MSU Red Cedar Message Board

Obviously posted by someone who has never invested a nickel in a real estate project. I would imagine that all of the underwater deals were entered into while he was coaching @ Louisville/pre MSU and when the market was booming..

Just a horrible football coach, poor judge of talent and character, awful player development and media relations to name a few...

When you get to be as old as grr you'll be an expert on alot of stuff.

countdown to 'stlspartan' going off in this thread....3...2....1.....

.....He's the guy I told last week that JLS was a fraud and total stooge. stl said he was 'nice' and misunderstood.

He seemed OK but was eccentric, agree on judgment. The problem with bad judgment in filing a bankruptcy petition with business line of credit calls is that bad judgment could possibly eliminate discharge of some of those debts. You can count on the creditors looking for any indication of misrepresentation in the loan documentation to contest the discharge. If he's got a few more years of 7-figure contracts with bonuses they won't give up easily even if he is technically insolvent now. Here's hoping he wasn't that careless.

Yeah, it is. Probably has to do with how real estate is valued, given all the talk in this thread about his failed real estate deals. There may also be things like stocks, pensions, etc., that are particularly difficult to set a value on.

Sounds like a pretty conservative bankruptcy attorney, trying to make sure he doesn't eff things up. Which, considering the stakes, is pretty much exactly what you want.

Haaaahahahahaaaaaaaa

I don't remember if I don't remember that night after the game. Unsure if alcohol or psychological trauma from seeing Weis pants Smith like that.

Shouldve struck while the iron was hot in the caribiner market.

The asset and liability values are "check the box" ranges. Detailed financial disclosures are typically filed later and will be more precise. Lots of investors in real estate got stuck when the market collapsed. If loans were personally guaranteed as seems to be the case here then it can be a disaster.

At some point it becomes clear to the investors like John L. that they are just throwing money down a rat hole and you have to call it quits. Not sure why John L. could not cut a deal with whoever holds the paper on the properties, but if you can't you can't and filing is always an option. The likely issue was that John L's income allowed him to be able to make payments on loans that never were going to be paid off while other investors or active participants such as builders and developers either already filed, cut deals or are simply not being chased because they do not have any assets or income streams.

Thank for thinking of me. I've been watching and you start a fight in every thread you join. Nice work. You are a credit to the board. I still don't get the schtick where you put quotes around things people never said. I think you may be referring to my pointing out that if you take away his record at while at MSU, JLS would have a very good W/L record. That's not the same as saying his coaching was spectacular - just that his W/L record would have been. These subtleties continue to escape you. I'm guessing that you aren't much for reading.

In any case - I don't take any joy in watching a former Spartan have financial troubles and I don't mind at all that you think I'm dopey. Because I think you have the maturity of a 10 year old and the writing and social skills well suited to a career in small engine repair.

Ok , Slick.

He is just bad at math.