Bankruptcies of the Rich and Famous

BERNIE KOSAR

Former NFL quarterback Bernie Kosar was known for his intelligence on the football field.  Unfortunately he did not display the same acumen for real estate investing.  Kosar lead the Miami Hurricanes to a national championship in 1984.  He later lead the Cleveland Browns to the AFC Championship game.  Kosar retired after back-up roles for the Cowboys and Dolphins.   In addition to the collapse of his real estate investments, Kosar’s restaurant in South Florida closed in 2008.   Kosar was a co-owner of the arena football team in Cleveland called the Gladiators.  The AFL did not play its 2009 season due to the poor economy.  Kosar’s bad luck in business coupled with an expensive divorce lead him to bankruptcy court in June 2009.  Kosar’s attempt to reorganize his affairs in chapter 11 ultimately failed.  His case was converted to chapter 7 in January 2010

DOROTHY HAMILL

Olympic Gold Medal ice skater Dorothy Hamill, who invented the Hamill camel, was not immune to financial strife. She once described “money as evil” when she explained how she had to learn difficult lessons about fame. Even with her great success on and off the ice, she came into difficult times and made a choice to file for bankruptcy in 1996. Nonetheless, she was inducted into the World Figure Skating Hall of Fame in 2000.