Post by 50yardfan on Aug 3, 2011 17:42:09 GMT -5
Oklahoma City's Bricktown Brawlers file for Chapter 7 bankruptcy
newsok.com/oklahoma-citys-bricktown-brawlers-file-for-chapter-7-bankruptcy/article/3591344?custom_click=headlines_widget
The Bricktown Brawlers, Oklahoma City's defunct indoor football team, have filed for Chapter 7 bankruptcy liquidation.
The filing comes just a month after former Oklahoma football player Jason White sued the team for breach of contract.
The Brawlers filed with the U.S. Bankruptcy Court in Oklahoma City on July 27.
With just $55 in one bank account and 1 cent in another listed as assets, the Brawlers owe more than $300,000 to several investors, advertisers and the IRS.
The team indicated its gross income for the 12 months preceding the bankruptcy filing was just $247,008.
White filed a breach-of-agreement lawsuit against the team's company, Bricktown Brawlers Inc., on June 22.
He alleges in the lawsuit, filed in Oklahoma County District Court, that he was never paid any of the money owed to him under his ownership agreement with the now-defunct team.
He said in the lawsuit that he had a 10 percent ownership in the team. He said his agreement gave him 10 percent of all gross revenues from advertising and sponsorships. He said he also was guaranteed 10 percent of the team's net profit.
"I'll put it this way," White's attorney, David D. Proctor II, told The Oklahoman in June. "They were very eager to use Mr. White's name and likeness in order to sell sponsorship and tickets but they weren't as eager to pay him for such services."
White's claim to $10,000 is listed in the team's bankruptcy filings, but is marked as being disputed.
The bankruptcy filing puts White's lawsuit on hold.
The Brawlers, part of the Indoor Football League, were 2-12 in their only season. The team was the third attempt at indoor, summer football in Oklahoma City. The Brawlers replaced the Yard Dawgz, an Arena Football League team that disbanded at the end of last season.
newsok.com/oklahoma-citys-bricktown-brawlers-file-for-chapter-7-bankruptcy/article/3591344?custom_click=headlines_widget
The Bricktown Brawlers, Oklahoma City's defunct indoor football team, have filed for Chapter 7 bankruptcy liquidation.
The filing comes just a month after former Oklahoma football player Jason White sued the team for breach of contract.
The Brawlers filed with the U.S. Bankruptcy Court in Oklahoma City on July 27.
With just $55 in one bank account and 1 cent in another listed as assets, the Brawlers owe more than $300,000 to several investors, advertisers and the IRS.
The team indicated its gross income for the 12 months preceding the bankruptcy filing was just $247,008.
White filed a breach-of-agreement lawsuit against the team's company, Bricktown Brawlers Inc., on June 22.
He alleges in the lawsuit, filed in Oklahoma County District Court, that he was never paid any of the money owed to him under his ownership agreement with the now-defunct team.
He said in the lawsuit that he had a 10 percent ownership in the team. He said his agreement gave him 10 percent of all gross revenues from advertising and sponsorships. He said he also was guaranteed 10 percent of the team's net profit.
"I'll put it this way," White's attorney, David D. Proctor II, told The Oklahoman in June. "They were very eager to use Mr. White's name and likeness in order to sell sponsorship and tickets but they weren't as eager to pay him for such services."
White's claim to $10,000 is listed in the team's bankruptcy filings, but is marked as being disputed.
The bankruptcy filing puts White's lawsuit on hold.
The Brawlers, part of the Indoor Football League, were 2-12 in their only season. The team was the third attempt at indoor, summer football in Oklahoma City. The Brawlers replaced the Yard Dawgz, an Arena Football League team that disbanded at the end of last season.