Could Tiger Go Bankrupt?
Nathaniel1960
Posts: 2,324 ✭✭✭✭✭
in Sports Talk
Just a thought, if his divorce settlement takes out a major portion of his liquidity, he loses his endorsement deals (morality clause or otherwise) and has to pay off legal teams, mistresses, lawsuits, etc., will he have enough to cash to service the debts on all of his business deals and projects? The yachts, golf courses, mansions-in-progress, all take some serious debt service. Not to mention, he may have lost some $$ in the Dubai mess.
Granted it would take a lot for him to go BK, but stranger things have (and are) happening.
Granted it would take a lot for him to go BK, but stranger things have (and are) happening.
Kiss me once, shame on you.
Kiss me twice.....let's party.
Kiss me twice.....let's party.
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Don't think we will see him on an E True Hollywood sob story show any time soon.
<< <i>He can always make money at autograph shows...fifty or a hundred bucks a sig adds up. >>
Sicne Tiger rarely signs golf balls, he could probably charge $500 or more per auto'd golf ball and make a killing.
<< <i>
<< <i>He can always make money at autograph shows...fifty or a hundred bucks a sig adds up. >>
Sicne Tiger rarely signs golf balls, he could probably charge $500 or more per auto'd golf ball and make a killing. >>
He could make money for stud fees...especially for a woman who wants her child to grow up to be a professional golfer.
<< <i>He could make money for stud fees...especially for a woman who wants her child to grow up to be a professional golfer. >>
Never thought of that. Could probably get about $250k per live foal.
<< <i>
<< <i>He could make money for stud fees...especially for a woman who wants her child to grow up to be a professional golfer. >>
Never thought of that. Could probably get about $250k per live foal. >>
<< <i>
<< <i>He can always make money at autograph shows...fifty or a hundred bucks a sig adds up. >>
Sicne Tiger rarely signs golf balls, he could probably charge $500 or more per auto'd golf ball and make a killing. >>
He won't sign yours but his wife is in the process of having his tattooed as we speak.
Kiss me twice.....let's party.
<< <i>Gatorade just dropped him. >>
Accenture will probably be the next to drop him.
<< <i>Gatorade just dropped him. >>
Actually, PepsiCo (bottlers and distributors of GatorAde) didn't drop Tiger, but announced the discontinuation of the Tiger branded GatorAde product line. They stated that the decision was made more than six months ago, but are using this situation as an opportunity to look procative. His contract with Pepsico is still in effect and will be honored.
<< <i>He could make money for stud fees...especially for a woman who wants her child to grow up to be a professional golfer >>
Actually, this is going to work the other way around. He is going to be paying all the chicks he's hammered. Why do you think
they are all coming out of the woodwork now and hiring big name attorneys? They can smell the $$$$$$$.
We'll be seeing Kobe Bryant type settlements here. Instead of just one, there will be a dozen or so. I think he can go bankrupt.
Would anyone ever think Michael Jackson could be bankrupt? The difference is, Tiger is still alive and can still play golf,
so he'll make it all back.
don't make me laugh!!!!!!!!!!!!!!!! on top of his game?????????????????? he hasn't been there in a while, and the next time he steps on the course and finds himself in serious contention for a big PayDay will be a serious challenge that won't test his physical skill.
he needs some extended down time to get his mental focus back and learn how to regain control of his emotional state, something that's been slipping away for the past year or two. there are enough "paying customers" who want to see him fail, and you can believe they'll be hounding him. it's a sick world.
Anyone can find themselves in a postion where they have to file bankruptcy. Even those persons whose income earning potential is unlimited. Most times persons who have large incomes also have comparably large expenses. If the income stream constricts or is cut off, the expenses do not follow suit and remain at the same high level. When that happens, the person finds himself/herself in a position where they do not have the ability to keep up on the bills. Creditors take action to collect on delinquent debts, including lawsuits and repossessions of and foreclosure of collateral. To keep from losing his/her stuff people end up filing bankruptcy to reorganize their financial affairs in an orderly and efficient manner (either allowing them to keep their stuff and pay their secured creditors in full and their unsecured creditors less than in full; or by liquidating their stuff that the law says they can not keep and getting a discharge from all of their dischargeable debts without having to pay same).
Yes,..................... Tiger could definitely go bankrupt and quickly if his income stream does not keep up with his expenses.
Kiss me twice.....let's party.
The Gatorade nonsense of "previously decided" is just spin.
