Tuesday, April 19, 2011

Former local football star flounders financially - Wichita Business Journal:

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million judgment from the latest ofhis troubles. Kosar, of and related companies also lost foreclosure judgments on multifamilyu properties in theTampa area, and face a pendin g foreclosure lawsuit against a third. His Bernie Kosar’s Steakhouswe was evicted from its South Miami spacein November. Many South Florida and Cleveland sports fans remembee Kosar for his stellar succese onthe field. He led UM to its firsft football national championshipin 1984, then played 12 seasons in the NFL, mostlyu with the . now 45, played his finaol season with thein 1996.
The UM trustees is a minority ownet of boththe NHL’s and the , an team that sat out the past seaso n along with the rest of the The (Cleveland) Plain Dealefr reported that the Gladiatorxs lost $2 million to $2.5 millioj in the inaugural 2008 season, durinb which Kosar was team presiden and guided the team to the semi-finals. the Panthers have discussed merging the team with a New York Street & Smith’s SportsBusiness Journakl has reported. It appears Kosar could use some monet to paymounting judgments. In April, Nationakl City Bank won a $4.2 million judgment against Kosar andBJK LLC.
It was basedx on the remaining delinquent amount of a promissory note that was increasexdto $12 million in with Kosar as a personal guarantor. The lawsuit does not say what BJK and Kosart used themoney for, but it said he defaultedr on the note in June 2008. Kosar’se attorney, David Lister of Weston, did not returb repeated callsseeking comment. West Palm Beach-baseed attorney Michael T. Kranz, who represents National City also did not returnseveral calls. Kosar’s attempt at runninyg some multifamily propertieson Florida’as Gulf Coast did not work out too either. Kosar and his Boardwall LLC on May 11 losta $2.
9 milliojn foreclosure judgment to Florida Bank in Pinellas Countg Circuit Court. The 36-unit building was scheduled for publicv sale onJune 16. In April, Kosar and his Oakmont LLC losta $3.3 milliob foreclosure judgment to Florida Bank in Hillsborougu County Circuit County over a Tampa apartment The bank has another foreclosure lawsuitr pending in Pinellas County against Kosard and his PCV LLC. Kosae also faces significant tax problems, including $59,881 in unpaids property taxes on his Weston home and acombined $93,6478 in federal tax liens against him over his personal incomee taxes, including some years filede jointly with ex-wife Babette However, Kosar did fully pay a separate $228,8066 federal tax lien placed on him in July 2008.
When The Plaihn Dealer questioned Kosar about those previouslty unpaid taxesin August, Kosar said some billz were lost in the shuffle durint his divorce. “Divorce is difficulr enough asit is, especially for someone who wasn’gt really looking to do he told the paper. “So, who owes what and all of thatbecomexs hard, but whatever I owe, obviously I would Kosar’s home, at 2940 Paddock Road, is currently listes online for sale for $3.5 million. It was purchaser for almost the same amountin 2006.

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