Football Display Case
national champs baby
Patrick Hruby is doing God's work.
first comment: "EVERY ATHLETE HAS ASPIRATIONS OF WINNING AND WE HAVE OUR FAVORITES BUT IT IS ALWAYS A PLEASURE TO OTHER STUDENTS ACHIEVE THEIR GOALS, TOO!"
stupid Pistons and their refusal to tank properly
rundown of Michigan's riser
needs moar usage
so much for that
This list is completely arbitrary and not a genuine analysis of the relative merits of state fossils.
will be michigan's highest pick in a while
money has to go somewhere
I am only motivated by people who have no opinion about me.
the just released schedules were a flat-out statement that the B10 doesn't believe SOS will matter in playoff selection
but I thought that draft was supposed to be incredibly loaded?
If you're gonna go please be in the first round.
another delightful side effect of a 14 team conference
[EDIT: Not a "Sparty On" moment]
See it through.
Someone let his piss get a little too hot.
(Or something...that was the best I could do on such short notice.)
I am not sure this is worthy of a Sparty On. A lot of people took a bath when the market tanked.
The Team, The Team, The Team.
Not to the tune of 25 mil. Especially guys who aren't worth 25 mil to begin with. It's one thing to lose 25 million when you're worth 500 million. And that still sucks. For a guy like JLS to lose 25 million takes more than "the real estate market tanked."
My guess is that he was a guarantor or one of several parties on a note that went south when real estate bottomed. If I remember correctly, RichRod, had some issues that were similar but not of the same scale.
Smith has said he made land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market tanked.
JLS wasn't hired by MSU until after the 2002 season. How is this "Sparty On"?
I'll never figure out how someone gets themselves in a situation like that...
Well then read the post immediately above you...Seems unfortunate, but understandable. Alot of people are in the same situation as him when the market went south
But who puts 90% (or whatever it actually accounts for) of their eight figure savings into one investment?
Of which JLS qualifies as.
Putting money in is the easy part. Once an investment starts going south, many people get paralyzed by the thought of taking a loss by selling. So, they ride their investment all the way to the bottom. Saw this a lot at my previous employer where people had all their money in company stock. The "dot bomb" hit in 2001/02 and their savings totally crashed. At least employers are pushed these days to advise employees to limit their holdings of company stock in 401k plans.
Seemed like a good idea at the time.
"The documents filed Wednesday show Smith's biggest assets are two retirement accounts worth about $600,000 each." - from the article
There was an article published around the time he filed that said he could claim about $500 in checking and about $300 in cash, as well as real property valued at just a few thousand dollars in Idaho, so basically those retirement accounts - which are exempt under changes to the bankrupty code, I believe - are basically all he has beyond whatever he gets from Arkansas against $25 million in debt. Wow. Questionable investment strategy / focus aside (which has resulted in his owing over $10,000 per month to one developer in Louisville alone, if I remember this correctly, and who knows what else), that's definitely not where you want to be at 63 years old - I feel bad for him in that respct really.
"Funny isn't it, how naughty dentists always make that one fatal mistake."
Follow the random tweets of a Michigan alum - http://twitter.com/#!/LorneEC3
for someone that age, and likely, after this year, not to have a job in coaching either, or at least one paying an amount that will help him with retirement. With lifespans such as they are now, and cost etc, after he pays back some, the retirement accounts he has are not really that much to live on.
"Everyone gets dumped Gabe. Let me give you some advice: a little coverup on your Adams Apple will make it appear smaller. Which will make you appear less like a transvestite."
"It would be a travesty, it would be ridiculous to all of a sudden come back and get the feeling back, get the health back, feel good again and then all of a sudden go throw some other colors on my shirt and go coach."
Just wondering, but how exactly does one get $25,000,000 in debt while coaching college football? That's just really really bad luck.
How many times have you been on the freeway and had someone fly by you at 100 mph then end up 2 cars ahead of you at the off ramp? What's the point? -Mark Harmon
I'm guessing he had the idea, or his wife or someone convinced him, that real estate is always a good investment.
What a shame. Should have sent that $$ to Pahokee instead.
Did you hire him on a bet?
who in their right mind would lend that much money to that guy?
Its interesting that he filed for Chapter 7 protection instead of Chapter 13. In a 7 he'll basically wipe all the debt out by making a one-time payment (or spread it out over time) rather than having his debt lumped into a monthly payment in a 13. I'm not a consumer bankruptcy lawyer so don't quote me on that but its definitely an interesting part of the case. Like LSA noted above, John L. will get to use all of his state law exemptions to keep his house and certain of his property as well. Check out what Michigan state law exemptions look like: http://www.legislature.mi.gov/(S(ouq5elfgrb01eknthwukdlap))/mileg.aspx?page=getObject&objectName=mcl-600-5451
Disgruntled former moderator. I got a lot of problems with you people!
