Raiders HC Antonio Pierce faces civil judgements totaling 28 million

[co_springs_billsfan]

6 hours ago, Ridgewaycynic2013 said:

Should have stayed away from car dealerships, and put his money into electronics, intelligence, and surveillance.  You know, like Bill did!

There are young ladies that love that stuff, too.  I think I read that somewhere...

[stuvian]

His players had to hide him in the equipment room when the repo man came by

[NoHuddleKelly12]

5 hours ago, stuvian said:

 

apparently it's genetic. Al drafted Jamarcus Russell

Don’t forget he was paid too before the rookie wage scale was approved—so the Raiders had to pay him through the nose for that hot mess on the field lol. 

[aristocrat]

There’s gotta be some embezzlement or something here right? Did they take the loans out and blow the cash?

[ghostwriter]

One of the greatest lessons I ever learned as a man is to never put your money into something you don’t understand.

[cba fan]

On 6/27/2024 at 9:59 AM, Augie said:

 

As an investor, I would never give an unlimited personal guarantee. As a lender, I would never make the loan without the personal guarantee. That is Lending 101. You don’t give them the money unless you know they are fully committed and can’t just wash their hands and walk away. 

but the personal guarantee must be reasonable and not lead to personal financial ruin if the business fails, as that happens often.

[Augie]

1 hour ago, cba fan said:

but the personal guarantee must be reasonable and not lead to personal financial ruin if the business fails, as that happens often.

 

According to whom? It is what it you, you guarantee the debt and you are responsible. For all of it, even if there are other guarantors you personally are jointly and severally liable for the entire amount.  There is no “reasonable” limitation. That’s why you don’t take it lightly. 

[NoSaint]

On 6/27/2024 at 9:07 AM, NoHuddleKelly12 said:

The Raiders have been truly a snakebitten franchise for the duration of Junior's rulership since taking over for Al. Is it coincidence or dumb leadership decisions?

at some point you can’t keep leaning on bad luck

[Richard Noggin]

I'm just here for the free financial advice.

[hondo in seattle]

On 6/27/2024 at 7:16 AM, Big Turk said:

Oh man...that's business 101...you never guarantee business assets with personal guarantees that open you up for liability outside the business itself.  That's the whole point of having a business entity to begin with...to protect YOU PERSONALLY from this type of stuff.  How the hell did his business attorneys allow this?

 

 

I'm guessing they were in a situation where they couldn't borrow the money to open the dealership without personal guarantees.   Without the guarantees, the effort to buy/build the dealership would have collapsed.  Hungry to make the deal happen, Pierce signed the guarantee.  

 

It's not clear to me if Peirce was the only one to sign a guarantee.  

 

There's nothing criminal or underhanded here.  Just a catastrophic business failure.  From the sounds of it, Pierce is screwed.