Financial problems are not limited to just those down and out. High flyers run into their share of trouble as well.
Sports agent Leigh Steinberg who is said to be the inspiration behind the movie character Jerry Maguire filed for bankruptcy recently.
Steinberg is reported to have represented NFL players Troy Aikman, Steve Young and Ben Roethlisberger is now publicly declaring his insolvency and has sought legal protection from his creditors by filing a Chapter 7 bankruptcy.
Alchol and substance abuse problems are said to have resulted in a downward spiral that has landed Steinberg in this position.
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The Associated Press reports Steinberg said he held off filing for bankruptcy, “because of my moral and legal obligation to people who advanced me funds or performed services in good faith. But the constant and aggressive collection efforts and press initiatives undertaken by creditors have harassed my family and prevented me from working to be able to pay these debts.” – Source
Sound familiar?
An examination of his bankruptcy filing shows a very typical pattern. It appears that he obligated himself to big debts in good times. It appears that as things began to deteriorate for him he turned to friends, and family for personal loans to help him get through.
It wasn’t only the money that went downhill. Even as far back as 2002, according to the San Francisco Chronicle, “his reputation was savaged by allegations of drinking, sexual harassment and a workplace so dysfunctional that one former employee called it “toxic.”
At the end of his struggles his income was insufficient to service his debt and despite struggling to repay his debt there was continued collection pressure and then no logical solution other than Chapter 7 bankruptcy.
A Look at the Bankruptcy Filing of Leigh Steinberg
Estimated Assets: $1-5 Million
Estimated Liabilities: $1-10 Million
Personal Property: $483,500
Creditors Holding Claims: $3,180,139
Average Current Monthly Income: $3,583
Taxes Owed: $100,889
Personal Property:
- Flat Screen TV – $1,000
- Books and memorabilia – $50
- Men’s Clothing – $150
- Kool Systems Stock – $475.000
- 2001 Mercury Mountaineer – $6,700
- Business items – $500
Creditors Holding Unsecured Priority Claims:
- Unpaid California Personal Taxes – $10,464
- IRS – $17,384
- Unpaid Business Taxes – $73,041
Creditors Holding Unsecured Nonpriority Claims:
- Account Management Services – $7,924
- American Express – $43,516
- Chad Morton – $425,000
- Don Steinberg – $7,500 (Personal Loan)
- Dr. Eggleson Dental – $7,000
- Irvine Company – $1,400,000
- Israeli’s – $350,000 (Personal Loan)
- Janice Agopian – $150,000 (Personal Loan)
- John Rosenbaum – $10,000 (Personal Loan)
- June Jones – $90,000 (Personal Loan)
- San Diego Private Bank – $400,000
- Wells Fargo Bank – $185,258
The high flying sports agent now lists the house below as his residence.
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