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    Duerson Had Filed For Personal Bankruptcy

    February 22, 2011

    Former Chicago Bears safety Dave Duerson, who killed himself Thursday in Sunny Isles Beach, Fla., had filed for personal bankruptcy last September, still listing as an asset a $34.6 million federal court judgment his food company had won in 2004.

    Without that cash, Duerson, whose NFL career ended in 1994, was weighed down by liabilities of $14.7 million, mostly related to his food company which was forced into receivership in 2006.

    In December, his ex-wife, Alicia Duerson, said he still owed her $70,000 and claimed he was concealing certain assets, including his two Super Bowl rings and a large bronze trophy for being named the Walter Payton Man of the Year in 1987. His list of assets didn't include those items.

    The $34.6 million represented a 2004 judgment his former company, Duerson Foods LLC, had won but never collected against a company that filed for bankruptcy in April 2005. In 2007, Duerson told the Tribune he still was hopeful of collecting the judgment.

    "I've got $34.592 million reasons to be positive'' he said.

    His bankruptcy filing said, "Debtor's ex-wife is entitled to 30 percent to 50 percent of judgment if collected.''

    Explaining why the Super Bowl rings and trophy might not have been listed as assets, Duerson's lawyer, Zach Shelomith, said he understood their ownership had been transferred several years ago to the Dave Duerson Foundation and that the mementos would be displayed in a sports Hall of Fame in Indiana or Illinois.

    Shelomith, of Fort Lauderdale, Fla., said his client was working out the dispute with his ex-wife.

    Alicia Duerson's lawyer, David Langley, declined comment.

    Duerson's other listed assets included $846 in a checking account and a 2002 Cadillac Escalade with 140,000 miles, valued at $5,750.

    In 2007, Duerson acknowledged his financial troubles to the Tribune. At the time a foreclosure action had been initiated against his Highland Park home, which he had mortgaged to prop up his food company. His company had been forced into receivership in 2006.

    In April 2004, Duerson sued a freezer supplier that he believed had caused major problems for his company and himself. Later that year a U.S. district court in eastern Wisconsin ruled in Duerson's favor, saying the company owed him $34 million in damages.

    Shelomith said "things were looking good for his bankruptcy case. He seemed extremely upbeat. I see clients with financial problems all the time who are in a lot worse shape than him. When I saw the news on TV, I was shocked."

    In one October filing, Duerson said he was trying to end a $379-a-month storage lease in Morton Grove where he had stashed a Chippendale desk purchased new in 1998; a remote-control "high-rise bar;" a dismantled 1987 Brunswick pool table; four black metal bar stools; and two black directors' chairs.

    "I can't begin to put a value to this stuff as it has been impossible to sell any of it and even difficult to give the stuff away!" Duerson said in a memo filed with the court. And "no one wants to pick it up to sell."

    He also said he had his sons' two trumpets from when they were in grade school.

    "They are now 25 and 26 years old," Duerson noted in the memo. "At any rate, they can have everything in storage as I need to eliminate that $375-$400 a month ASAP! Thank you! DRD."

    Filed BK 7 Pro Se: August 2010 341 Meeting: September 2010
    November 2010
    Closed: January 2011!!!

    #2
    Originally posted by BankruptinNJ View Post
    February 22, 2011

    Former Chicago Bears safety Dave Duerson, who killed himself Thursday in Sunny Isles Beach, Fla., had filed for personal bankruptcy last September, still listing as an asset a $34.6 million federal court judgment his food company had won in 2004.

    Without that cash, Duerson, whose NFL career ended in 1994, was weighed down by liabilities of $14.7 million, mostly related to his food company which was forced into receivership in 2006.

    In December, his ex-wife, Alicia Duerson, said he still owed her $70,000 and claimed he was concealing certain assets, including his two Super Bowl rings and a large bronze trophy for being named the Walter Payton Man of the Year in 1987. His list of assets didn't include those items.

    The $34.6 million represented a 2004 judgment his former company, Duerson Foods LLC, had won but never collected against a company that filed for bankruptcy in April 2005. In 2007, Duerson told the Tribune he still was hopeful of collecting the judgment.

    "I've got $34.592 million reasons to be positive'' he said.

    His bankruptcy filing said, "Debtor's ex-wife is entitled to 30 percent to 50 percent of judgment if collected.''

    Explaining why the Super Bowl rings and trophy might not have been listed as assets, Duerson's lawyer, Zach Shelomith, said he understood their ownership had been transferred several years ago to the Dave Duerson Foundation and that the mementos would be displayed in a sports Hall of Fame in Indiana or Illinois.

    Shelomith, of Fort Lauderdale, Fla., said his client was working out the dispute with his ex-wife.

    Alicia Duerson's lawyer, David Langley, declined comment.

    Duerson's other listed assets included $846 in a checking account and a 2002 Cadillac Escalade with 140,000 miles, valued at $5,750.

    In 2007, Duerson acknowledged his financial troubles to the Tribune. At the time a foreclosure action had been initiated against his Highland Park home, which he had mortgaged to prop up his food company. His company had been forced into receivership in 2006.

    In April 2004, Duerson sued a freezer supplier that he believed had caused major problems for his company and himself. Later that year a U.S. district court in eastern Wisconsin ruled in Duerson's favor, saying the company owed him $34 million in damages.

    Shelomith said "things were looking good for his bankruptcy case. He seemed extremely upbeat. I see clients with financial problems all the time who are in a lot worse shape than him. When I saw the news on TV, I was shocked."

