Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.







Search
Reply
 
Thread Tools
Old January 19th, 2010, 08:42 PM   #1
Shotgun
I only wheel comps.
 
Shotgun's Avatar
 
Join Date: 12-06-06
Location: Howard City
Posts: 26,406
iTrader: (6)
Mentioned: 6 Post(s)
Default Luther Elliss is a broke retired football player.

This is sad........
http://www.mlive.com/news/detroit/in...man_luthe.html

Ex-Detroit Lions lineman Luther Elliss files for bankruptcy, citing 'bad choices'
By The Associated Press
January 19, 2010, 10:34AM

Retired Detroit Lions defensive lineman Luther Elliss is preparing to abandon his million-dollar suburban Detroit home, the latest in a financial collapse that has forced him to file bankruptcy amid a string of failed investments and debt.

Elliss, 36, who was paid almost $11.6 million from 2000-04, is relying on area churches and friends to pay bills, his savings depleted. He lost one home in Utah to foreclosure and the married father of 11 plans on walking away from his Oakland Township home due to lack of income and high mortgage payments.

"We can't afford it," Elliss told The Detroit News for a story published Tuesday.

The financial problems hit one of the Lions' most popular players in recent years, a first-round draft pick who clicked with fans due to his exuberant Pro Bowl-caliber play and willingness to donate time and money to area charities.

Elliss said he hopes his financial problems serve as a cautionary tale for others, especially athletes who are faced with sudden riches.

"The Lions did a good job, they put on financial programs that we had to attend talking about investing and saving money, gave statistics on how many of us would be broke," Elliss said. "Guys were saying, 'It's not going to be me, I'm too smart for that.' And here I am, one of those guys."

Elliss is the most recent Detroit athlete to run into financial problems, a roster that includes retired NBA star Derrick Coleman, former Detroit Red Wings stars Sergei Fedorov and Darren McCarty, and Pittsburgh Steelers quarterback and former Detroit Lion Charlie Batch.

"My faith has helped carry us through this," Elliss said. "If my story can help change somebody's destiny or future, I pray that it does."

Elliss and his wife filed Chapter 7 bankruptcy in June, one month after the U.S. Bank National Association won a $524,058 civil judgment against them tied to the Utah foreclosure.

"That was the tipping point," Elliss said.

The couple listed $1.38 million in assets and $4.4 million in liabilities including more than $37,500 in delinquent state and local taxes.

The filing came 14 years after the Lions picked Elliss in the first round of the 1995 draft. He reached the Pro Bowl in 1999 and 2000 before being released in March 2004. He retired after playing one season with the Denver Broncos.

Elliss invested in several business ventures in retirement, including a manufacturing company called Trinity Armor, which closed a year ago. When they filed bankruptcy, Elliss was working for a Southfield insurance company, netting $1,799 a month.

Among their assets: a $347,410 NFL pension, a $198,000 annuity retirement plan, a $2,800 woman's Rolex watch, and a 2003 GMC Savana with 122,000 miles on it, according to bankruptcy court records.

The couple's liabilities were mostly mortgage debt on their home and an office building in Harper Woods, according to bankruptcy records.'

They took out a $1.6 million mortgage on the Oakland Township home, but estimate a sale would fetch only $800,000 given current market conditions, according to bankruptcy court records.

The couple also owes $27,027 in delinquent taxes from 2007, according to the Oakland County Treasurer's Office.

The couple also owed thousands in credit card charges, legal fees and tuition at a Christian school.

The bankruptcy case was discharged last month.

Professional athletes are inundated with investment pitches by friends and strangers, said Rob Konrad, a retired NFL fullback who runs a wealth management firm in Florida. Combine that pressure with a lack of financial discipline and exorbitant salaries can disappear.

"I've been around some guys who live fast, take chances and that's why they're great athletes, but they handle their money the same way," said Konrad, who played from 1999-2004 with the Miami Dolphins, speaking in general and not about Elliss.

Elliss attributed his collapse to failed investments, ignoring financial advice, greed and overspending.

