able stay in Chapter 7. Some don't. He can't file Chapter 13, which allows for repayment over time, because he has too much debt. He might end up having to file Chapter 11, some of them say, and the terms of that repayment plan would probably be less advantageous.

    It's ultimately up to the court to decide.

    All the attorneys, though, zeroed in on the bottom of Page 41 and the top of Page 42 in the filing. Here, they said, is the reason Sapp had no choice but to file bankruptcy, and why he had to do it now.

    PNC Bank took $33,333 straight out of his NFL Network paycheck in December, then again in January, then again in February, then again in March, and it would have happened again in April had he not filed on March 30. That's what's on the filing because it calls for this sort of activity over the last 90 days. Sapp says it has been going on for 11 months. The remainder of what he owes PNC Bank: $822,805.

    Said St. Petersburg bankruptcy lawyer Marshall Reissman: "I can hear him screaming to his lawyer, 'Enough is enough!' "

    What happened here?

    The payments to PNC Bank stem from a loan he got to try to build affordable housing in Fort Pierce in St. Lucie County. Sapp had two business partners in a company called Urban Solutions Group that was formed in 2006 — South Florida developer Steve Smoke and former Florida State and NFL player Devin Bush — and their endeavor started in earnest in 2008. It was an admitted failure.

    "They gave us a loan so we could purchase more lots," Bush said. "The real estate market started going into the tank."

    PNC sued Urban Solutions and won a judgment in 2010 for $988,691.99. The beginning of the end. Warren Sapp's Waterloo.

    "Were it not for the judgment and the other debts created by that deal," Pugatch said, "he would certainly not be facing what he's facing right now."

    "This," Sapp said of bankruptcy, "was the only way I could get out."



    Sounds like a bad investment in a business that had a good purpse.  Doesn't Donald Trump file for bankruptcy every few years because of real estate failures too?

     
  12. You have chosen to ignore posts from PatsEng. Show PatsEng's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    Sorry Pro but there is no good purpose but to make money. Affordable income houses/housing tend to make fairly good profits because they are bare bones cookie cutters that require practically no labor (a new house can be completed in under a month with a small crew and a housing complex in less then half a year) and little land (a plot of land can be divided into multiple housing units). As affordable they tend to be sold much quicker then the larger more expensive houses so the profits come in quicker and get turned around quicker. Most people just entering this type of market target affordable housing and flipped houses to build up capital quickly for larger more profitable investment and operations.

    To me it sounds like an extremely poor decision but one that considering he still has a stable income he should have to pay back and not shoulder the burden on the bank investors and customers. Additional $100K in car rentals charged to the business isn't considered fraud if he was using them for personal use? You can't use company funds for personal use which it sounds like Sapp is claiming
     
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  14. You have chosen to ignore posts from prolate0spheroid. Show prolate0spheroid's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    Sorry Pro but there is no good purpose but to make money. Affordable income houses/housing tend to make fairly good profits because they are bare bones cookie cutters that require practically no labor (a new house can be completed in under a month with a small crew and a housing complex in less then half a year) and little land (a plot of land can be divided into multiple housing units). As affordable they tend to be sold much quicker then the larger more expensive houses so the profits come in quicker and get turned around quicker. Most people just entering this type of market target affordable housing and flipped houses to build up capital quickly for larger more profitable investment and operations. To me it sounds like an extremely poor decision but one that considering he still has a stable income he should have to pay back and not shoulder the burden on the bank investors and customers. Additional $100K in car rentals charged to the business isn't considered fraud if he was using them for personal use? You can't use company funds for personal use which it sounds like Sapp is claiming
    Posted by PatsEng


    All fine, but does it bother you as much when Donald Trump does it?  Or how about when the airlines (and many other companies) do it in part to get rid of their pension obligations?  Or what about Mark Brunell?  A few commentators have questioned why Sapp is getting so much condemnation, while no one seemed to care about Brunell's recent bankruptcy?  A few have suggested that Sapp's story fits with a preconception that black athletes are irresponsible, while Brunell's doesn't.  I'm not saying that anyone here intends to be racist, but could preconceptions based on race be triggering some of the negative press for Sapp when Brunell and Kosar and a host of other white NFL athletes seem able to file bankruptcy without being widely ridiculed or condemned for dragging down American society?

    Just a few questions to ask before we go too far down this path of jumping all over Sapp. 



     
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  16. You have chosen to ignore posts from MoreRings. Show MoreRings's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    Pretty good plan, especially if you buried a bunch of cash somewhere!

     
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    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    I agree and I also feel Sapp is a decent analyst.  Most athletes live beyond their means, apparently. Black, white, yellow or green. Heck, lots of rock bands/artists did or do the same thing.  They are young, successful and immature and go beserk. It's pretty odd to the average person who may make 6 figures in a year that someone who has millions is actually poor, but it happens all the time, especially in an economic fallout like this. But, the common denominator in all of it is greed, selfishness and ignorance.  As mentioned, our trolls here share the same aspects of the problem.
    Posted by BassFishingII

    It's a good point Rusty.  In a way it's wonderful to have all this fame and money at a young age.  On the other hand, it's maybe a bit unnatural and hard to adjust to.  I think back to when I was 21 or 22.  I wasn't the most mature person in the world either and, like so many young people, made a lot of decisions that really weren't taking into account the long term.  Having no money to lose protected me from losing any money - - - but if I had had millions, maybe I would have blown it all too. 

