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Old 07-02-2010, 05:14 PM   #1
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Default Dermonti Dawson files for bankruptcy

Retired former Pittsburgh Steelers All-Pro center Dermontti Dawson filed for Chapter 7 bankruptcy this week in U.S. Bankruptcy Court in Lexington, Ky.


Per the Lexington Herald-Leader, Dawson has assets of $1.417,891 million with liabilities of $69.659 million.


He lists a monthly income as $17,972 and expenses of $19,635.18.


Like bankrupt former Jacksonville Jaguars quarterback Mark Brunell(notes), Dawson's debts are primarily linked to failed real estate ventures.


"Unfortunately, my personal guaranty exposure on the debts of numerous real estate interests has led to the Chapter 7 filing," Dawson said. "Today's real estate market and economic conditions, plus the fact that I own non-controlling minority interests in the entities which own the real estate, left me with limited options. I certainly wish things had turned out differently and look forward to continuing my contributions to this community."


Dawson made it to seven Pro Bowls in 13 seasons with the Steelers before retiring from the NFL in 2001.


He was a finalist for the Pro Football Hall of Fame last year and this year.


He was once the highest-paid offensive lineman in Steelers history with an average salary of $4.2 million per year.
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Old 07-03-2010, 04:28 AM   #2
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Default Re: Dermonti Dawson files for bankruptcy

i cant understand how these players can make so much money then end up broke 10 years after they retire. it happens all the time
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Old 07-03-2010, 07:35 AM   #3
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Default Re: Dermonti Dawson files for bankruptcy

The article pretty much stated why. He's a bad business man. Actually that's too harsh. He did the right thing with his money... he invested it. Unfortunately he put it into real estate investments at the exact wrong time in U.S. history. There's a LOT of people in his boat right now ex-NFL star or not. That's too bad, but that's capitalism. There are winners and losers.

It's not like he spent it on wild drug-fed parties, expensive cars, and strippers.
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Old 07-03-2010, 08:50 AM   #4
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Default Re: Dermonti Dawson files for bankruptcy

Quote:
Originally Posted by WeegiesWarriors View Post
The article pretty much stated why. He's a bad business man. Actually that's too harsh. He did the right thing with his money... he invested it. Unfortunately he put it into real estate investments at the exact wrong time in U.S. history. There's a LOT of people in his boat right now ex-NFL star or not. That's too bad, but that's capitalism. There are winners and losers.

It's not like he spent it on wild drug-fed parties, expensive cars, and strippers.
Can't say he's a bad business man all around! Did you know the bottom was going to fall out of the real estate industry? If you did, you are the only one in America!!!
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Old 07-03-2010, 09:02 AM   #5
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Default Re: Dermonti Dawson files for bankruptcy

He actually did the right thing but had bad luck. Alot of explayers just blow there money but he actually invested.
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Old 07-03-2010, 11:06 AM   #6
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Default Re: Dermonti Dawson files for bankruptcy

This is what happens when you skip half your classes, skip your senior year and study shitty easy courses like criminology instead of economic business courses
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Old 07-03-2010, 11:38 AM   #7
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Default Re: Dermonti Dawson files for bankruptcy

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Originally Posted by MDSteel15 View Post
Can't say he's a bad business man all around! Did you know the bottom was going to fall out of the real estate industry? If you did, you are the only one in America!!!
I disagree, the sheeple never seem to learn. Before the housing collapse, new home prices in NV were going up thousands a week. Any logical person realizes that the party has to come to an end at some point. Some very smart people got out quick and made a bundle of money. I wouldn't be so quick to put everyone in that category.
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