Learning From the LA Dodgers Bankruptcy Suit
We all know now about the drama surrounding the LA Dodgers and their owners who were embroiled in a nasty divorce and who recently filed for bankruptcy. As a Dodgers fan the last couple of years have been rough. However, there are some definite lessons we can all learn from the unfortunate situation of the dodgers. Indeed, the Dodgers situation could be called a “what not to do,” when it comes to personal finances and personal bankruptcy filing in Utah. Avoid these mistakes and could avoid a lot of financial troubles.
Avoid Living Off Future Earnings
Probably the greatest reason why the Dodgers were forced into bankruptcy was due to the fact that their owner Frank McCourt had leveraged the team’s value with an unsigned contract with the FOX media outlet for broadcasting future games. The owner and the team were living beyond their means believing a contract with FOX was inevitable. This was a gamble however and when the deal didn’t go through exactly when planned, things started to unravel. Eventually FOX and the Dodgers deal did go through, however, the short delay turned out to be the straw that broke the camel’s back. the lesson to be learned here is that we all have to live within our actual present means, none of know what the future holds financially. In fact, going one step further and saving for a rainy day is the wise course.
Spending Other People’s Money
Frank McCourt not only leveraged future earnings, he also used team funds to the tune of 180 million dollars for personal expenses. This turned out to be the primary reason why the MLB turned on the Dodgers and forced them to bankruptcy and ultimately to lose the team to new ownership. Here the lesson is clear; creditors will come calling if you are living on borrowed money.
The Bounce Back
The good news for the Dodger is that they are an incredibly valuable asset. They are already bouncing back and because their fan base is so large, they are renewing broadcasting contracts and should ultimately bounce back from their recent turmoil. Just like the Dodgers, following a bankruptcy you can bounce right back and move forward doing bigger and better things. Your are the best asset for your family and the return of your financial success. The lesson to be learned here is simply that you should not count yourself out. After you file for bankruptcy in Utah, you will bounce back.
801.413.1753 – Salt Lake City Bankruptcy Lawyer
Don’t hesitate, call and speak to a Salt Lake City bankruptcy lawyer in our office today. We look forward to representing you and taking through the process of getting back on your feat. Call us now. We offer free consultations in our office and over the phone. we offer competitive rates and our experience and client satisfaction speaks for itself.