This is Pretty sad. Emerson Fittipaldi.
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Isn't there a big name rapper that has like 50 million in debt?
I don't know his details, but I do know the economy in Brazil has been in decline with roughly a 3 percent annual contraction and 10 percent rate of inflation.
Originally Posted By: Miller88
Isn't there a big name rapper that has like 50 million in debt?
Yup, Kanye Kardashian.
Isn't there a big name rapper that has like 50 million in debt?
Yup, Kanye Kardashian.
Originally Posted By: javacontour
I don't know his details, but I do know the economy in Brazil has been in decline with roughly a 3 percent annual contraction and 10 percent rate of inflation.
Yup. The govt is looking for money. And there are probably no stones they will leave unturned to find it, especially since they have to fund the 2016 olympics. Professional athletes are easy pickings. Is Pele next? Brazil's oil giant Petrobas has been found to be riddled with corruption. Their problems run deep.
I don't know his details, but I do know the economy in Brazil has been in decline with roughly a 3 percent annual contraction and 10 percent rate of inflation.
Yup. The govt is looking for money. And there are probably no stones they will leave unturned to find it, especially since they have to fund the 2016 olympics. Professional athletes are easy pickings. Is Pele next? Brazil's oil giant Petrobas has been found to be riddled with corruption. Their problems run deep.
Thats what happens to a lot of athletes they never think about the end game when they retire.
Originally Posted By: Mr Nice
Just like any other professional athlete.... it's was very poor money management.
It didn't say anyhing about poor money management of professional athletes. It said:
"He has confidence in the future economic outlook and financial health of his companies,”
Which I took to mean it is still a crummy small business environment in Brazil following the to big to fail fiasco. As it still is here for small businesses.
Just like any other professional athlete.... it's was very poor money management.
It didn't say anyhing about poor money management of professional athletes. It said:
"He has confidence in the future economic outlook and financial health of his companies,”
Which I took to mean it is still a crummy small business environment in Brazil following the to big to fail fiasco. As it still is here for small businesses.
Quote:
Fittipaldi is reportedly facing more than 60 lawsuits from banks and other businesses seeking payments. Record TV said Fittipaldi’s debts reach nearly 27 million reals ($8 million).
I'd say he is in big financial trouble. I always liked him and wanted Fittipadi to win back 25-30 years ago when I watched Indy Racing. Problem is that lots of sports figures go into bad business deals....(construction business, high end restaurants, bar and grill, night clubs, car dealerships, fancy clothing / jewelry stores, real estate)....etc, etc.. Not to mention so called financial advisors and accountants / lawyers that will manage their so called 'business', look what happened to Michael Jackson or Mike Tyson and how their money was professionally managed.
When in fact they should just invest and live a conservative lifestyle. Lots athletes are lead into the illusion of being a high profile businessman after their sports career is over, rarely does it work out without them being on the hook for millions in losses / taxes and debt when the deal goes sour.
Fittipaldi is reportedly facing more than 60 lawsuits from banks and other businesses seeking payments. Record TV said Fittipaldi’s debts reach nearly 27 million reals ($8 million).
I'd say he is in big financial trouble. I always liked him and wanted Fittipadi to win back 25-30 years ago when I watched Indy Racing. Problem is that lots of sports figures go into bad business deals....(construction business, high end restaurants, bar and grill, night clubs, car dealerships, fancy clothing / jewelry stores, real estate)....etc, etc.. Not to mention so called financial advisors and accountants / lawyers that will manage their so called 'business', look what happened to Michael Jackson or Mike Tyson and how their money was professionally managed.
When in fact they should just invest and live a conservative lifestyle. Lots athletes are lead into the illusion of being a high profile businessman after their sports career is over, rarely does it work out without them being on the hook for millions in losses / taxes and debt when the deal goes sour.
I hear he'll do doing Drippy Lube commercials for some spare change.
Originally Posted By: tmorris1
Is it me or is that a poorly written article? It doesn't say why they took his property or what the "issue" is?
Agreed, it leaves you with many questions unanswered.
Is it me or is that a poorly written article? It doesn't say why they took his property or what the "issue" is?
Agreed, it leaves you with many questions unanswered.
Fittipaldi Cigar Company insolvent and looses big money in cigar firm.
http://www.wsj.com/articles/SB890765564314216000
http://www.wsj.com/articles/SB890765564314216000
Anything from the current century? That article is from 1998.
And you can't read it without a subscription.
Other than that, it's fine
Originally Posted By: Mr Nice
Fittipaldi Cigar Company insolvent and looses big money in cigar firm.
http://www.wsj.com/articles/SB890765564314216000
And you can't read it without a subscription.
Other than that, it's fine
Originally Posted By: Mr Nice
Fittipaldi Cigar Company insolvent and looses big money in cigar firm.
http://www.wsj.com/articles/SB890765564314216000
The orange prices have fell by 60% in the last 10 years in Brazil(Emerson's primary business is orange farms), the annual inflation rate is near 10%, and the economy is constricting at around 3.5% this year alone. In other words his income declined at a very astonishing rate that would cripple anyone and his expenses climbed literally threw the roof.
Unless he had a mountain of cash on hand this should not surprise anyone.
Unless he had a mountain of cash on hand this should not surprise anyone.
He's still seen regularly on the paddock, and he did some WEC driving a couple years ago. I was quite surprised to see him on the drivers list, but he was there in the GTE Amateur category.
It could be worse. He could be facing Vijay Mallya's problems right now.
It could be worse. He could be facing Vijay Mallya's problems right now.
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