lovable party guy and hurricane legend bernie kosar, filed for chapter 11 bankruptcy protection this morning.
suffice it to say that bernie's had kind of a rough go of it lately. in 2006 his wife filed for divorce. like immediately after he completed the sale of his company for like $60 million. his south miami steakhouse, "bernie's", closed its doors last year. and, according to the s.fla. biz journal, he's been taking it on the chin in several real estate deals over the last year.
quoth the journal:
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
kosar, who gained national notoriety after he led the U to the first of several national championship spankings victories over nebraska, graduated from the U with a double major in finance and economics. proving that even bankruptcy is funny sometimes.