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The Honolulu Advertiser
Posted on: Saturday, January 9, 2010

NFL: Ex-quarterback Kosar's assets to be sold off

Advertiser Staff

FORT LAUDERDALE, Fla. Former NFL and Miami Hurricanes star quarterback Bernie Kosar will have his assets sold off.

Court papers show that U.S. Bankruptcy Judge Raymond B. Ray in Fort Lauderdale changed Kosar's bankruptcy case to a liquidation, or Chapter 7.

The order, issued Wednesday, says a court-appointed trustee will sell Kosar's assets and distribute the proceeds to his creditors.

Kosar listed $9.2 million in assets and $18.9 million in debt in court documents filed Sept. 23. He had filed for bankruptcy protection in June.

His initial filing said he owed $1.5 million to the Cleveland Browns, the team he played for from 1985 to 1993. He also owed $3 million to his ex-wife and more than $9 million to a bank for bad real estate deals. He also needed to repay a personal loan of $725,000 from the owner of the Cleveland Gladiators, an Arena Football League team.

The 46-year-old Kosar divorced in 2007 and last year saw his steakhouse go out of business.

Kosar, who also played for Dallas and Miami, retired from the NFL in 1996.

Kosar was a fan favorite as the University of Miami quarterback from 1983 to 1984, leading the Hurricanes to a national championship as a freshman, beating Nebraska in the Orange Bowl. The Browns got him in a supplemental draft after he graduated early with a dual degree in finance and economics.

Kosar threw 124 touchdown passes in his 11-season NFL career, with 87 interceptions. He was a sports icon in Cleveland.