The sponsors - even NIKE - are all concerned that ANY of their
harsh/honest words about their hypocrite pimp will hurt them
in both US and non-US markets. They cannot afford to have
the race-card played against their products.
NIKE is also concerned that if TW was cut loose, they could be
quickly faced with an independent product competitor. Tiger
Woods Golf, Inc. would be making the same stuff in the same
slave-labor factories that NIKE now uses.
And, of course, ELY and SHLD would be happy to cut a deal with
a soon to be "rehabbed" TW. It seems NIKE knows that the lesser
harm is done to them by holding the cards they have been dealt.
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Lifetime earnings have ZERO to do with net worth.
Tiger is NOT near being insolvent, but he certainly is NOT a "billionaire."
With the prenup in place and all the money he's earned during his career he's set for life.
He has enough money to last 10 lifetimes.
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It is widely speculated that any prenup involved may NOT survive
judicial scrutiny.
Among the elements the FL court can look at:
Absence of fraud or deceit.
(IF the "gay tales" are provable - and TW did not disclose the propensity
prior to the prenup - it's a problem.)
Full disclosure at time of making.
(IF any of the founding docs on the foundations - and other cash-stashes -
are dated near/after the time of the prenup, it's a problem.)
Fairness and reasonableness at BOTH the time of marriage AND divorce.
(The agreement - and the results of its enforcement - cannot bear any
mark of "unconscionability.")
EVERY court agrees that a prenup is subject to the principles of contract
law. But, prenups are srcutinized MUCH more closely than other contracts.
(FL is notorious for using them as toilet paper, if "equity" demands it.)
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I would expect that the prenup would be harshly attacked by the woman's
team, and that, in the end, the contract would provide little/no protection
for TW.
If the marital estate has a net worth of between $100M and $200M, the
woman would likely walk with half; regardless of what the prenup recites.
(I doubt the estate is nearly that large.)
TW's account would also be "credited" with the millions he spent on his
adulterous affairs and partying; further reducing his take.
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His best hope is to get his income close to ZERO at the time of divorce.
She will then have to fight for post-decree adjustments in the divorce
distribution, and he will have a better chance for an omnibus deal that
gets rid of her with less judicial oversight.
Of course, he will still be making outrageous child-support payments
for a LONG time.
And, the woman will sic the IRS on him as soon as doing so does not
negatively impact her money interests.
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I wish he would get to keep it all, but he is the victim of gold-diggers
on every front and it does not look good for him.
Experience the World through Numismatics...it's more than you can imagine.
Tiger Woods has been dropped as a spokesman by Accenture, a global management services company that featured Woods very prominently in its ads.
The company released a statement that reads in part: "Given the circumstances of the last two weeks, after careful consideration and analysis, the company has determined that he is no longer the right representative for its advertising. Accenture said that it wishes only the best for Tiger Woods and his family."
cnbc.com
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On Friday, FL's "child welfare" folks paid a visit to the TW house
to make sure things were OK.
............
Grim
http://www.unisquare.com/store/brick/
Ralph
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Sadly, he is not close to being a "billionaire."
He apears to have MADE a billion dollars in his lifetime.
About 50%+ of that amount likely went to taxes and/or
tax-shelter schemes.
Assuming he had ZERO investment losses - and could sell
his real estate and toys for what he paid for them - he
might still have a net worth of around $300M+.
The marital estate is substantially smaller than that.
....................................
About 80%+ of his lifetime earnings came from sponsor/endorsement money.
and does not have the money to pay off the debts he could surely go bankrupt, anyone can.
I just read where Nick Cage is just about bankrupt buying Islands and mansions all over the world adds up.
No one here is privy to Tiger's assets and liabilities.
Steve
I can't think of one top golfer who's gone bankrupt...like arnold palmer or nicholson. But you never know.
25 BK Athletes
............................
Entrepreneurs and Business Moguls Who Filed Bankruptcy
This list includes such famous names as Donald Trump, Henry Ford and Walt Disney. Comic book pioneer Stan Lee chose to file bankruptcy as did the founder of Hershey’s Chocolate, Milton Snavely Hershey and the founder of Heinz Ketchup, H.J. Heinz.
Do some of the names you’ve seen here surprise you? Have you been thinking that if you must file bankruptcy it brands you as a failure and terminates your financial future? Read the list again and think about it. Obviously, filing bankruptcy is not a permanent dead end on the road to success, just a curve along the way.
copyright Suite101
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A Sports Illustrated article this year showed how shockingly common financial ruin is:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt
or are under financial stress because of joblessness or divorce.
