Bankruptcy Filing
On 25 June 2010, Brunell filed for Chapter 11 bankruptcy, at least in part due to numerous failed real estate and other business investments. It is also reported that Brunell and several of his co-investors (also former teammates) have defaulted on 'multiple' loans involving different properties around the country.
According to a Florida Times-Union report, Brunell listed approximately $5.5 million in assets against almost $25 million in liabilities. The liabilities are mostly in the form of personal guarantees on commercial real estate loans involving several of his limited liability corporations. The operation of 11 Whataburger franchise locations in which Brunell is involved will not be affected by the bankruptcy.
Read more about this topic: Mark Brunell
Famous quotes containing the words bankruptcy and/or filing:
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“Is not the whole world a vast house of assignation of which the filing system has been lost?”
—Quentin Crisp (b. 1908)