Bernie Is Broke
UM's favorite son could use a bail out after filing for bankruptcy
By TODD WRIGHT
Updated 4:11 PM EST, Fri, Jun 19, 2009
Bernie Kosar is a 'Cane in need.
The former University of Miami standout filed for Chapter 11 bankruptcy on Friday, revealing that he is in debt more than $19 million. Unlike Brett Favre, there is no NFL comeback in Kosar's future, so he is going to have to flip a lot of burgers to come up with that kind of money.
On second thought, Kosar should probably stay away from the food industry. His steakhouse went belly up last year, and pretty much every other investment he has ever made has tanked.
Among the people listed as his creditors is his wife, Babette, who divorced Kosar in 2007. She is owed about $3 million, court documents stated. Kosar also owes the Cleveland Browns, the team he led to prominence in the 1980s, about $1.5 million, and $725,000 to the owner of the Cleveland Gladiators team in the Arena Football League. He owes a bank more than $9 million for bad real estate deals.
Kosar, 45, retired as a Miami Dolphin in 1996.
Kosar, who lives in Weston, has remained close to the UM football program as a "friend to the university." He might want to ask for a paycheck to show up on the sidelines this season.
Copyright Associated Press / NBC Washington
First Published: Jun 19, 2009 2:04 PM EST
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