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  1. #16

    Re: Ravens to Garnish Half of Mckinnie's Net Wages



    Can someone please confirm, so it's bad to take out a $4.5 million loan when you have zero income? Thanks for clearing this up.




  2. #17
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by 2gigch1 View Post
    Bankruptcy isn't what it used to be. A judge would look right through any attempts to 'game' the system and make his life hell, and I am sure his lawyer has told him that. He is making good coin now, and his best option is to man up and work it off.
    IANAL, but you got me thinking with this post. Three questions:

    1. While I understand that bankruptcy is a Federal legal matter, there certainly have to be differences in how Federal Circuits are disposed to debtors, not to mention state and local legal issues that can affect McKinnie.

    For any bolder souls on this board, is the above true?

    2. In this case, some teams, in effect, are subsidized by their local legislatures and Federal bench, because they can offer Bryant a more financially hospitable environment. Which ones? Does it even matter, or is it still possible to maintain residency in one state while being able to go about one's business at The Castle?

    [side question - could McKinnie's recent antics be tied to establishing 180 days residency in a state for precisely the reasons speculated on above?]

    3. How can the Ravens leverage this knowledge to extract maximum value for McKinnie via a trade and sign, if, in fact, he wants to move?

    Sorry about vectoring off on a tangent, but you don't often have bankruptcy law arbitrage encroaching into a discussion of our OL.

    BS




  3. #18
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    My question to motivation would be....How much is his lifestyle at risk?
    And not just talking about recreation, opening up... how many cars does he have? Houses/condos?
    If he walks, does the hammer fall on extraneous possessions? That ought to keep him on a short leash at least until his contract here is over.

    And AFAIK his salary doesn't begin until 53 roster week one, so there is motivation at least through camp/preseason, after that I share GOTA's concern, he is getting benefit from the money he is making, but isn't seeing it so we wonder....
    To understand paranoid people better, follow them around.




  4. #19
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    T-N-B--
    Obviously BM is getting taken for a ride, and should have talked with these guys...




  5. #20

    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    So let me get this straight. You can go out and borrow $4.5 Million and ONLY have to pay back $1.6 Million. Can anyone tell me where I can get one of those loans.




  6. #21
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by rharris1986 View Post
    So let me get this straight. You can go out and borrow $4.5 Million and ONLY have to pay back $1.6 Million. Can anyone tell me where I can get one of those loans.
    That's just for this year based on this contract. Next year it could still be half of whatever gets. It depends on the courts.
    He Who Dares.....Wins




  7. #22
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    r-1986--

    It's possible that he didn't borrow as much as $4.5M, since everything I've seen suggests that he "owed" 4.5, but I agree with your sentiment. For one of those loans, check the link in my previous post!




  8. #23
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by TurtlesNBirds View Post
    Can someone please confirm, so it's bad to take out a $4.5 million loan when you have zero income? Thanks for clearing this up.
    and what in the world did he spend it on in one offseason? Can you imagine blowing through over $4M?
    World Domination 3 Points at a Time!




  9. #24
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by Ravenswintitle View Post
    and what in the world did he spend it on in one offseason? Can you imagine blowing through over $4M?
    A ton of pro athletes seem to do that. There are NBA players who blow through $100 million. It's a lifestyle that we just can't imagine.
    He Who Dares.....Wins




  10. #25

    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by Ravenswintitle View Post
    and what in the world did he spend it on in one offseason? Can you imagine blowing through over $4M?
    I'd at least like to have something to show for it, you actually have to TRY to blow that kind of money in such a short period. Maybe he funded the sequel to the '05 Minnesota Vikings Boat Cruise scandal.




  11. #26
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by GOTA View Post
    That's just for this year based on this contract. Next year it could still be half of whatever gets. It depends on the courts.
    How much is half of ZERO? ... Bc




  12. #27
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by rharris1986 View Post
    Can anyone tell me where I can get one of those loans.
    I think he OWES 4.5.

    But beware. You best not be late on even ONE payment!!!




  13. #28
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Judge: "I hereby order garnish of one-half of Mr. McKinnie's salary."

    McKinnie (a la Homer Simpson): "Mmmmmm ...garnish...."

    Judge: "That means half of your money will be automatically taken to pay toward your debt!"

    McKinnie: "D'oh!"




  14. #29
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Can anyone tell me why a #1 draft pick (7th overall in 2002), and has already played 10 years in the NFL as a starting LT, needs a lockout loan or can go broke?
    I guess there must be some explanation of a young man, who has made million$, can't control his spending habits. So many Americans have lost their jos and homes due to the financial crisis/economy, so I do not have any sympathy whatsoever for McKinnie's misfortunes. He's brought this upon himself... Bc




  15. #30
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    Re: Ravens to Garnish Half of Mckinnie's Net Wages

    Quote Originally Posted by trailhiker85 View Post
    Judge: "I hereby order garnish of one-half of Mr. McKinnie's salary."

    McKinnie (a la Homer Simpson): "Mmmmmm ...garnish...."

    Judge: "That means half of your money will be automatically taken to pay toward your debt!"

    McKinnie: "D'oh!"
    sadly that's probably closer to the truth and we'd like to think...
    World Domination 3 Points at a Time!




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