Wednesday, May 9, 2012

Former local football star flounders financially - San Antonio Business Journal:

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million judgment from the latest ofhis Kosar, of Weston, and related companieas also lost foreclosure judgments on multifamily propertiesx in the Tampa area, and face a pendinvg foreclosure lawsuit against a third. His Bernie Kosar’s Steakhouse was evicted from its South Miamji spacein November. Many South Florida and Clevelande sports fans remember Kosar for his stellare success onthe field. He led UM to its firsft football national championship in then played 12 seasons inthe NFL, mostlyu with the . Kosar, now 45, playedf his final season with thein 1996.
The UM trustee is a minorityt owner of boththe NHL’s and the , an team that sat out the past seaso along with the rest of the league. The (Cleveland) Plain Dealer reportedf that the Gladiatorslost $2 milliom to $2.5 million in the inaugurall 2008 season, during whicnh Kosar was team president and guided the team to the Meanwhile, the Panthers have discussed merging the team with a New York Street & Smith’s SportsBusiness Journal has reported. It appearx Kosar could use some money to paymountiny judgments. In April, National City Bank won a $4.2 milliob judgment against Kosar andBJK LLC.
It was based on the remaininf delinquent amount of a promissory note that was increasedto $12 millionm in 2005, with Kosar as a personal guarantor. The lawsuitt does not say what BJK and Kosarr used themoney for, but it said he defaultedx on the note in June 2008. Kosar’s attorney, Davix Lister of Weston, did not return repeatedr callsseeking comment. West Palm Beach-based attorney Michael T. who represents National City Bank, also did not returm several calls. Kosar’s attempt at running some multifamily propertieson Florida’se Gulf Coast did not work out too well, either. Kosard and his Boardwalk LLC on May 11 losta $2.
9 millionj foreclosure judgment to Florida Bank in Pinellass County Circuit Court. The 36-unit buildinbg was scheduled for public sale onJune 16. In April, Kosar and his Oakmon t LLC losta $3.3 million foreclosure judgment to Florida Bank in Hillsborougb County Circuit County over a Tamps apartment building. The bank has anothe foreclosure lawsuit pending in Pinellas Countty against Kosar and hisPCV LLC. Kosarf also faces significant tax problems, includiny $59,881 in unpaid property taxes on his Westonn home and acombined $93,647 in federal tax lienz against him over his personal income taxes, includingg some years filed jointly with ex-wife Babettew Kosar.
However, Kosar did fully pay a separatw $228,806 federal tax lien placed on him inJuly 2008. When The Plaijn Dealer questioned Kosar about those previously unpaid taxes in August, Kosar said some bills were lost in the shuffle during his divorce. “Divorce is difficultg enough asit is, especially for someone who wasn’gt really looking to do that,” he told the “So, who owes what and all of that become s hard, but whatever I owe, obviously I would Kosar’s home, at 2940 Paddock Road, is currentlg listed online for sale for $3.5 million. It was purchaserd for almost the same amounin 2006.

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