He invested in real estate and Internet companies, and owned expensive homes in Michigan and Utah.

When the business ventures failed, he was left paying the debt because he had personally guaranteed the loans. Those expenses drained his savings.

"I was selfish," he said. "I made bad choices ...

"(The bankruptcy) wasn't anything to do with drugs, gambling, alcohol, women or anything else."

Elliss spent money and invested in companies despite his wife's and adviser's objections.

"I was determined to show God, show my wife, that I knew what I was doing," Elliss said. "I thought if I made more money, I could give more."

Instead, he has sought aid from the community, area churches including Kensington Church in Troy and friends.

"They have stepped in big time to help us, bringing food, helping with different bills," he said. "It's humbling."

Elliss is unsure how he will support his wife, five biological children and six adopted children, or where he might live. He also might start selling insurance again and is mulling other job opportunities beyond the occasional speaking engagement and personal appearance.

The job search is more difficult because he is five classes and an internship short of a college degree.

"If you've ever met a man who does all the right stuff Christians say they do, it's Luther and his wife," lawyer Darryl Chimko said. "If you walked up to his house and needed $5, he'd give it to you and then find a way to feed his family."

Elliss is interested in coaching the pros or college, but college jobs require a degree, he said.

"I have 11 beautiful children and a wife to take care of," he said. "Right now, we're struggling."
Shotgun is offline   Reply With Quote
Old January 19th, 2010, 09:01 PM   #2
pizzaman
Senior Member
 
pizzaman's Avatar
 
Join Date: 11-05-05
Location: Independence Twsp, North Oakland County
Posts: 930
iTrader: (3)
Mentioned: 0 Post(s)
Default

I used to do alot catering for Luther back when he played for the Lions and he frequently bounced checks, but took care of it. I always found that unsual but coninued to do business with him and his family. His house is beautiful as well as his wife. He's a real nice guy and hope things work out for him.
pizzaman is offline   Reply With Quote
Old January 19th, 2010, 09:12 PM   #3
disorder xj
Happy,happy,joy,joy
 
Join Date: 08-13-06
Location: Mio MI.
Posts: 2,899
iTrader: (0)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by pizzaman View Post
I used to do alot catering for Luther back when he played for the Lions and he frequently bounced checks, but took care of it. I always found that unsual but coninued to do business with him and his family. His house is beautiful as well as his wife. He's a real nice guy and hope things work out for him.
I did some work for luther back in the day . When we were there he had landscapers that worked on his house full time.

Sucks to see He spent all his money.
disorder xj is offline   Reply With Quote
Old January 20th, 2010, 05:59 AM   #4
mtnbikinbryno
Senior Member
 
mtnbikinbryno's Avatar
 
Join Date: 11-08-05
Location: TC
Posts: 5,209
iTrader: (3)
Mentioned: 0 Post(s)
Send a message via AIM to mtnbikinbryno
Default

Oh boo f*cking hoo. Sorry you were too big of an idiot to hire a financial adviser. Sorry you only made 11 million in the early part of the decade.
mtnbikinbryno is offline   Reply With Quote
Old January 20th, 2010, 06:03 AM   #5
MusKegon_ZJ_gurl
Senior Member
 
MusKegon_ZJ_gurl's Avatar
 
Join Date: 05-10-08
Location: 49442
Posts: 15,986
iTrader: (6)
Mentioned: 5 Post(s)
Default

how the fu%k does someone blow through 11 million dollars like that?















must be a Obama supporter.
__________________
Associate Membership Secretary/Membership Secretary
Great Lakes Four Wheel Drive Association
Support The Sport!

