Rhode Island Says Schilling Suit Will Go...

((HT: WPRI-TV))

Rhode Island's economic development agency (RIEDC) says there is "crushing evidence" that Curt Schilling and others concealed financial information about 38 Studios and that its suit against them should be allowed to move ahead.

200 pages of documents were released in Superior Court responding to Schilling's request to have the suit thrown out.

38 Studios filed for bankruptcy last summer and caught hell from the state of Rhode Island for defaulting on a $75-million loan as part of the state's economic development policy to attract businesses to have their bases there.

There was a thought a couple of weeks ago that some Rhode Island lawmakers wanted to go ahead and default on the loan. State insurance would have covered the losses...

Here's coverage from last month where Schilling tapped into insurance money to pay for his legal defense instead of giving it to creditors...

Schilling, 38 Studios execs tap insurance policy for state lawsuit

What Do The UFL and The NHL Have In Common...???

((HT: Hampton Roads Daily Press))

Your answer: Neither of them are playing at present... and the NHL has a better chance of coming back than the UFL does...

It seems, through agent David Canter's Twitter feed, he is telling us that the league has cancelled the rest of its 2012 season. So, the answer to your trivia question is: The Virginia Destroyers-Sacramento Mountain Lions game last night is the last game in league history. The Mountain Lions won 20-17 as FOSG Chris Greisen couldn't lead the home team down the field for a game-tying field goal attempt as time expired...

In front of, what looked like, a crowd of tens in the hampton Roads...

Here's a Tyrell Sutton TD from last night...
((HT: CBSSportsNetwork/UFL))


Canter's Tweet:

UFL has notified all players and coaches their season is over and remaining games are canceled

A few of the Destroyers told WTKR-TV's Reed Andrews that they refused to play in the game against Sacramento because they hadn't been paid...


The HQ would like to know now where we can buy discounted team gear from the newest league to go under...

How In The Blue Hell Does This Happen...??? Johnelle Is $20M In The Hole...

((HT: TodaysTHV.com/USA Today, Schroetenboer))

Arkansas coach John L. Smith's has filed for bankruptcy and it's not pretty.

Documents in the case show he has debts of $25.7 million and assets of just over $1.2 million.

Smith filed for Chapter 7 liquidation earlier this month after real estate investments he made in Kentucky went south while he was head coach at Louisville from 1998-2002.

His two biggest assets are retirement accounts worth about $600,000 each that he claims are exempt from liquidation. The largest debt listed is $20 million owed to a business in Louisville, called Terra Springs LLC. 2 banks claim almost $3-million owed to them and American Express says they're owed over $10,000.

Now we know why he took the quick money of the Arkansas deal- a 10-month contract worth $850,000. If he succeeded, he could get a big-money deal that could alleviate some of those issues...

The piece in the USA Today also has these nuggets: Smith lists $9,278 in monthly net income but $27,620 in monthly expenses, including a$11,666 note to Mushtaque Juneja, a doctor in Louisville, and $5,000 to four different law firms. Among other assets he lists: $5,000 in home furnishings,$2,500 in memorabilia rings and watches, $900 in books and pictures, $950 in clothing and accessories and $200 in golf clubs and a shotgun.

As much as in the case of Vince Young, the HQ simply asks "How in the hell does this happen...???" But we already know the answer... Here's FOSG Nicole Muracco with Johnelle before the Alabama debacle... ((HT: 5NewsOnline.com))

Your Day In Unpaid Bills: Rison Owes Over $300k In Child Support, Holyfield Moving Out Of Mansion

((HT: AJC/Provano))

Former NFL wide receiver Andre Rison has been ordered by a judge to make good on over $300,000 in back child support payments. Apparently, Rison has only made two payments since November 2001 on a $2,358-per month agreement and has now been ordered to put an extra $1,000 on top of it to get square.

Provano reports that Rison made over US$19-million in salary over his career, but Rison maintains that he has little of that money left for any kind of bill paying.

Which, kinda, left Rison to do things like this...
((HT: ImpactWrestling))


Elsewhere, Provano also reports that Evander Holyfield is moving out of his suburban Atlanta mansion that was built on over two hundred acres and had a debt of over US$14-million.

The house was settled out with JP Morgan Chase getting US$7.5-million back in March in an auction situation. Holyfield had been living in the mansion while some kind of solution was being figured out...

From Provano:

In a 2009 interview with the AJC, Holyfield said the mansion cost more than $1 million annually to maintain.

Holyfield also owes some $500,000 in child support payments, according to an article last year in Atlanta Magazine.

The problems aren't new at all...
((HT: AP))


And the HQ figures that Holyfield will try and get another couple of fights to try and square things off as best he can...

Which won't be pretty...

Arkansas Head Coach John L. Smith Facing Bankruptcy

Arkansas Head Coach John L. Smith

Arkansas head coach John L. Smith has some financial issues.  The downturn in the real estate market has Smith considering bankruptcy.

Smith told the Associated Press he is in the process of declaring bankruptcy, perhaps during the 2012 season.

Smith invested in real estate with other partners in Kentucky while head coach at Louisville from 1998 to 2002.  Those investments involved the development of a sub-division and evolved from there.

As the real estate market began to slow Smith and his investors were in a bind and become unable to meet their financial obligations.