The thing about Ch 13 is that, while you generally get to keep most of your assets, it's very restrictive in other ways. In particular, it severely restricts your ability to borrow any money from anyone... including borrowing from family, your 401K, taking out a car loan, or even using a credit card.To do so requires written permission from the bankruptcy court. Plans are generally 3 or 5 years (depending on income) during which agreed-upon payments must be made and these lending restrictions remain in effect. Because of these lengthy requirements, many never complete the plan. Whereas, while Ch 7 forces you to liquidate certain assets, there's nothing that prevents you from borrowing again (albeit at mega-high rates since your credit is now destroyed), provided a lender is willing to lend to you.
With the unstable currency markets in today's world, I chose to invest my money in gold. Gold has risen in value for almost a decade now and looks like prices will keep rising. John L. Smith should've invested his nest egg in gold.
Stop the uniform changes! Contact Dave Brandon 734-764-9416.
Nice try, Glenn Beck.
Herm, you're of those guys that has gold bars in his safe deposit box, aren't you. You rascal!
Wanna know how I got these scars? My father, was a drinker...and a fiend. And one night, he goes off craaaazier than usual. Mommy gets the kitchen to defend herself. He doesnt like that. Not...one...bit. So, me watching, he takes the knife to her, laughing while he does it. He turns to me, and he says, "Why so serious?". Comes at me with the knife, "Why so serious?!". Sticks the blade in my mouth, "Let's put a smile on that face."
those joker stories were creepy
I am not really Coach Schiano. -Coach Schiano on Mgoblog
He should sit Wilson and bet against his own team....not that I condone that.
Perfection is not attainable, but if we chase perfection we can catch excellence.
- Vince Lombardi
Can someone embed the obligatory video of John L all POd going into half time in Colombus?
"And if that doesn't wet your appetite, you're watching the wrong channel."
You can usually find me bumping some Reggae, hammered on Higgins Lake with the goon squad. #HALOL
Could you coach a football team to the best of your ability while being 25m in debt is looming above your head? Poor guy. Poor POOR guy.
Professor X is our defensive coordinator.
Still think JLS is crazy, but this hurt lots of people. It was a bad investment on his part, but nothing to get all high and mighty about.
would you celebrate another humans financial problems anyways, unless that human is Mike Tyson
"Only three things can happen when you pass, and two of them are bad" -Bo Schembechler
Guess John L. isn't too big to fail. Oops!
"I love him, he's a great coach, he's a great mentor, he's a great friend. He's every single thing you want a college coach to be, and he does it flawlessly." -David Molk
We're not teaching them about sports, we're teaching them about life!
That's a dang investing mistake...I'm coaching my tail off, and the investors are screwing it up!
1. What goes up can just as easily go down, and fast.
2. Speculation is gambling, and never bet more than you can afford to lose.
What a DOPE.
The coach is investing his tail off and the market is screwing it all up.
Your friendly neighborhood Sparty
I really don't think this guy should be coaching right now, at least not at a major program like Arkansas. The stress of being that much in debt, coupled with the stress of having to compete in the SEC and having teams like Alabama and LSU on your schedule, as well as recruiting? I think JLS is in over his head.
I can see how coaching would help him take his mind off the situation, but he probably bit off a little more than he could chew. I feel bad for the guy, though. Is just two really shitty situations that he's in.
It's been a lot. Its been a roller coaster that for some reason seemed like it would never get good. But you know what? We kept fighting. It's like that old saying goes, "Those Who Stay Will Be Champions." -David Molk
This guy is seriously a joke of a human being. When passing jabs back and forth with Sparty friends they talk about UM being down and I blame it on the JLS of UM football, RR, but the more I learn about JLS, the more disrespectful that statement is to RR.
It wasn't anywhere near as bad as this, but he too lost a bundle in real estate.
"The Ruhr will not be subjected to a single bomb. If an enemy bomber reaches the Ruhr, my name is not Hermann Göring: you can call me Urban Meyer!"
who've lost their shirts in bad investments, even going way back to old school guys like Johnny Unitas. Well-paid pros are magnets for scammers, crooks, and flim-flam artists, and most athletes don't seem to have the ability to tell who's a crook and who's honest.