A Bankrupt Bernie Not Named Madoff
Bernie Kosar doing what he does best.
With three failing companies swamped by bankruptcy proceedings in Florida, Bernie needed a break. And he got one. Bernie Kosar is rejoining the NFL team he took to the playoffs in his first five seasons as a player.
Although the details of the arrangement remain vague, it appears the Weston resident and former U. Miami and Cleveland Browns quarterback will be an adviser to Browns owner Randy Lerner, based on this Yahoo Sports report. Football advising, we presume. Not financial advising.
Last week, a Fort Lauderdale bankruptcy judge appointed a trustee, requested by Kosar's ex-wife, Babette J. Kosar, to take over the case, saying the 45-year-old former NFL star has "demonstrated no ability to manage his affairs."
Kosar currently owes his ex an estimated $3 million from their divorce settlement. Adding to the laundry list of debt, Kosar and three of his companies sought refuge under Chapter 11's bankruptcy protection. In court documents filed in late September, Kosar lists $9.2 million in assets and $18.9 million in debt.
During his 12-year career with the Browns, Kosar was selected to the 1987 Pro Bowl and broke records in 1990 and 1991 by completing 308 passes without a single interception. In short, he took care of the football a lot better than he took care of his bank accounts.
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