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Football coach to settle investment losses through Chapter 13

Tennessee readers considering debt reorganization or bankruptcy might be interested to learn about a recent Chapter 13 bankruptcy case involving the well-known former college football coach, Jim Donnan

Donnan coached football at the University of Georgia in the late 1990s, and later began working at the cable television network ESPN as a network football analyst. He has since fallen into a difficult financial stretch.

The Chapter 13 proceedings for the former coach have been quite difficult. Creditors claim that the former coach owes nearly $40 million in investments and anticipated returns due to his prominent role in an unsuccessful company.. According to reports, creditors will be allowed to file claims against the coach for lost investments, but they will likely only receive a fraction of their claims.

According to some of the investors in the company, the company involved in the case was little more than a Ponzi scheme where early investors received as much as 50 to 70 percent annually, while later investors lost everything, including their initial investment. The company is now filing for bankruptcy itself. A judge has approved a repayment plan for the investment company, which has ended months of litigation.

As a part of the deal, a court appointed trustee will liquidate the coach's assets. While some of the coach's assets are exempt from liquidation, a good share are not excluded. Understanding what assets are exempt from bankruptcy filings, and which are not, is important when moving forward with debt relief. An experienced bankruptcy professional can assist with identifying exempt and non-exempt assets, so you can focus on working out of debt and into a comfortable financial situation.

Source: Athens Banner-Herald, "Judge Approves Donnan bankruptcy plan," Lee Shearer, July 19, 2012

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