BoxRec

Gran, I bet you are right. But I bet a lot of pro athletes don't listen to financial planners and lawyers. They probably listen to "friends" who tell them how to invest.

Good read Galt. Amazing how these people come to guys
like them for 'investment' oppurtunities and they never seem
to pay off.

These friends with all that advice, are always amazingly
'professional' friends.

granberry wrote:

John Galt wrote:This is a link to a story about athletes losing their money.

http://sports.yahoo.com/top/news?slug=y ... &type=lgns

Apparently athletes in other sports are no better with money than boxers. Almost 80% of football players are near bankruptcy within 2 years of retirement. 60% of NBA players are broke within 5 years of retirement. Interesting article.

I bet their lawyers and 'financial planners' are not broke.

Yep, I'm in the financial services industry and there are quite a few clowns running around calling themselves "financial planners" who in actuality should be assistant managers at a hamburger joint. Lots of lawyers that are a joke, too.

Of course, the various lawyers/planners that sometimes take the rich athletes for a ride are a sharper breed. Crooked as hell, but sharper.

yancey wrote:

granberry wrote:

John Galt wrote:This is a link to a story about athletes losing their money.

http://sports.yahoo.com/top/news?slug=y ... &type=lgns

Apparently athletes in other sports are no better with money than boxers. Almost 80% of football players are near bankruptcy within 2 years of retirement. 60% of NBA players are broke within 5 years of retirement. Interesting article.

I bet their lawyers and 'financial planners' are not broke.

Yep, I'm in the financial services industry and there are quite a few clowns running around calling themselves "financial planners" who in actuality should be assistant managers at a hamburger joint. Lots of lawyers that are a joke, too.

Of course, the various lawyers/planners that sometimes take the rich athletes for a ride are a sharper breed. Crooked as hell, but sharper.

There is the well known case where one of the Beach Boys (singing group)

had a psychiatrist who drugged him into oblivion and stole all his money.

I think they always have people hitting them up for money,
or asking them to co-sign for a loan or car, for them or stuff like that.
I know a person this has happened too and he was neither rich or famous.
He went broke fast.He just couldnt say no.

granberry wrote:

yancey wrote:

granberry wrote: I bet their lawyers and 'financial planners' are not broke.

Yep, I'm in the financial services industry and there are quite a few clowns running around calling themselves "financial planners" who in actuality should be assistant managers at a hamburger joint. Lots of lawyers that are a joke, too.

Of course, the various lawyers/planners that sometimes take the rich athletes for a ride are a sharper breed. Crooked as hell, but sharper.

There is the well known case where one of the Beach Boys (singing group)

had a psychiatrist who drugged him into oblivion and stole all his money.

You just need to look at Creedence Clear Water to see how a band can get swindled
out of their work, by management, lawyers and 'advisors'.

Robinson wrote:

granberry wrote:

yancey wrote:
Yep, I'm in the financial services industry and there are quite a few clowns running around calling themselves "financial planners" who in actuality should be assistant managers at a hamburger joint. Lots of lawyers that are a joke, too.

Of course, the various lawyers/planners that sometimes take the rich athletes for a ride are a sharper breed. Crooked as hell, but sharper.

There is the well known case where one of the Beach Boys (singing group)

had a psychiatrist who drugged him into oblivion and stole all his money.

You just need to look at Creedence Clear Water to see how a band can get swindled
out of their work, by management, lawyers and 'advisors'.

GREAT EXAMPLE! Did you know that John Fogarty was SUED by folks who had bought the rights to his song FOR "SOUNDING TOO MUCH LIKE HIMSELF?" Is that beyond belief? The Jury laughed it out of the court. The songs in question were "Run through the Jungle" and "The Old Man down the road". Which are similar for no other reason than the same man wrote and sang them. Every Fogarty songs sounds a bit like the other, but that's true of just about every writer.

Buzz

That is a pretty sad thing really. Especially when you consider how
popular their music is today. And the damned artists get nothing for
it.

What does foreclosure mean?

It is not a term that I as a Briton have ever come across in a financial sense.

Syntax Error wrote:What does foreclosure mean?

It is not a term that I as a Briton have ever come across in a financial sense.

I know you Brits have mortgages because we base our American mortgage system on yours.

