Matt Light Affected By Real Estate Co. Meltdown...

[BigMike]

From Boston Business Journal:

http://boston.bizjournals.com/boston/stories/2008/06/23/story1.html?b=1214193600^1652602

New England Patriots offensive lineman Matt Light and about 20 other star athletes loaned more than $8 million to a California real estate company that teamed up with Fidelity Investments and Citigroup Inc. to invest in apartment complexes before collapsing and filing for bankruptcy protection.

Light, Toronto Blue Jays ace Roy Halladay and Los Angeles Angels slugger Vladimir Guerrero are among a who's who of U.S. superstars who made unsecured loans to Irvine, Calif.-based Atherton-Newport Investments LLC. The real estate company filed for Chapter 11 bankruptcy protection in January and is trying to reorganize. The company lists the names of the athletes and the amounts owed to them in schedules filed in federal bankruptcy court in California.

....Apparently the Light Foundation lent the firm another $69,000 on top of $105,000 he personally put in.

 

[fgssand]

Re: Matt Light Out Big Bucks In Real Estate Meltdown...

I suspect he will be able to absorb a $100,000 hit a heck of a lot easier than most here.....

 

[BelichickFan]

Re: Matt Light Out Big Bucks In Real Estate Meltdown...

I suspect he will be able to absorb a $100,000 hit a heck of a lot easier than most here.....

Yeah, I laughed when I saw the amount. That might be big bucks to us, but . . .

 

[Drewwho]

Re: Matt Light Out Big Bucks In Real Estate Meltdown...

I find this story pretty bogus to be honest! Who the hell cares about a millionaire losing 100K?? I meanwhile am trying to figure out to help my parents heat their house this coming winter!

Spare us this crap!

 

[BigMike]

Real Estate Co. Meltdown...

I feel bad for the guy getting taken, its OT for sure, mods feel free to dump this if you want.

 

[IcyPatriot]

Re: Matt Light Part of Real Estate Co. Meltdown...

Well ... perhaps Light will have to play an extra year or two now ...

 

[otis p. driftwood]

Re: Matt Light Out Big Bucks In Real Estate Meltdown...

I find this story pretty bogus to be honest! Who the hell cares about a millionaire losing 100K?? I meanwhile am trying to figure out to help my parents heat their house this coming winter!

Spare us this crap!

Switch to decaf.

 

[WhiskeyBreath]

No biggie. Pretty much only lost a wild weekend in Vegas.

 

[PatsFanInVa]

Was he wearing a wire when he loaned 'em the money?

 

[PatsFanInVa]

By the way, A Paul, been meaning to tell you, love the sig. Yeats rocks.

 

[ALP]

ha, at first i thought light gave em 8 mil....if it was only 170k, i doubt hell lose too much sleep over it

 

[Wildo7]

No wonder he's doing Casual Male XL comercials

 

[castlelong1]

ESPN: Patriot involved in Bankruptcy of California Real Estate company

After that head line five paragraphs are on how much that company Mat Light destroyed helped the community.

 

[otis p. driftwood]

By the way, A Paul, been meaning to tell you, love the sig. Yeats rocks.

Not to hijack the thread, but thanks. Yes, it's one of my favorite poems, and geo-politically it seems appropriate as well.

Not to mention the pure comedy of a Yeats poem and a Simpsons quote in the same sig...

 

[BSR]

It was a real estate investment that didn't work out, big deal. He probably didn't even know he had it as it was made by his money manager. There are probably other investments in his portfolio that nettered him 3x his capital.

 

[Relentless649]

that wont even phase him with the amount of money that he is making

 

[PatriotsReign]

Not to hijack the thread, but thanks. Yes, it's one of my favorite poems, and geo-politically it seems appropriate as well.

Not to mention the pure comedy of a Yeats poem and a Simpsons quote in the same sig...

yeah, but it doesn't rhyme

He couldn't have been that good!

yes, I know who Yeats is/was.

 

[NormZauchin]

From Boston Business Journal:

http://boston.bizjournals.com/boston/stories/2008/06/23/story1.html?b=1214193600^1652602



....Apparently the Light Foundation lent the firm another $69,000 on top of $105,000 he personally put in.

Light joins the long list of professional athletes who have demonstrated that they are not financial whizs. Fortunately for him, as other posters have pointed out, the money (for him) is small potatoes. I think someone should start a fund that looks at where professional athletes put their money and then shorts those stocks. Call it the Contrarian Jock Fund.

 

[Hoodie]

Isn't the Light Foundation a charitable organization? What's it doing loaning money to a real estate investment firm?

 

[Patjew]

Light joins the long list of professional athletes who have demonstrated that they are not financial whizs. Fortunately for him, as other posters have pointed out, the money (for him) is small potatoes. I think someone should start a fund that looks at where professional athletes put their money and then shorts those stocks. Call it the Contrarian Jock Fund.

Even the whizziest financial whizzes lose money on some deals.