    There is something healthier maybe about earning your wealth over time and having to make some of these decisions when you're in your late 30s, 40s, and 50s rather than in your 20s.  It's not nearly so exciting, but maybe its more what humans were evolved to do . . . 



     
  18. You have chosen to ignore posts from nyjoseph. Show nyjoseph's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    If you believe the numbers that are being reported he simply does not qualify for Chapter 13.  You can't get around the strict limitations of debt under 13. 
     
  19. You have chosen to ignore posts from PatsEng. Show PatsEng's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country... : All fine, but does it bother you as much when Donald Trump does it?  Or how about when the airlines (and many other companies) do it in part to get rid of their pension obligations?  Or what about Mark Brunell?  A few commentators have questioned why Sapp is getting so much condemnation, while no one seemed to care about Brunell's recent bankruptcy?  A few have suggested that Sapp's story fits with a preconception that black athletes are irresponsible, while Brunell's doesn't.  I'm not saying that anyone here intends to be racist, but could preconceptions based on race be triggering some of the negative press for Sapp when Brunell and Kosar and a host of other white NFL athletes seem able to file bankruptcy without being widely ridiculed or condemned for dragging down American society? Just a few questions to ask before we go too far down this path of jumping all over Sapp. 
    Posted by prolate0spheroid


    If they fill Chapter 7 and not Chapter 13 then yes I have issue with Trump and airlines do it. The difference is Chapter 7 the buck is passed to the bank for any outstanding balance after liquidation in Chapter 13 you still have to repay the remaining amount but it cancels any contracts you are associated with.

    BTW, really, bringing in the race card. This has nothing to do with race and everything to do with abusing the system and passing the buck. Sapp is just one of a more spotlighted case but cases like this happen all the time regardless of race and it's all of these that's causing pain for everyone else.
     
  20. You have chosen to ignore posts from MoreRings. Show MoreRings's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    It has to be a slap in the face to show up at work everyday with people who make much less and seem to survive.

    Can you imagine how dumb and irresponsible his co-workers must think he is?
     
  21. You have chosen to ignore posts from LittleTimmy31. Show LittleTimmy31's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    How the h e l l can anyone be in debt when they are pulling in over 100K/month??!! Absolutely mind boggling!!

     
  22. You have chosen to ignore posts from glenr. Show glenr's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Loudmouthed Warren Sapp part of the problem with this country...:
    I know its old news but it really annoys me. Warren Sapp has recently filed for Chapter 7 bankruptcy in South Florida. This loudmouth ( who made over $60 mil in his playing career ) listed debts of $6.7 mil (how is that possible?!), assets of $6.45 mil (including 240 pairs of Air Jordans valued at $6500.), and income of "about $115,881 per month split among several sources." I know he recently was terminated from NFL network, but he obviously still has other sources of income. What I dont get is the guy is only $250,000 in debt , and has other sources of income so why file bankruptcy? Heck average Americans owe that on there mortgages. He filed because he knows this will relieve him of his obligation to pay off some debts. Who cares that all that loss will be made up by the creditors by rising prices on average hard working Americans like you and me. That is why this d!ck filed Ch 7 and not Ch 13 because under Ch 13 you may have to repay some of your debts. I hope the courts tell him to sell off ALL his assets and pay his bills. "To whom much is given, much shall be required" -Luke 12:48
    Posted by Quagmire3


    How is a ex football player who blew his millions indicative of the rest of the country? Average annual pay is around 60k.

    For decades people were told buy bigger, buy more. The problem is people believed the marketing BS and commissioned sales people.
     
  23. You have chosen to ignore posts from wozzy. Show wozzy's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    That he thought 240 pairs of Air Jordan's were a solid investment is pretty funny... 

    The guy is bi-polar, whoever thought it was a good idea to sit him in front of a microphone with millions of TV viewers watching should have their college degree taken away.  Mike Tyson isn't a boxing analyst for the same reason.
     
  24. You have chosen to ignore posts from MoreRings. Show MoreRings's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    Good point. Wozzy

     
  25. You have chosen to ignore posts from PatsEng. Show PatsEng's posts

    Re: Loudmouthed Warren Sapp part of the problem with this country...

    In Response to Re: Loudmouthed Warren Sapp part of the problem with this country...:
    In Response to Loudmouthed Warren Sapp part of the problem with this country... : How is a ex football player who blew his millions indicative of the rest of the country? Average annual pay is around 60k. For decades people were told buy bigger, buy more. The problem is people believed the marketing BS and commissioned sales people.
    Posted by glenr


    It's indicative because instead of taken personal responsibility and working his way out of debt instead he's taking the easy route of filling bankruptcy and passing the buck. That's how most Americans treat debt is if something doesn't go right and they get a little over their head instead of bearing down, taking the punishment, and working yourself out of the debt they look for the quick solution such as bankruptcy or the reduce debt options out there passing the buck to those who are responsible with their credit and pay on time. You can't tell me that a man pulling in $100K a month with over $6mil in assets should fill for bankruptcy when a bank tries to redeem the loan he signed off on by taking $33K from his paycheck per month. Even if the government takes $40K from $100K and the bank takes $33K he still takes home $324K a year! Are you telling me he can't live off of that? No he's just passing the buck on to the next next to save $250K (his debt - his assets 'if he gets full value for those assets') and get out of the loan he's currently in. Who do you think pays that remaining amount? The share holders and costumers in that bank. Now the average person won't rack up that much debt that can't be paid off but there are a lot more average people then Sapp's in the world (no pun intended) and $10K at a time adds up pretty quick
     
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