    In one October filing, Duerson said he was trying to end a $379-a-month storage lease in Morton Grove where he had stashed a Chippendale desk purchased new in 1998; a remote-control "high-rise bar;" a dismantled 1987 Brunswick pool table; four black metal bar stools; and two black directors' chairs.

    "I can't begin to put a value to this stuff as it has been impossible to sell any of it and even difficult to give the stuff away!" Duerson said in a memo filed with the court. And "no one wants to pick it up to sell."

    He also said he had his sons' two trumpets from when they were in grade school.

    "They are now 25 and 26 years old," Duerson noted in the memo. "At any rate, they can have everything in storage as I need to eliminate that $375-$400 a month ASAP! Thank you! DRD."

    http://www.chicagotribune.com/news/c...tory?track=rss
    what a terrible tragedy.

    stories like this remind me to keep life simple, to stay away from rats and keep company with good people.

    Most importantly, to control my money and not to let my money control me.

    We don't have all the facts on this, but it seems like the guy had a lot going for him, and just got over his head (ego, whatever).

    And that is the goal of the evil forces in this world, to destroy us. Fight back with truth and knowledge and don't be a sucker in this life for get rich schemes and liars that want you to think that you are not good enough and that you need to do this, or have that to be accepted.

    Rest in Peace.

    Comment


      #3
      Originally posted by espo1357 View Post
      what a terrible tragedy.

      stories like this remind me to keep life simple, to stay away from rats and keep company with good people.

      Most importantly, to control my money and not to let my money control me.

      We don't have all the facts on this, but it seems like the guy had a lot going for him, and just got over his head (ego, whatever).

      And that is the goal of the evil forces in this world, to destroy us. Fight back with truth and knowledge and don't be a sucker in this life for get rich schemes and liars that want you to think that you are not good enough and that you need to do this, or have that to be accepted.

      Rest in Peace.
      I strongly agree. What we were worth on paper in 2000 was 10 mil. Since circumstances took us to next to nothing, we have never been happier. We were fortunate in that our house was paid for and in FL cannot be taken. But, we live off my SS and cannot just write a check for anything we "think" we need. The total freedom and the change of values is far above what money can buy. We appreciate more and more what little we have and it now feels bigger than ever as we owe no thing to any person or entity (but God).

      Living on both sides of the bk, I would not change a thing that has brought us to our current life. It is far more rewarding and we both are having more fun. Love in God to all. Suicide is a permanent solution to a temporary problem. It is a cowards way out. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


        #4
        I heard on the news today that there my be a physical reason for the depression Mr. Duerson suffered from due to all the concussions he received while playing football. According to the segment, Dave knew there was something physically wrong with his brain, which is why he donated it for medical research.

        His financial troubles may or may not have been the reason for his suicide. I'm sure they played a part in it. I find it interesting that the company who owes him that $34MM has not been publicly named.
        Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
        New Job 7-2011

        Comment


          #5
          Most are *junk* stuffs....

          Comment


            #6
            Hub-I have to call you on your comment that suicide is a cowardly way out. I suppose if the person is 100% sane and thinking logically you may be right. But I find it hard to believe that 100% sane people commit the act. I guess we never know for sure but to make a carte blanche statement like that seems to me to be a bit, if not, a lot callous. To me its better to give the deceased the benefit of the doubt and feel sympathy for them.

            Comment


              #7
              Originally posted by daylate View Post
              Hub-I have to call you on your comment that suicide is a cowardly way out. I suppose if the person is 100% sane and thinking logically you may be right. But I find it hard to believe that 100% sane people commit the act. I guess we never know for sure but to make a carte blanche statement like that seems to me to be a bit, if not, a lot callous. To me its better to give the deceased the benefit of the doubt and feel sympathy for them.
              Tough call on that. Hub is a legend here, but when people get desperate, and don't know their options or have an ego or see things the wrong way, then they may think they have no choice but kill themselves.

              We all have the choice to believe the truth or believe the lies.

              Comment


                #8
                Wasn't attacking the person. Just the comment. I truly appreciate all that Hub and others have contributed to the board.

                Comment


                  #9
                  It'll be interesting to see if Duerson had brain damage. There's an article about his suicide in the NY Times. I copied this from it:

                  "To this point, the roughly 20 N.F.L. veterans found to have chronic traumatic encephalopathy — several of whom committed suicide — died unaware of the disease clawing at their brains, how the protein deposits and damaged neurons contributed to their condition.

                  Duerson, 50, was the first player to die after implying that brain trauma experienced on the football field would be partly responsible for his death."


                  Full article here: http://www.nytimes.com/2011/02/21/sp...21duerson.html
                  There are two secrets for success in life:
                  1.) Never tell everything you know.

                  Comment


                    #10
                    Thanks Debee for the post. Financial problems can cause depression, divorce, and confusion and a host of other negative feelings. But as former NFL player there are many layers to this sad story. My heart and prayers are with his family.

                    Comment


                      #11
                      what a tragedy i hope they will get over this loss soon

                      Comment


                        #12
                        this is such a horrible tragedy. Just makes me very sad. Reminds me that we shouldn't judge unless we have walked a mile.....

                        Comment


                          #13
                          There have been 3 suicides in my family and it wasn't until my son was diagnosed as bipolar and I started looking into mental illness that I realized they all probably suffered from undiagnosed mental illness. Since it is controlled with medication, if it is undiagnosed there is nothing to help them. One of those "Wish I knew then what I know now" moments. But, if he hadn't been diagnosed - after he attempted taking his life, I would never have guessed why my sister and 2 nephews chose that path. I'll never know for sure, but I think it would be a very good guess.

                          Comment

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