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Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 9:45 am
by tribeofjudah
$5 million in the hole. Happens too often with guys who make tons of money. I'm not so bad after all.
Bankruptcy Filings: Clinton Portis Owes Nearly $5 Million
Tom Ley
Friday 11:39am
Filed to: CLINTON PORTIS
81.5K
5
Bankruptcy Filings: Clinton Portis Owes Nearly $5 Million
Former NFL running back Clinton Portis has owed a lot of people a lot of money for some time now, and according to bankruptcy filings, the exact amount that he owes to various creditors is $4,857,659.50.
The filing lists the creditors holding the 20 largest unsecured claims against Porits. Some of the more notable debts:
$500,000 to Entertainment Tonight correspondent and CNN contributor Nischelle Turner
$390,000 in back taxes
$170,000 to the Borgata casino in Atlantic City
$287,178.56 to the MGM Grand
A combined $1,223,020 in mortgage deficiencies
$500,000 to his mother
$412,000 in unpaid domestic support to four different women
$65,553 on a repossessed BMW
$899.09 in unpaid telephone bills
The filings also include Portis’s average monthly income. He receives $3,500 per month in disability payments from the NFL, and $1,000 per month for freelance sideline reporting at NFL games.
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 9:47 am
by Burgundy&GoldForever
Clinton Portis is dumb as a stump and I find it impossible to have any sympathy.
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 10:11 am
by welch
How did this happen?
Portis must have had an agent to negotiate his contracts. A competent agent should have invested some (at least half?) of his earnings. The agent could have placed the investments with some sort of wealth management adviser...banks love to manage the money of people making a million a year.
Further, it seems like the NFL Players Association could lead players to select agents who will watch out for the financial future of its players.
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 12:33 pm
by Deadskins
welch wrote:How did this happen?
It appears he owes 450,000+ in gambling debts. And that is just what's on the books. That could easily be the source of his problems.
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 3:24 pm
by EA7649
Disappointed. He was my favorite player. Hope he gets a full-time job with the skins and is able to get his finances straight.
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 10:47 pm
by KILO
Looks like sheriff gonna getcha got got!!! Dude was a beast but definitely not a smart man jenny!!
Re: Sad that Portis is bankrupt!
Posted: Sun Dec 20, 2015 10:54 pm
by Hooligan
Didn't Mark Brunell declare bankruptcy years ago?
I can't believe people making tens of millions of dollars end up broke. It's totally beyond my comprehension.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 7:56 am
by Chris Luva Luva
I feel bad for the guy, there's no reason not to.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 8:00 am
by StorminMormon86
EA7649 wrote:Disappointed. He was my favorite player. Hope he gets a full-time job with the skins and is able to get his finances straight.
Me too. I feel bad for the guy.
I do like him on the radio, and knowing how close he is with Snyder, I can see him getting a radio gig in the near future.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 8:42 am
by DEHog
Sadly this is the norm, not the exception for a lot of NFL players. I remember growing up I wanted to be the next Kellen Winslow/Ozzie Newsome. Thank God for unanswered prayers!! A few years ago I was on a bus sitting next to Frank Grant, we were comparing my military retirement to his NFL retirement…guess who’s is better!
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 9:31 am
by Burgundy&GoldForever
Chris Luva Luva wrote:I feel bad for the guy, there's no reason not to.
He's thick as a brick. I don't personally know anyone who would have that kind of money and piss it all away on needless things. In fact, I know very few people who spend more money than they have. I know a lot of people who spend every cent they have but none who spend infinitely more than they have. This is no different from the person who maxes out all their credit cards with the knowledge they are filing bankruptcy. Portis knew he didn't have the money and wasn't going to have the money. I reiterate, he's dumb as a stump.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 11:25 am
by Irn-Bru
It's a sad story and all too common among the league's stars. I remember reading descriptions of Portis' lavish lifestyle back in '05 or so: fish tanks serving as walls, a "dancing" pole in his bedroom, etc.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 11:52 am
by Burgundy&GoldForever
Irn-Bru wrote:It's a sad story and all too common among the league's stars. I remember reading descriptions of Portis' lavish lifestyle back in '05 or so: fish tanks serving as walls, a "dancing" pole in his bedroom, etc.
Yea, well, when you buy something and can't pay for it there's a legal term: Fraud.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 12:51 pm
by Irn-Bru
Burgundy&GoldForever wrote:Irn-Bru wrote:It's a sad story and all too common among the league's stars. I remember reading descriptions of Portis' lavish lifestyle back in '05 or so: fish tanks serving as walls, a "dancing" pole in his bedroom, etc.
Yea, well, when you buy something and can't pay for it there's a legal term: Fraud.
I doubt his various debts were a case of fraud. I'm quite sure he would have racked up a lot of those losses on credit.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 1:08 pm
by Burgundy&GoldForever
Irn-Bru wrote:Burgundy&GoldForever wrote:Irn-Bru wrote:It's a sad story and all too common among the league's stars. I remember reading descriptions of Portis' lavish lifestyle back in '05 or so: fish tanks serving as walls, a "dancing" pole in his bedroom, etc.
Yea, well, when you buy something and can't pay for it there's a legal term: Fraud.
I doubt his various debts were a case of fraud. I'm quite sure he would have racked up a lot of those losses on credit.
Gambling on credit? That's brilliant.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 3:31 pm
by Irn-Bru
Stupid, but not criminal.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 3:35 pm
by Burgundy&GoldForever
Irn-Bru wrote:Stupid, but not criminal.
Can we take criminally stupid for $1000, Alex?
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 4:44 pm
by SKIN4LIFE
I saw his house on Cribs. Remember that show. His head board was a salt water fish tank that could be hit with a baseball bat and not break. His house was ridiculously over the top. These guys think they will be cashing $500K checks weekly for the rest of their life. Or maybe they just don't think. Either way, based on his house, he was not pinching pennies.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 8:03 pm
by PulpExposure
Chris Luva Luva wrote:I feel bad for the guy, there's no reason not to.
Agreed.
899.09 in unpaid telephone bills
Lol. I love how that's thrown in amongst all the others that run hundreds of thousands.
Re: Sad that Portis is bankrupt!
Posted: Mon Dec 21, 2015 11:12 pm
by welch
combined $1,223,020 in mortgage deficiencies
$500,000 to his mother
$412,000 in unpaid domestic support to four different women
The filings also include Portis’s average monthly income. He receives $3,500 per month in disability payments from the NFL, and $1,000 per month for freelance sideline reporting at NFL games.
Lets see: the gambling debts will go away with the bankruptcy. The house will go and a bank will eat the $1.2 million until they sell it. I suppose the IRS will write off the back taxes. He can walk away from the .5 million he must have borrowed from his mother.
While he can junk the "unpaid domestic support", he cannot avoid paying it in the future. Against that, he gets $42K per year from the NFL disability fund, and a little more for "sideline reporting". Snyder could probably pay him as part of the PR staff...as a "greeter" who spends time chatting with people in luxury suites. Nope. Not a posh future.