Pittsburgh Steelers QB Charlie Batch has been fined by a federal judge in a case surrounding a loan default which Charlie Batch personally guaranteed. A judge found that Batch must pay 689,000 plus 370.00 a day dating back to last December stemming from a failed land deal.
In 2006 Batch personally guaranteed a 880,000 land deal which involved a 60 unit apartment building in Detroit. Two years after Batch guaranteed the loan, the loan was defaulted on and the building had to be sold for 280,000.00
Batch joins a long list of professional athletes who have lost a significant amount of money involving land deals. Earlier this summer, New York Jets QB Mark Brunell filed bankruptcy when it was learned that he owed nearly 25 million dollars, most of the debt coming from personal guarantees stemming from land investments.
Original Story:
http://www.steelerschronicle.com/2010...
