Jerry Maguire is Bankrupt

HI Mana · Jan 12, 2012

Or at least his real life counterpart, super-agent Leigh Steinberg is. Agent for Steve Young, Troy Aikman, Warren Moon and more.

Leigh Steinberg said:

I have struggled with alcohol for a number of years. In the past five or six years I began to check out episodically for short periods. My judgment and oversight of my affairs was not consistent and was at times impaired. I am responsible for my own addiction -- no one forced me to drink -- and in revealing my struggle with alcoholism, I am in no way justifying or excusing my circumstance. But I discuss it to provide context as well as understanding and inspiration to those who also battle addictive behavior. I surrendered to the reality that I was an alcoholic and my behavior was impacting family and associates in March 2010. I surrendered to the concept that until I tackled alcoholism, other priorities needed to be put aside.

When a bench warrant for me relating to my debt was authorized last month, the portrait painted in the media was that a "missed hearing" was the equivalent of my hiding or running from the law. That couldn't be further from the truth. I have been rebuilding a business that will be active in representation, consultation and content supply. We have a website, blog, Facebook and Twitter interactive efforts. I mention public appearances and speeches on these sites. I was never unavailable except for the period in early sobriety, which was a necessary aspect of the program. I was a loyal tenant of the Irvine Company for more than 20 years before expensive rent and these other difficulties forced us to close that office two years ago. A hearing on the matter was scheduled and my attorney agreed to change the date and called the night before to tell me not to show up. He failed to reschedule, didn't appear at the hearing that went on without my knowledge, and didn't inform me. I am responsible for all my actions, but I assumed I could rely on counsel.

The underlying cause of my inability to earn money and resolve my debt situation occurred in 2003. One of my employees admitted that -- without my knowledge -- he had taken a $300,000 loan from one of our NFL clients. It was exactly the kind of transaction that I had specifically forbidden, and it violated NFL Players Association regulations. The NFL player understandably fired me, then went to a rival agency. As a matter of background, you should know that this company is run by an agent who used to work at our firm. We filed a lawsuit to challenge the way this agent had left our firm, and we won. Two attorneys on the losing side are involved in the current case concerning my debt.

Since then, I have made repeated offers to repay the player far more than the original $300,000. There are many legal complexities, but in a nutshell, his representatives -- the ones who lost the lawsuit -- have insisted on collecting monies without informing the NFLPA that the matter is settled. This point is crucial because I did not apply for recertification by the union after one of their agents (and his wife) filed suit against me in 2006. If I cannot be recertified, I cannot work in the field that I have been trained in, which is to the benefit of this rival agent. Keeping me out of business seems to be a priority above collecting the debt, and although substantial payments have been made, the demand is now four times the original amount. My attempts to rebuild my life have been hamstrung.
http://www.thepostgame.com/commentary/201201/leigh-steinberg-agent-alcoholism-bankruptcy
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Amazing that he could fall so far, and Renee Zellweger isn't there to go pick him up at the end of it all...

RocketMan Tex · Jan 12, 2012

Wow. Just wow.....

javal_lon · Jan 12, 2012

Should have got an agent

Carl Herrera · Jan 12, 2012

Did he hire Antoine Walker to be his financial adviser or something?

Surfguy · Jan 12, 2012

"Show me no money!" AHHHHHHHHHHH

ROXRAN · Jan 12, 2012

Interesting - I didn't know the character was base on Steinberg...I guess he made a lot, but spent a lot

pirc1 · Jan 12, 2012

ROXRAN said: ↑

Interesting - I didn't know the character was base on Steinberg...I guess he made a lot, but spent a lot
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Just like those athletes he represents, nice.

Zboy · Jan 12, 2012

You had me at the dollar store.

SwoLy-D · Jan 12, 2012

You had me at "alcohol", FFB.

Zboy said: ↑

You had me at the dollar store.
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Dang it.

ferrari77 · Jan 12, 2012

ROXRAN said: ↑

Interesting - I didn't know the character was base on Steinberg...I guess he made a lot, but spent a lot
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Drew Rosenhaus loves to claim otherwise but Cameron Crowe said as much.
Keep in mind Steinberg was also Bledsoe's agent.

Also, filing for bankruptcy doesn't mean he is broke. He did get wiped pretty badly though when his former partner David Dunn left to form his own agency. Dunn took a bunch of Steinberg's players with him. That probably didn't help Steinbergs alcohol issues.

CrazyDave · Jan 12, 2012

Perhaps his problem stems partially from all those players listed no longer being active players.

what · Jan 12, 2012

The guy is just trying to appeal, by way of pity, to the general public. Now that he is broke, he suddenly is ready to make a mends. I just think that the whole alcoholism pity party he is 'sharing' with the world shouldn't weigh at all in the matter of whether he becomes re-certified. In the end it is just a thinly-veiled 'blame alcohol, not me' and complete with his 'redemption story' to prove that he recognizes his faults.

Not trying to be harsh, but if you violated rules then you do what is necessary, and what the league requires you to do, to get your status back. You don't appeal through the papers. That is a low move.

Asian Sensation · Jan 12, 2012

You had me at Whataburger. 99% of CFans.

ubigred · Jan 12, 2012

CrazyDave said: ↑

Perhaps his problem stems partially from all those players listed no longer being active players.
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Big Ben signed a $100 million contract.

Mismanaged his own money, I wonder how many athletes he gave financial advice too?

His client list is amazing and he goes broke really??

Invisible Fan · Jan 12, 2012

Did his confessional mention that he tried selling that little boy for crack?

CrazyDave · Jan 12, 2012

ubigred said: ↑

Big Ben signed a $100 million contract.

Mismanaged his own money, I wonder how many athletes he gave financial advice too?

His client list is amazing and he goes broke really??
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At the cost of engaging this in spite of you missing my blunt point, was Maguire his agent for that deal? Wasn't that for Rep 1 Sports with the Tollner Bros? 102 mil. in 2008?

Dairy Ashford · Jan 12, 2012

Wow, sports agency has to be the easiest job in the world; I'm not sure how you screw up those revenue streams, even by just diversifying into talent or media management, public relations or just event promotions: dude's livelihood should not have been defined by an annual rep certification in one league.

Were it not for the intrinsically exploitative dynamic of professional sportshaving working-class, under-educated kids spend their professionally formative years basically doing P.E.) these guys would be completely meaningless.

what · Jan 12, 2012

pouhe said: ↑

Wow, sports agency has to be the easiest job in the world; I'm not sure how you screw up those revenue streams, even by just diversifying into talent or media management, public relations or just event promotions: dude's livelihood should not have been defined by an annual rep certification in one league.

Were it not for the intrinsically exploitative dynamic of professional sportshaving working-class, under-educated kids spend their professionally formative years basically doing P.E.) these guys would be completely meaningless.
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namaste

redwhiteone · Jan 13, 2012

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Jerry Maguire is Bankrupt

HI Mana Member

RocketMan Tex Contributing Member

javal_lon Member

Carl Herrera Contributing Member

Surfguy Contributing Member

ROXRAN Contributing Member

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what Member

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