Smith told the AP his investment was in the “multi-millions.”

``It was a situation where we all made a little and said, `Well, that's good. Let's see if we can make a little more,''' Smith told the AP. ``At that point, the bank was willing to give away money. We got in over our head with land, and then the bubble burst and all this land value dropped and we couldn't sustain it.''

John Mason, a former partner with Smith, declared bankruptcy in December 2011 in Kentucky.  According to the AP Mason listed liabilities totaling between $10 million and $50 million.
Smith is talking now because he doesn’t want this to be a distraction during the season.

When an investment goes good initially it can become very seductive.  Investing is much like gambling, you have to know when to cash out when the market peaks. 

Smith has a paying job now and if Arkansas wins 10-11 games he may earn himself a much larger paycheck and a steady coaching gig. 

That might recoup some of his financial losses.

Glasgow Rangers Asking For Bankruptcy Protection

((HT: SkySports/youtube))

Overseas, it's called "administration..."
Either way, it's not good...

The 140-year-old Glasgow Rangers are seeking bankruptcy protection which, in turn, leads to a 10-point deduction in the Scottish Premier League standings. For those of you who follow those kinds of things, it means that the SPL title goes to rival Celtic.

Rangers have tax debts of £9-million (US$14-million) in only nine months of Craig Whyte's ownership. But the club is also awaiting the verdict of a tax case that could tack on up to £75-million more that needs to be settled.

Rangers is now being run by financial advisers Duff and Phelps, which has the task of saving the club from liquidation.

Whyte pledged to pay off debts of £18-million left over from the tenure of former majority shareholder David Murray. But Whyte could now be stuck with the extra £75-million if a judgement goes against Rangers- the numbers dating back over a decade.

Here's live coverage as it aired from our friends at SkySports...


Here's the STVNews version when the story rose...


And analysis from the STV's "Scotland Tonight" program...


Let's tack on additional coverage from BBC News...


Rangers have won 54 SPL titles in their existence- a world record.

Here's analysis from BBC2 Newsnight...


But they may not be the only one heading that way...
Portsmouth, in the Championship league, may be going back into administration after only a year out of it...

If they go back into administration, they would be in danger of dropping to League 1- the soccer equivalent to double-A baseball if you need a reference point...

This ain't over...

DEVELOPING: McCourt Offered $1.2B For Dodgers...???

It appears that Frank McCourt may be out of his mess with the LA Dodgers...

The founder of the LA Marathon, Bill Burke, along with some Chinese investors, apparently have offered $1.2B for the Dodgers, all associated real estate, and media deals...

The whole f'n show...

The deal is all cash and will be on the table for three weeks. No word on whether or not either Frank or Jamie McCourt has received any correspondence from Burke or any of Burke's representatives.

More when we know more...

But, as a flashback, here's McCourt taking on MLB
((HT: MyFoxLA))

Frank McCourt Vows to Fight For Dodgers: MyFoxLA.com

DEVELOPING: Judge Rejects Dodgers Bankruptcy Plan

A Delaware judge has rejected the Dodgers proposed $150 million bankruptcy financing plan. The judge issued his eight-page decision which will, probably, mean the MLB plan could be the next step in the process.

The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital, but the league's idea had better financing.

The Dodgers rejected MLB's offer thinking and proposing Commissioner Bud Selig was going to take over the team and force a sale to someone not linked directly to Frank McCourt.

More when we know more...

DEVELOPING: Dodgers Bankruptcy Hearing Underway

((HT: MyFoxLA.com/KTTV))

The Los Angeles Dodgers' proposed $150 million bankruptcy financing plan is now being debated in a Delaware court.

The Dodgers' list of creditors withdrew their initial objection to the team's ideas of getting their money from a hedge fund at a ridiculous interest rate... something like 20-percent to start, but after MLB squawked, it was tweaked.

Major League Baseball and Commissioner Bud Selig still object to the plan.

The Dodgers say the league's offer is simply an attempt to take control of the team. A Dodger attorney told the judge Thursday that he will explain to the court why the team should not be forced to do "a deal with the devil."

Phil Shuman goes over the particulars...

Dodgers Bankruptcy Hearing Underway: MyFoxLA.com

The HQ thinks that once the Dodgers screw things up once and for all, they'll use the "best interest of baseball" clause to pull it out from under him.

As well they should...

Ex-Dawg Coach Donnan Files For Bankruptcy

((HT: AJC.com/Stevens))

Former University of Georgia head football coach Jim Donnan has had to file for Chapter 11 bankruptcy protection citing $10-million in debts with $8.25-million to one creditor alone who themselves filed for bankruptcy last spring.

Alexis Stevens and the AJC have found in court documents that the bulk of that debt is connected with GLC Limited. GLC, in their February documents, claim almost 600 creditors ranging from individuals to businesses themselves centering around the money used to invest in liquidation stores in the Appalachians.

The Ironton Tribune has the details hyah...

The Donnans, apparently, owe the Internal Revenue Service $300,000 for 2010 and also owe four banks over a million dollars. In late June, the Donnans entered credit counseling.

No word on the next court date for the former coach...

Here's a flashback on one of Donnan's signature moments as coach- the win in 2000 over Tennessee in Athens where the student body actually got to take the goalposts down at Sanford Stadium...
((HT: ESPN/SEC/youtube))