Some background: The genesis for foreclosure typically is through home purchase transactions in which the borrower/homeowner seeks a loan from a lender to buy a personal residence. To secure timely repayment of the loan, the lender obtains a security interest from the borrower who “mortgages” (i.e. pledges) the personal residence to secure the loan. If the borrower defaults on the loan, the lender can try to repossess the property under the terms of the security agreement to satisfy the debt. However, the borrower has an equitable right of redemption if the borrower repays the debt. Thus, the lender seeks to foreclose the equitable right of redemption through court action when the borrow fails to pay the debt.

Foreclosure, then, is the court proceeding in which the lender seeks a court ordered termination of a borrower's equitable right of redemption. If the lender succeeds in court, we say that the borrower’s equitable right of possession is “foreclosed,” and the lender can take possession of the property to satisfy the debt.

Translation: Hearns is broke and cannot pay his bills.

raylawpc wrote:

Syntax Error wrote:What does foreclosure mean?

It is not a term that I as a Briton have ever come across in a financial sense.

I know you Brits have mortgages because we base our American mortgage system on yours.

Some background: The genesis for foreclosure typically is through home purchase transactions in which the borrower/homeowner seeks a loan from a lender to buy a personal residence. To secure timely repayment of the loan, the lender obtains a security interest from the borrower who “mortgages” (i.e. pledges) the personal residence to secure the loan. If the borrower defaults on the loan, the lender can try to repossess the property under the terms of the security agreement to satisfy the debt. However, the borrower has an equitable right of redemption if the borrower repays the debt. Thus, the lender seeks to foreclose the equitable right of redemption through court action when the borrow fails to pay the debt.

Foreclosure, then, is the court proceeding in which the lender seeks a court ordered termination of a borrower's equitable right of redemption. If the lender succeeds in court, we say that the borrower’s equitable right of possession is “foreclosed,” and the lender can take possession of the property to satisfy the debt.

Translation: Hearns is broke and cannot pay his bills.

Thankyou for that.

In Britain we'd say Hearns was Bankrupt.

.

Grimm wrote:

Kooobla wrote:Hearns, one of the four Greats from the 80's is in foreclosure and owns almost a million to the i r s. This guy hasnt been on the seen in 20 years but someone was keeping a close on him and his money. And someone must have ripped him off because he didnt have a real big house and I dont think any troble with drugs. Sad, as he's one of the all time greats.

Sounds like karma from being a jerk off to his fans.

What are you talking about?? Hearns is one of the nicest, most engaging boxers around. He will take time out for any fan and always signs autographs and takes pictures with them.

This just goes to show that, in these trying times, foreclosure can happen to anybody.


property Hanoi

Baby Face Finster wrote:

Rocky Balboa wrote:Again, what is it with boxers, earning loads of cash, then having nothing years later? It all too familiar in this sport I'm disappointed to say!

Fucksake it does not happen as frequently in other sports so what, if anything, does that tell us?

It tells us that boxers as a whole are not that smart. Smart people for the most part will not take up a sport where they are required to take punches to the head to earn a living. You may start out smart to begin in boxing but by the time you're done this vicious sport may turn you into a drooling punch drunk idiot.

Also the smartness thing aside. Boxing as a business, does , and this was especially the case in america, attract the low rent, low grade, low life types like sleazy lawyers and general schysters,conmen and hangers on looking for a easy payday.

I mean would someone like jose torres with his total lack of integrity and inability to see a conflict of interest, be able to attain the role of the new york athletic state commisioner and preside over the don king-mitch green-tyson debacle in any other sport???

Victor Conte, its the same thing, the latest in a long line of trashy sorts attracted to the business of boxing despite any obvious qualification or skill.

In those circumstances even a supposedly smart boxer outside the ring,who earned perhaps $20 million net, and frugal with his money and with a decent manager in emanuel steward, would find it difficult not to run into trouble somehwhere down the line.

On the other scale and i dont like to say this as it is a sensitive subject easily misinterpreted, many boxers of the 80's who complained about being ripped off were already spending what money they did have, on drugs, drink, women and jewellery. They buy $80.000 worth of jewellery and than suddenly 6 months later need money, so sell it for $10,000 in cash.