PDA

View Full Version : Batch Bankrupt, may lose Super Bowl rings



Zachintosh66
03-23-2011, 01:01 PM
Charlie Batch could lose his Super Bowl rings in bankruptcy

Posted by Michael David Smith on March 23, 2011, 11:57 AM EDT

One of the leading voices on the players’ side in the ongoing labor battle with NFL owners has some financial problems of his own.

The Pittsburgh Tribune-Review reports that Steelers backup quarterback Charlie Batch, who is actively involved in the NFLPA*’s negotiations with the NFL, filed for bankruptcy in December and could have personal property, including his two Super Bowl rings, seized to pay off his debt.

Batch’s bankruptcy filing listed $8.3 million in liabilities and $2.3 million in assets. His real estate company, Batch Development Co. Inc., had to turn over 25 properties after defaulting on a $1.15 million mortgage.

As we’ve noted in the past with players like Mark Brunell, who went bankrupt after making $52 million, there’s a long line of NFL players who go broke despite making enough money to last several lifetimes. And although it’s easy to say you’d have to be an idiot to make an eight-figure income and lose it all, Brunell and Batch both come across as smart people, even if they’ve made some incredibly foolish investments.

Batch has played 13 NFL seasons and got a $13 million signing bonus from the Lions in 2000.

Zachintosh66
03-23-2011, 01:02 PM
man i hope we dont keep him on another year just to give him a pay day...

Ibleedblk&gld
03-23-2011, 01:04 PM
sucks to see...i like batch

LarryNJ
03-23-2011, 01:52 PM
Batch's real estate company lost money. Just like many people who were riding the real estate boom of the last decade. I wouldn't feel too bad for Charlie, I'm sure personally he is fine.

Rampage
03-23-2011, 01:53 PM
Looks like somebody should have been watching Clark Howard. I like Batch, but I have a hard time feeling sorry for millionaires with terrible money managing skills.

Black@Gold Forever32
03-23-2011, 02:53 PM
really what kind of pay day could Batch get at this point......What is the going rate for an aging third string QB these days?.....lol

steelers4life66
03-23-2011, 03:06 PM
Michael Shiner, chairman of the Allegheny County Bar Association's bankruptcy section, said the Primerock order is common in bankruptcy proceedings and doesn't necessarily mean the company will try to take Batch's property.
If a property is worth less than the debt placed against it, there's no reason to keep it in bankruptcy since it's not going to generate money that could be used to satisfy other debts, he said. But there's no reason for the creditor to try to get the property if the debtor is willing to make payments to keep it, he said.
"Charlie has some pretty good earning capacity," Shiner said. Batch made $855,000 last year as part of a two-year contract he signed in 2010, but his earnings for next season are uncertain due to NFL labor strife.
Batch indicated in court documents that he plans to retain the property and make payments.







http://www.pittsburghlive.com/x/pittsburghtrib/sports/steelers/s_728674.html?utm_source=bleacherreport.com&utm_medium=referral

LatrobePA
03-23-2011, 03:11 PM
Charlie "soft" Batch has done what a lot of Americans have, bitten off more than he can chew I bet...

Good luck Chuck!

Sheetz
03-23-2011, 03:29 PM
Just because his business is not doing good I wouldn't say he had unwise investments. Real estate market has been crap for a while and a lot of companies have taken hits.
I wish him best, unfortunately alot of people hate to see millionaires so I doubt anyone feels bad for him.

BlitzburghRockCity
03-23-2011, 03:48 PM
Veteran QB Charlie Batch (http://sports.yahoo.com/nfl/players/4319/)(notes) (http://sports.yahoo.com/nfl/players/4319/news) may lose the two Super Bowl rings he has won as a member of the Steelers in bankruptcy court, according to the Pittsburgh Tribune-Review.


A federal bankruptcy court ruling gave Primerock Real Estate Fund LP the choice to collect on an $820,000 claim against Batch by seizing property he used as collateral to secure debt to purchase real estate. That property includes Batch's stake in a house, his tax refunds, sports memorabilia and the rings for being a part of the Super Bowl XL and XLIII champions.


The newspaper reports that Batch, 36, filed for bankruptcy in December, according to court documents, listing $8.29 million in liabilities and $2.3 million in assets. His real estate company, Batch Development Co. Inc., had 25 properties turned over to a court-appointed receiver after defaulting on a $1.15 million mortgage with Dollar Bank.

LarryNJ
03-23-2011, 03:50 PM
Just because his business is not doing good I wouldn't say he had unwise investments. .


$8.3 million in liabilities and $2.3 million in assets.

I'd call that unwise investments! The numbers tell the story!

LatrobePA
03-23-2011, 04:00 PM
LOL can you say flip flopped??

steelersbabex25
03-23-2011, 05:22 PM
You're all heartless..

LatrobePA
03-23-2011, 05:25 PM
I love CB but I wasn't the one "swiping" his card. I wish him the very best..

LarryNJ
03-23-2011, 05:51 PM
You're all heartless..

We do have a heart. We may not give a **** about Charlie. We feel bad for your parents and the bills they will get when you start school next fall. :)

JensK
03-23-2011, 06:18 PM
You're all heartless..

