Former Browns QB Kosar Files for Bankruptcy

20 Jun

Seriously, I really hate these stories.  Unfortunately, this reinforces my choice to work with athletes and entertainers and why I work so hard to protect them from circumstances like this.

In May, Kosar and his Boardwalk LLC lost a $2.9 million foreclosure judgment on a 36-unit apartment building to Florida Bank in Pinellas County Circuit Court. In April, Kosar and his Oakmont LLC lost a $3.3 million foreclosure judgment to Florida Bank in Hillsborough County Circuit County over a Tampa apartment building. The bank also had a foreclosure lawsuit pending in Pinellas County against Kosar and his PCV LLC.

Among Kosar’s other major unsecured creditors:

 A $3.1 million personal guaranty to Key Bank National Association of Cleveland

  • $3.04 million to his ex-wife Babette J. Kosar
  • $725,000 in a disputed loan involving attorney Jim Ferraro of Coral Gables $1.4 million total on three claims involving the Browns   
  • $231,094 to the IRS

Read the full story here.

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