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Username Post: Mike Matheny's Financial Ruin        (Topic#538390)
Badlands92
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01-20-13 10:59 AM - Post#1500481    



I don't want to knock a guy when he's down, and Matheny has always seemed like a decent guy, but this is another example of an athlete/celebrity trully mismanaging money.

Matheny could lose entire net worth

Shortly after being named manager of the St. Louis Cardinals in November 2011, the St. Louis Post-Dispatch reported on Mike Matheny’s financial and legal troubles that ended up costing his family their dream house and forced them to move in with his in-laws.

Now comes word that Matheny, who took his legal battle against Business Bank of St. Louis to the Supreme Court of Missouri in hopes of getting out from under the debts he still owed, has lost his case, and could end up paying back millions, and potentially his entire net worth, as a result.

From the St. Louis Post-Dispatch:

Circuit Court Judge Tom DePriest ruled that neither the country’s economic downturn nor the decision by The Business Bank of St. Louis to stop loaning money to Matheny and his wife relieved them of their obligations to repay the loans.

Court records say Matheny’s partnership still owes at least $4.4 million.

The group had initially sought to develop a stretch near Boone’s Crossing, across Highway 40 from the bustling Chesterfield Commons strip mall.

After the market crashed in 2008, Matheny said Friday, he worked full time for a year to try to develop or sell the lots, with no luck.

“We kept telling ourselves, ‘We’ve got a couple years. A lot can happen in a couple years,’ ” Matheny said Friday from his office at Busch Stadium. “And it was just amazing how quickly those years went.”


At the time of foreclosure, it’s reported that Matheny and business partner Brett Phillips, a former indoor soccer player in St. Louis, owed the bank in excess of $10 million in interest and expenses, but the original Post-Dispatch report notes that total was more than cut in half by the selling of assets, including Matheny’s home to a private investment company for $1.9 million.

Of course there's a lot more detail involved on this story. Read both the entire original Post-Dispatch article from 14 months ago and the detailed article on the court ruling Friday to get a better understanding of the circumstances and timeline that left Matheny and his family in the position they’re currently in.

The upside here is that Matheny seems to be entrenched as the Cardinals' skipper, which should help his family land on its feet regardless of the outcome. But hopefully a few lessons will be learned — by them and by all of us — when it comes to taking financial risks that affect our families.
I expect to play every day. That's our job. You go out there every day and contribute in some way.

- Jason Kendall, May 5, 2010


 
unclepooch
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01-20-13 12:20 PM - Post#1500514    


    In response to Badlands92

i trully agree.
piss in your head


 
Cotton
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01-20-13 12:38 PM - Post#1500523    


    In response to unclepooch

I will never understand how someone makes millions over a long time (not just a lottery winner that can blow through it quickly because they never had it before) can go broke. It's fucking staggering. The NBA stories are the worst. Guys making over $100 million are broke. WTF?
"No man in the wrong can stand up against a fellow that's in the right an keeps on a-comin."
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Canucko29
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01-20-13 01:30 PM - Post#1500555    


    In response to Cotton

It looks like he tried to invest in some undeveloped commercial real estate and got owned. Wonder what those properties are worth now.
-Sedin Playoff Series Wins: 6
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taz
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01-20-13 01:38 PM - Post#1500562    


    In response to Cotton

  • Cotton Said:
I will never understand how someone makes millions over a long time (not just a lottery winner that can blow through it quickly because they never had it before) can go broke. It's fucking staggering. The NBA stories are the worst. Guys making over $100 million are broke. WTF?



That'll happen when they are rolling with roughly 7th grade educations...
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stockfan
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01-23-13 09:27 AM - Post#1501917    


    In response to taz

Cocaine is a hell of a drug.
Ineptocracy— a system of government where the least capable to lead are elected by the least capable of producing.


 
Badlands92
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01-24-13 11:34 AM - Post#1502360    


    In response to stockfan

Is that true for Matheny, stock? As a player or do we have a second Ron Washington on our hands?
I expect to play every day. That's our job. You go out there every day and contribute in some way.

- Jason Kendall, May 5, 2010


 
Spike
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01-24-13 04:20 PM - Post#1502429    


    In response to Badlands92

this is one of the reasons why he tried like mad to come back after the concussions. He left 5 million or so on the table.
I see orange people.


 
stockfan
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01-24-13 08:29 PM - Post#1502517    


    In response to Badlands92

  • Badlands92 Said:
Is that true for Matheny, stock? As a player or do we have a second Ron Washington on our hands?




lol no not that I've ever heard. From what I read his problems have mostly to do with poor real estate investments.
Ineptocracy— a system of government where the least capable to lead are elected by the least capable of producing.


 
tmc
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01-24-13 10:15 PM - Post#1502557    


    In response to stockfan

Making over 18 million in his career you figure he could stash away at least a million for a rainy day.


 
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