Within five years of retirement, an estimated 60% of former NBA players are broke.
Numerous retired MLB players have been similarly ruined.
Top 10 Ways Athletes Go Broke
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Famous Bankruptcies
Honest Abe and Others
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There is something not right with this guy. He lacks impulse control.
Seems it has been costing him money for years..............
Tiger Woods -- No Stranger to Keeping Secrets
Posted Dec 15th 2009 1:00AM by TMZ Staff
Tiger Woods had crisis managers bail him out of sticky situations with women long before Rachel Uchitel became a household name -- sources tell TMZ.
Several years before Tiger Woods married Elin Nordegren, his lawyers and PR firm got him out of a messy situation over an Orlando woman who hooked up with the golfer.
We're told Tiger had met a waitress at an Orlando bar and the two drove off together. They pulled over and stopped on the side of a remote road. A cop car drove by and the officer became suspicious and approached the vehicle. We're told there was an exchange between the officer and Tiger. It does not appear anyone was arrested or cited.
One of Tiger's handlers at the time tells TMZ Tiger's PR firm and lawyer were worried the woman might sell her story and they "negotiated a carefully-crafted settlement" with her -- in the end, she never sold or went public with her story.
Sources say there were other situations where Tiger's team resolved messy situations with women that "could reflect negatively on his squeaky-clean image." The reps were especially worried because of the morals clauses in various contracts Tiger had signed.
30
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I'm not sure Trump ever filed personal bankruptcy.
IIRC he had some bitter words with Rosie regarding it.
I think he said he had businesses that he filed for bankruptcy protection.
I also am not sure if you even claimed he did btw.
Steve
So long Tag...
"......I'm not sure Trump ever filed personal bankruptcy...."
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That is correct.
His filings were all corporate.
Some would say it's a distinction without a difference, but
it is still not accurate to say he filed "personal bankruptcy."
I was surprised that suite101 did not place an asterisk by
his name.
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TW's soon to be ex-wife is about to sign a deal with Puma.
If NIKE over reacts to the circumstance, they might do something
silly.
All good for TW though.
Freedom........soon.
More cats come out of Tiger’s bag – gambling, strippers and topless bars
by Jamie Anderson - December 21, 2009
New York, December 21 -- A visit to the strip club or topless bar may have been a sin-qua-non for Tiger Woods, however, the World No. 1 golfer pretended to be shy, and introvert, someone who had not even seen a stripper before.
The ‘wrong one’, as they say in cricket.
A former manager of strip hotspot Scores, Tony Lombardi, reveals that the ace golfer, whose amorous escapades have been uncovered now, was like a shy "virgin to strip clubs".
The modus operandi
Woods was particularly careful while approaching a woman. He left this task to a member of his entourage who would introduce him to a dame. Master Coup!
"There are always a lot of other people around, so it's never one on one -- it all looked very normal," claims night-life impresario Rocco Ancarola in The New York Post.
Ancarola goes on to add, "It camouflages what's going on. He'd just point and say, 'Who's that?' and they'd go over and say, 'Tiger Woods wants to meet you.' And they would never leave together."
While Tiger was on the prowl (with the mistress), his buddies and protectors did not allow the photographers to capture any incriminating photos.
And why did Ancarola not let the cat out of the bag earlier? Well! Who wants to lose business? "We in the business do that without thinking about it...You tend to protect the celebrities," admits Ancarola.
The gambling addiction
As more skeletons come out of the cupboard, it has been transpired that the golfer was a habitual gambler at a Las Vegas casino.
He had a betting limit of a whopping $1 million, which is what, exposed him to women and a "culture of adultery.”
"Tiger's favorite clubs were the Mansion, the Bank and Tryst, all known for their discretion with high-end clients. His table always had to be filled with hot party girls and he loves being catered to," a Vegas nightclub source told the Sunday Times.
Woods was always in the company of other multi-millionaire athletes wagering at the casino. They were all pampered by girls; it was more of a norm than an exception.
Emma Trotter, a Vegas nightlife reporter, told the paper, "The VIP host at the club of their choosing will arrange everything for them. You might say you want 20 girls, half brunette and half blonde, and the nightclub will make it happen."
With Tiger, something more happened. And the World knows it now!