We must all go through a rite of passage and it must be physical, it must be painful, and it must leave a mark.
MusKegon_ZJ_gurl is online now   Reply With Quote
Old January 20th, 2010, 06:56 AM   #6
PVA DAVE
Senior Member
 
PVA DAVE's Avatar
 
Join Date: 02-28-07
Location: Beulah
Posts: 349
iTrader: (7)
Mentioned: 0 Post(s)
Default

Welcome to the real world.........
PVA DAVE is offline   Reply With Quote
Old January 20th, 2010, 07:17 AM   #7
RockyMtnMike
Senior Member
 
RockyMtnMike's Avatar
 
Join Date: 02-14-06
Location: Brownstown
Posts: 1,318
iTrader: (6)
Mentioned: 0 Post(s)
Default

It happens to a lot of rich people. Everyone seems to think just because they make millions that they are set but in all reality most of them are in no better shape than the average Joe's (they just have more toys to play with while they have it). I'm sorry but I have a hard time feeling bad for someone that felt they needed to buy a 1.6 million dollar home. I know they have 11 kids but couldn't they have built a nice home that would have suited their needs for about a million less? As a Christian myself I look at it this way, God gave him the talent to make it and do very well for his family. He was and still is a very giving person but he lost sight of what God's plan was for him. Hopefully this will humble him and make him rethink his priorities.
RockyMtnMike is offline   Reply With Quote
Old January 20th, 2010, 07:27 AM   #8
SweetLeah
<3's Ridin' Dirty
 
SweetLeah's Avatar
 
Join Date: 10-15-07
Location: Oakland County
Posts: 2,869
iTrader: (4)
Mentioned: 2 Post(s)
Default

I used to babysit for Mr. Ellis when he was still playing for the Lions and had only two Children. He is incredibly kind and would accept all of your bashing because he is very humble. It doesn't say he spent all his money on cars, hookers and coke. Can you imagine what it takes to raise 11 kids? The financial burden of putting 11 kids through private school? Preparing to pay for college educations? His wife Rebecca is soft spoken with a warm heart, willing to open her home to almost anyone. Not some trashy, greedy sports figure skank ho. I'm not saying the guy didn't make some bad financial decisions, but be careful about personally attacking him. The part about how he could give more if he made more, I believe that is 100% truth. Luther is a great guy and I hope that he can get things back on track for his wife and kids.
SweetLeah is offline   Reply With Quote
Old January 20th, 2010, 07:37 AM   #9
Sol Goode
Obama Nation!
 
Sol Goode's Avatar
 
Join Date: 11-05-05
Location: Curt1656 & Scooters love castle
Posts: 14,357
iTrader: (10)
Mentioned: 11 Post(s)
Default

The article said he made bad business decisions.
I cannot bash the guy for this.
I have done the same.
Fortunately I have made some good investments as well.
It sounds like all his went bad.

In reality, this could happen to anybody....regardless if they were a pro athlete or not.
__________________
#YOLO
#meballsohard
Sol Goode is offline   Reply With Quote
Old January 20th, 2010, 08:10 AM   #10
RockyMtnMike
Senior Member
 
RockyMtnMike's Avatar
 
Join Date: 02-14-06
Location: Brownstown
Posts: 1,318
iTrader: (6)
Mentioned: 0 Post(s)
Default

The article did say his home here in Oakland County was purchased for 1.6 million along with another "expensive" home in Utah. It also stated that he owes more than $37k in taxes. it didn't say he spent his money on cars and other bling bling items as many athletes do but I would bet he didn't drive in a crappy car and I would also bet that his 2 expensive homes weren't filled with furniture from Big Lots. The list could go on and on when it comes to his personal items that he purchased that could come under question. My question for him is did you really need to spend all of that money on those materialistic items? I'm sure all of these things added fuel to the fire when it came to his bad business decisions. Good luck Luther, I'll say a prayer for you and your family.
RockyMtnMike is offline   Reply With Quote
Old January 20th, 2010, 08:23 AM   #11
Sol Goode
Obama Nation!
 
Sol Goode's Avatar
 
Join Date: 11-05-05
Location: Curt1656 & Scooters love castle
Posts: 14,357
iTrader: (10)
Mentioned: 11 Post(s)
Default

The article listed his car. It was a 2003 GMC Savana with 122,000 miles on it.

And, the two houses were probably planned as an investment. I doubt he (or anyone else) thought that his $1.6M home woulf only be worth $800k. I am guessing the same for the home in Utah.

