ESPN 30 for 30: Broke

[ChrisPozz]

The latest documentary in ESPN's 30 for 30 documentary series. Anybody else see it? I saw a good chunk of it last night and I couldn't stop shaking my head the entire time.

I don't have time to describe every thought that came to me as I watched it but I actually felt a sick feeling come over me as I watched more and more of it. I had some work that needed to be done last night so I was only able to catch part of it, but I hope to finish it soon.

 

[jordan20_3]

The latest documentary in ESPN's 30 for 30 documentary series. Anybody else see it? I saw a good chunk of it last night and I couldn't stop shaking my head the entire time.

I don't have time to describe every thought that came to me as I watched it but I actually felt a sick feeling come over me as I watched more and more of it. I had some work that needed to be done last night so I was only able to catch part of it, but I hope to finish it soon.

My wife and I watched this, WOW this was one of the best 30 for 30 Ive seen because it was multiple people who had the same outcome. Yes please finish watching it, "sick feeling, smh" yes all those words and many more described this.

 

[spacedoodoopistol]

I have that DVR'd, definitely sounded like a compelling subject.

 

[ChrisPozz]

I finished it last night. A pretty good watch overall, though towards the end it got to be a little repetitive I thought. I would have been interested to hear more anonymous stories from a couple of the financial experts they talked to. I was also hoping to see a little more of Darren Rovell towards the end as well. I always enjoy him, though I get the focus of the documentary was mostly for the athletes to talk about their stories.

On a somewhat related note: http://espn.go.com/college-football...rbacks-coach-john-l-smith-now-lists-407m-debt

 

[clyde_carbon]

I loved it. But I still found it hard to feel sympathy for those guys.

 

[Smalls]

Good lord. I knew he had some financial troubles, but not to that extent.

 

[RobertPhD01]

Did not get a chance to DVR. I saw the ad for it, was that Andre Rison on there? I know that he had quite a few troubles a while back Go 49ers!!

 

[dredinis21]

I loved it. But I still found it hard to feel sympathy for those guys.

....word.

 

[ChrisPozz]

Did not get a chance to DVR. I saw the ad for it, was that Andre Rison on there? I know that he had quite a few troubles a while back Go 49ers!!

Yes. He got maybe the most air time of anybody on there. Close to the most at least. Like Clyde said, incredibly difficult to feel sorry for those guys.

 

[TobyTyler]

I finished it last night. A pretty good watch overall, though towards the end it got to be a little repetitive I thought. I would have been interested to hear more anonymous stories from a couple of the financial experts they talked to. I was also hoping to see a little more of Darren Rovell towards the end as well. I always enjoy him, though I get the focus of the documentary was mostly for the athletes to talk about their stories.

On a somewhat related note: Arkansas Razorbacks coach John L. Smith now lists $40.7M in debt - ESPN

How is that possible on a coach's salary? Who would lend him that kind of money?

 

[RobertPhD01]

Maybe his relative Alex Smith?

 

[spacedoodoopistol]

How is that possible on a coach's salary? Who would lend him that kind of money?

Its most likely that he made personal guarantees on business loans. He was in a partnership with some people that sound like they have some money (CEO of California Pizza Kitchen was involved, a few others), they probably had access to decent money. Who knows how he got into that much trouble, but he either didn't have good enough lawyers to understand the loan provisions, or got stupidly optimistic about his land deal like millions of others did in the 2000s.

 

[spacedoodoopistol]

In fact, here is a detailed account......my assumptions were close:

Failed real estate deals push John L. Smith into bankruptcy

What is very strange about this is this line:

Smith's list of liabilities include that judgment and a $20 million claim by Terra Springs. Smith is disputing most of his debt claims.

From the article, the Terra Springs company wasn't nearly that large, let alone Smith's 10% share. I worked in a bankruptcy law office in my youth, and one of the basic concepts is that when people file, they load on every conceivable liability or debt while hiding all possible assets - they want to make themselves look as broke as possible to the judge.

This $20 million debt doesn't seem real nor even plausible. So right off the top, I think this whole thing about $40 million in debt is probably greatly exaggerated. EDIT: Or come to think of it after a few seconds....there could be a grander scheme to make him take the fall for the bad land deal, then wipe it away with his bankruptcy saving the others - but I'm not sure how realistic that is.