No need to feel too sorry for him. He'll most likely be just fine. I don't know how the exact rules are in the states, but in Denmark, when bankruptcy is filed, they take all your values and call it a day. Batch will likely have a year or two more in the league depending on this season probably. After that he'll find somewhere and become coach and still earn way above the average person. He is probably not even a bad investor just caught in the ****** market right now... I think he'll be fine.

Rampage
03-23-2011, 07:41 PM
You're all heartless..

So's business, broette. Batch chose to make these investments and he failed. Who knows, maybe the Rooneys can call in a favor with Obama and get Batch a bailout.

steelersbabex25
03-23-2011, 10:37 PM
Batch bailed this team out of more crisis' than I can count over the years. If you don't give a **** about him, you probably should.

Scorp
03-24-2011, 01:03 AM
Poor Batch. I hate it when players got to go through this. I hope the best for Batch and his family. Don't hate on Batch fellas. He never cost us a super bowl win like uh neil o-d. I have alot of respect for him cause he's a Steeler and has helped win when Ben was out among other times.

DIESELMAN
03-24-2011, 09:32 AM
I heard they were trying to work out some kind of payment plan so they won't have to seize any of his property. Just like any other debt collector, they would rather try and work something out before they take property or garnish wages.


Sent from my iPhone using Tapatalk

coldrolled
03-24-2011, 09:33 AM
Poor Batch. I hate it when players got to go through this. I hope the best for Batch and his family. Don't hate on Batch fellas. He never cost us a super bowl win like uh neil o-d. I have alot of respect for him cause he's a Steeler and has helped win when Ben was out amng other times.

Why hate a guy who made a bad business move? real estate 60-70% losses, it happened to me once, no one bailed me out.. maybe the NFLPA union should make sure charlie has health coverage and his pension. can charlie retire now? does he get his football NFLPA pension when he retires or does he have to wait till he is 67?

he may need to do what i did, start working hard all over again... coach charlie?
see... now arians should retire and let charlie work as he really needs the money..
:yellowthumb:

86WARD
03-24-2011, 10:15 AM
Sucks for Chuck. Got to separate the personal and the business bro...

BlitzburghRockCity
03-24-2011, 10:47 AM
Just goes to show even with a guy who's made countless millions over his career can fall into financial hardship. Losing his super bowl rings would be horrible; hopefully it doesn't come to that.

steelersgal86
03-24-2011, 10:52 AM
hopefully it all works out for him...I like Charlie..I remember at the superbowl parade he had his beautiful twin daughters with him...got a good pic of them...cute little girls...wish him the best with this

Scorp
03-24-2011, 02:52 PM
Why hate a guy who made a bad business move? real estate 60-70% losses, it happened to me once, no one bailed me out.. maybe the NFLPA union should make sure charlie has health coverage and his pension. can charlie retire now? does he get his football NFLPA pension when he retires or does he have to wait till he is 67?

he may need to do what i did, start working hard all over again... coach charlie?
see... now arians should retire and let charlie work as he really needs the money..
:yellowthumb:

Well, this can go in all sorts of directions. You probably have to do your homework before you start a business and not just rush in to it and cause you make millions of cash don't go blow it selfishly withouth realizing the consequenses. All adults should know with bad decision making, consequenses are sure to follow. I just don't like to hear that people have to go through things like this, if i know them personally or not. As you stated my friend. Charlie may need to do what you did, work hard all over again. WE ALL KNOW HARD WORK ALWAYS PAYS OFF. :yellowthumb:

BlitzburghRockCity
06-10-2011, 10:20 AM
Bankruptcy court dismisses many of Batch's debts
Thursday, June 09, 2011
By Rich Lord, Pittsburgh Post-Gazette


Longtime Steelers backup quarterback Charlie Batch had many of his debts discharged in bankruptcy court this week, meaning creditors can't come after him.


The measure frees him from most debts incurred before his December bankruptcy filing. Discharge, though, doesn't wipe out mortgage or car loan payments, and doesn't prevent a bankruptcy trustee from liquidating remaining assets.


Mr. Batch's Chapter 7 bankruptcy petition listed $2.3 million in assets versus $8.3 million in debts. Most of the debts were incurred in business ventures, including Batch Development Co., Kings Bakery LLC and Courtland Place LLC.


He also reported $718,000 in earnings in 2010, and noted that his 2011 earnings depend on labor negotiations between players and the National Football League.
The discharge was issued by United States Bankruptcy Judge Jeffery A. Deller.


Article (http://www.post-gazette.com/pg/11160/1152575-100.stm#ixzz1OsYRC4Vt)

connecticutsteel
06-10-2011, 10:42 AM
Saying that making 50 plus million only to lose it all is a bit harsh it's not like he squandered the money the republicans ruined the economy with there trickle down economics and outdated thinking but seriously the real estate market crashed that is why he went bankrupt heck donald trump filed for bankruptcy

LarryNJ
06-10-2011, 10:52 AM
Saying that making 50 plus million only to lose it all is a bit harsh it's not like he squandered the money the republicans ruined the economy with there trickle down economics and outdated thinking but seriously the real estate market crashed that is why he went bankrupt heck donald trump filed for bankruptcy

:lol::lol: Nice try dude.

The difference is Trump is much smarter and knows how to make money. Charlie's big money making days are over.

Bankruptcy is BS, the creditors get screwed and whoever files skates away free and clear and starts over.