When he purchased those homes, they were probably appreciating quite a bit EVERY year.
__________________
#YOLO
#meballsohard
Sol Goode is offline   Reply With Quote
Old January 20th, 2010, 08:36 AM   #12
L4CX
Out for the Summer!
 
L4CX's Avatar
 
Join Date: 11-16-07
Location: Hillsdale, MI
Posts: 4,913
iTrader: (5)
Mentioned: 0 Post(s)
Default

That's too bad, The guy obviously has a great heart. The problem with that is you also need a good Financial Mind. Most people in this country don't, Heck, I don't really do a great job at it. If I made that much money it would be hard to use it wisely (for me, right now). I also couldn't agree with this guy more....

Quote:
Professional athletes are inundated with investment pitches by friends and strangers, said Rob Konrad, a retired NFL fullback who runs a wealth management firm in Florida. Combine that pressure with a lack of financial discipline and exorbitant salaries can disappear.

"I've been around some guys who live fast, take chances and that's why they're great athletes, but they handle their money the same way," said Konrad, who played from 1999-2004 with the Miami Dolphins, speaking in general and not about Elliss.
Sums it up for me.
L4CX is online now   Reply With Quote
Old January 20th, 2010, 08:44 AM   #13
Skooter_Built
Fuck talk, Duck walk!
 
Skooter_Built's Avatar
 
Join Date: 11-05-05
Location: Whitelake, MI
Posts: 14,394
iTrader: (26)
Mentioned: 8 Post(s)
Default

Sucks for him but when you invest its no different then gambling, 50/50 shot he'd win or lose. It doesnt matter how nice a person is if they stupidly & wildly throw away their money in the hope it will increase. He was warned to be careful and he chose not to heed the warnings.
__________________
I'm the man in White.

If you want peace, prepare for war!

Forgiveness is between them and God. It's my job to arrange the meeting.
Skooter_Built is offline   Reply With Quote
Old January 20th, 2010, 08:49 AM   #14
ovrlnd
HURL SCOUTS
 
ovrlnd's Avatar
 
Join Date: 03-23-07
Location: Westland, Michigan
Posts: 10,003
iTrader: (14)
Mentioned: 0 Post(s)
Send a message via AIM to ovrlnd
Default

this happens a lot with pro sports people.
they ride through college on sports and forego a real education and then have no idea
how the handle the millions they earn. when you have $11 million a $1 Million home seems cheap, but those idiots never factor in taxes, upkeep etc. they often think there will be no end to their money and waste it.

Scooter_built: yes it is 50/50 however usually you will see these sports figures invest without spending the time to examine the books of the company, write a contract, and invest smartly instead of blindly.
ovrlnd is online now   Reply With Quote
Old January 20th, 2010, 05:32 PM   #15
kickstand
sHaMoNe!
 
kickstand's Avatar
 
Join Date: 09-20-06
Location: fenton
Posts: 30,745
iTrader: (46)
Mentioned: 24 Post(s)
Default

Quote:
Originally Posted by SweetLeah View Post
I used to babysit for Mr. Ellis when he was still playing for the Lions and had only two Children. He is incredibly kind and would accept all of your bashing because he is very humble. It doesn't say he spent all his money on cars, hookers and coke. Can you imagine what it takes to raise 11 kids? The financial burden of putting 11 kids through private school? Preparing to pay for college educations? His wife Rebecca is soft spoken with a warm heart, willing to open her home to almost anyone. Not some trashy, greedy sports figure skank ho. I'm not saying the guy didn't make some bad financial decisions, but be careful about personally attacking him. The part about how he could give more if he made more, I believe that is 100% truth. Luther is a great guy and I hope that he can get things back on track for his wife and kids.
I have also heard he's a nice guy.

Quote:
Originally Posted by Dr. Sol View Post
The article said he made bad business decisions.
I cannot bash the guy for this.
I have done the same.
Fortunately I have made some good investments as well.
It sounds like all his went bad.

In reality, this could happen to anybody....regardless if they were a pro athlete or not.
agreed.

