Ricky Williams Threatening Bankruptcy??

If the contract fits within the collective bargaining agreement, of course. The Union seemed to think it didn't, and I guess a grievance will be pursued.

I can see needing to file for bankruptcy, though, if the Dolphins do insist on full payment. I would be surprised if Ricky had nearly $9 million in liquid assets available to pay that money back.

To me, it's just being punative and petty on the part of the Dolphins to pursue the money. They're in pure profit on the signing bonus (would the Saints have gotten less in return in trade if Ricky's remaining signing bonus was lower? It's extremely doubtful) and the team benefitted from the past achievements that triggered the bonuses.

While they may well be entitled to that money by the contract, their pursuing it is an attempt to punish Ricky. It's not money the Dolphins are really out, so they're pursuing it not to be made whole, but because they're just dicks.

I'd fight it, too, until the very bitter end. If they're going to be jerks to him, he might as well be a jerk right back to them.

 

Look what school he went to.

 

All these big companies, they write off everything.

 

To be fair, Ricky did quit on his teamates 7 days before the start of training camp, so I would qualify that as being a jerk. Secondly, we then find out that he had failed drug test number 3, thus being an even bigger jerk. Thirdly, he called the Fish last week and said, restructure my contract, change the coaching staff and dont run me so hard and I`ll come back, thus ending any credibility he had with me and I`m the biggest Dolphin fan on this board. Ricky had a terrible contract with the Saints and when he was traded to the Dolphins his contract was restructured to let Ricky earn more money, even though they didnt have to.

From the Miami Sun Sentenial:
According to terms of the restructured contract he agreed to two years ago, Williams would have to repay the Dolphins roughly $5.3 million he has earned through incentives since joining the team in 2002 because of his early retirement. Williams also would have to return another $3.3 million in signing bonus paid to him by New Orleans as part of the eight-year deal he signed in 1999.
The Dolphins' leading rusher the past two seasons, Williams informed coach Dave Wannstedt of his decision to retire just before the opening of training camp. Williams' decision came on the heels of a third positive drug test for mar1juana, which would have resulted in a four-game suspension.

Even if he were to report, Williams would be facing a one-year suspension. Because Williams filed retirement papers with the NFL earlier this month, an attempted return before a one-year period has passed would count as a fourth failed test. That punishment is an automatic one-year suspension

 

You messed it up

 

It was my understanding that Florida has a reputation for being very friendly to bankruptcy. For example, there being no limit on how palatial one's exempt homestead can be.

 

You don't even know what a write off is do you?

 

At least in Texas, a bankruptcy for Mr. Williams could be difficult and certainly would be messy. Most of his large creditors would certainly file an objection, and possibly a full blown adversary proceeding (a federal lawsuit within the bankruptcy).

If he had a small family partnership to shield assets, I would assume that a large adversary would be filed claiming that it was either a fraudulent transfer or a preferential transfer to the family member who serves as a general or limited partner.

Big time messy.

 

Ricky is worth his weight in gold diamond dreadlocks. Bankrupt? Prolly not.

 

The hilarious thing to me is the timing of it all. Had Williams announced his retirement at the end of last season, you likely would have seen almost all the reactions be similar to the initial response he received. ie "Oh, he marches to the beat of a different drummer" "He's just following his heart" "What a brave soul to venture out into the unknown"

But instead, he waits (or else he just makes the decision late...doesn't really matter from the perspective of the fans or team) until the damn near worst possible moment and essentially screws the team about as hard as he possibly could. Now teammates are pissed, fans are really pissed, and from reports management is mega-pissed. They go for the throat on the incentives and signing bonus because they've got the fans behind them (for the most part).

Had he done it sooner, there wouldn't have been nearly as much backlash and maybe his reasoning for why the team wouldn't go after his money would have held up. Certainly I think the team wouldn't have tried to get him to pay them money they never payed him in the first place. After the drug situation surfaced, it damn near sealed the deal. He was no longer the free spirit who marched to a different beat, but a slacker pot head who wanted to be payed superstar money but didn't want superstar pressure to carry a team.

With each passing revelation, it gets even funnier (at least to me). This bankrupcy bit is probably not even the tip of the iceberg. I bet Ricky finds a way to one up himself. Personally, I can't wait.

 

Yeah, the developer of our community stuck all his money in a trust for his sister(?) before declaring. Then, he even used it at will for things like his fiance's $60k ring, yet it's not even clear that he will lose in court.

 

A lot of it could depend on the timing of putting the money in trust and the terms of the trust.

Also remember that the U.S. Trustee will be reviewing all the paperwork and the creditors will likely have lawyers of their own.

 

A little off topic,but related to the idea they can't take away your home...I remember some real estate guy declared bankruptcy and tried to keep an office building on 59 as the top floor was his penthouse. Didn't work...they took the building...