Kosar's assets to be 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 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.
Copyright 2010 by The Associated Press
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