But I still don't feel sorry for him, he went AGAINST what his financial advisors advised him to do....
kickstand is offline   Reply With Quote
Old January 20th, 2010, 05:57 PM   #16
Ebs
Senior Member
 
Join Date: 11-06-05
Location: MI
Posts: 3,353
iTrader: (8)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by ovrlnd View Post
when you have $11 million a $1 Million home seems cheap, but those idiots never factor in taxes, upkeep etc.

When you think about it, a $1.6 mil house is very conservative for a guy making that kind of money, it just doesn't seem conservative to you or I. Compare it to your average shmuck who makes $50k/year and drives a $30,000 dollar car and lives in a $150,000 house, who's overextending themselves in comparison?

It's just too bad he got sucked into 'helping' out people with their business ventures when there are more solid ways to invest.
Ebs is offline   Reply With Quote
Old January 20th, 2010, 06:07 PM   #17
kickstand
sHaMoNe!
 
kickstand's Avatar
 
Join Date: 09-20-06
Location: fenton
Posts: 30,745
iTrader: (46)
Mentioned: 24 Post(s)
Default

Quote:
Originally Posted by Skooter_Built View Post
Sucks for him but when you invest its no different then gambling, 50/50 shot he'd win or lose. It doesnt matter how nice a person is if they stupidly & wildly throw away their money in the hope it will increase. He was warned to be careful and he chose not to heed the warnings.
um no you fuckin retard Neither gambling or investments are a 50/50 proposition....well unless I'm supposed to guess whether you will fukc a dude or a girl next....well then again thats not 50-50 either, I'm betting my money on dude.
kickstand is offline   Reply With Quote
Old January 20th, 2010, 07:42 PM   #18
ovrlnd
HURL SCOUTS
 
ovrlnd's Avatar
 
Join Date: 03-23-07
Location: Westland, Michigan
Posts: 10,003
iTrader: (14)
Mentioned: 0 Post(s)
Send a message via AIM to ovrlnd
Default

Quote:
Originally Posted by Ebs View Post
When you think about it, a $1.6 mil house is very conservative for a guy making that kind of money, it just doesn't seem conservative to you or I. Compare it to your average shmuck who makes $50k/year and drives a $30,000 dollar car and lives in a $150,000 house, who's overextending themselves in comparison?

It's just too bad he got sucked into 'helping' out people with their business ventures when there are more solid ways to invest.
you are right, it is conservative if that is your only expense. you have to factor in everything. house, cars, kids, taxes, insurance, retirement, etc. but hey maybe that's just me.
ovrlnd is online now   Reply With Quote
Old January 20th, 2010, 08:27 PM   #19
dmcjeep
Senior Member
 
dmcjeep's Avatar
 
Join Date: 11-07-05
Location: Grand Haven Mi.
Posts: 9,329
iTrader: (105)
Mentioned: 8 Post(s)
Default

Sorry I will never feel to bad for a guy that managed to blow though 11 mil since 2000. Some how it really does not matter to me that he is a great christian. It was 11 mi. Worse yet why does anyone need to have 11 kids now days. I suppose welfare will probably have to start paying him to.
dmcjeep is offline   Reply With Quote
Old January 20th, 2010, 08:39 PM   #20
pizzaman
Senior Member
 
pizzaman's Avatar
 
Join Date: 11-05-05
Location: Independence Twsp, North Oakland County
Posts: 930
iTrader: (3)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by dmcjeep View Post
Sorry I will never feel to bad for a guy that managed to blow though 11 mil since 2000. Some how it really does not matter to me that he is a great christian. It was 11 mi. Worse yet why does anyone need to have 11 kids now days. I suppose welfare will probably have to start paying him to.
He adopted most of his kids. I believe that he has four of his own and adopted the rest.
pizzaman is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -5. The time now is 04:22 AM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Copyright 2005 - 2012 Cracker Enterprises - Powered by Linux
vB Ad Management by =RedTyger=
Page generated in 0.25344 seconds with 50 queries