[Archived] Brad Friedel

[Glenn]

Whilst talking about this, one of the people I sit near at Rovers mentioned his autobiography is a good read (I didn't even know he'd written one).

It's on amazon

Paperback

Hardback

and Kindle (third option down on this list this list

I can't imagine a few links from here is going to sell him £5m of books, but every little helps.

[pksrover]

Whilst talking about this, one of the people I sit near at Rovers mentioned his autobiography is a good read (I didn't even know he'd written one).

It's on amazon

Paperback

Hardback

and Kindle (third option down on this list this list

I can't imagine a few links from here is going to sell him £5m of books, but every little helps.

...and a sneaky way to get the BRFCs some income looking at them URLs I might get one

[Glenn]

...and a sneaky way to get the BRFCs some income looking at them URLs I might get one

Well, it wasn't my prime concern but yes, we get a small cut too. I've got one ordered, I'll let you know if it's any good.

[Boz]

Well, it wasn't my prime concern but yes, we get a small cut too. I've got one ordered, I'll let you know if it's any good.

It is a good read, very interesting with quite a few snippets on Rovers whilst he was here and on his move to Villa. You do get an understanding of the man and his outlook on life, not your typical Premier league footballer I'd say, with a more philanthropic attitude.

Without knowing any of the details concerning all of this recent news, I sincerely wish him well and hope that there might be a satisfactory financial outcome for him, perhaps whereby his academy's finances might be resolved and hence himself.

[old darwen blue]

Bought it myself and it is a very good read

[Seggie]

It is a good read and you will also understand why the story is quite sad.

[Bobby G]

Im not familiar with the laws there, but if he declares bankrupt does that mean he doesnt have enough for living expenses, etc...? And could they jail him for that? Or is that the "legal" loophole to avoid paying debts (not trying to be cynical at all, but just a realist)?

[Steve Moss]

Im not familiar with the laws there, but if he declares bankrupt does that mean he doesnt have enough for living expenses, etc...? And could they jail him for that? Or is that the "legal" loophole to avoid paying debts (not trying to be cynical at all, but just a realist)?

If you are talking about the USA and any state within the USA (including the state of Ohio), there is no jail for debt (unless its associated with a crime, like bouncing checks or failure to pay child support). It's in the Constitution as the English types had a habit of throwing debtors into prison and we didn't like it. In the USA, a simple breach of contract doesn't result in incarceration.

As to bankruptcy, there are several kinds. The article was less than clear as to whether Brad had actually filed (or been forced into) bankruptcy or whether his corporation simply failed to pay some bills so his Ohio home (as collaterol) was foreclosed upon via judicial proceedings (which is not bankruptcy, though it is a sign of potential insolvency though it is just as possible that a business decision was made that the "real" value of the home as compared to the debt may not have made it worth redeeming). It looks like they got the home through some sort of personal guarantee which made that specific asset liable for corporate debts.

If bankruptcy, there are 3 common types: that which is designed to discharge the individual debtor (chapter 7 where a debtor's non-exempt assests are liquidated and paid over to creditors in order of priority), reorganization of a corporate entity (chapter 11 which basically allows a corporate entity to reorganize/renegotiate debts so as to become a viable entity again) or reorganization of the in individual (chapter 13, similar to a chapter 11 but for people). I have no idea as to what property Ohio considers exempt (a creditor cannot take), so if a chapter 7 (which I doubt for income and other reasons), I haven't a clue as to how bad off Brad really is.

I suspect, which is pure speculation as I don't have access to the files, that Brad's personal (as opposed to that of a corporation which he owns) exposure is not as bad as has been made out. I have to believe he consulted with lawyers and financial planners before putting together his multi-million dollar project. This means a corporate entity should have been formed to hold the school and should be the principal debtor. Brad's personal liability (therefore his wages) would be limited to the extent he signed personal guarantees. With sound advice, and considering the value of the school's land and building (inflated as a result of the then real estate bubble), he hopefully did not give out too many of those. With luck and good planning, the corporation may go belly up (and the assets held in it lost) or reorganize (which he seems to want to do, based on the article), but Brad's personal assets and wages would not be responsible for the corporate debt. With bad planning, or simple good heartedness/soft headedness, he may have signed a lot of personal guarantees or did not place the school into a corporate entity, and there might be a lot of personal exposure (as offset by the value of the collaterol). But I hope his agent got him to a decent attorney before the original deal was put in place or Lerner (who would know a lot about the mechanics and legalities of these transactions) is getting him to a good lawyer since things went bust.

[CaliRoverNYC]

Well, it wasn't my prime concern but yes, we get a small cut too. I've got one ordered, I'll let you know if it's any good.

Its a good read and probably an even better read for someone from the UK. my biggest gripe was that he clearly wrote the book for the UK crowd. It got pretty annoying when he thought he had to explain the entire American University sports system. That said I understand that it made more sense to write it and market it in this way.

The stories from Galatasaray and the US olympic qualifying are worth the price by them selves.