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Baseball pitcher who blew through $114 million tells cautionary tale

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Will I lose my property if I file for bankruptcy ?”

 

Chris Ivy was interested to see what kind of price a sock with blood on it would finally fetch at auction. In 2013, he found out when an anonymous buyer snapped up the bloody sock former Boston Red Sox pitcher Curt Schilling wore over his right foot in Game 2 of the 2004 World Series against the St. Louis Cardinals. The sock sold for $92,613.

Curt Schilling Charlotte Mecklenburg Bankruptcy Lawyer North Carolina Debt AttorneySchilling pitched in the 2004 playoffs with damaged tendons in his right ankle. These had to be sutured multiple times, causing him to bleed through his sock while pitching. Schilling’s performances in the World Series as well as in Game 6 of the American League Championship series against the New York Yankees helped immortalize the pitcher in sports lore and helped the Boston Red Sox end the 86-year Curse of the Bambino.

That curse came after the Red Sox traded then-pitcher and hitter George Herman “Babe” Ruth to the Yankees, a decision generations of Red Sox fans would regret and which, supposedly, cursed the Red Sox. Ruth had led the Red Sox to three World Series victories, but the Bean Town would not see the Commissioner’s Trophy again until 2004.

That was the year of Schilling and his bloody socks. Schilling famously bloodied his right sock in the Red Sox’s Game 6 victory over the Yankees, but it is believed that the sock was discarded at Yankee Stadium.

Schilling may wish he had it back. He had loaned the World Series sock to the National Baseball Hall of Fame Museum, but decided to sell it after his video game company, 38 Studios, went bankrupt.

Schilling played Major League Baseball for 18 seasons, amassing 216 career victories and earning some $114 million. In 2010, the State of Rhode Island’s economic development agency approved a $75 million loan guarantee on Schilling’s business. The money was gone and Schilling’s business was bankrupt by 2012. Rhode Island’s losses in the deal were estimated to exceed $100 million.

The Ocean State did not get any proceeds of the bloody-sock sale. The bloody sock was collateral on a bank loan Schilling had taken out after investing $50 million in his company and losing all of his baseball earnings. So the sock money went to the bank.

As if that wasn’t enough, Schilling was diagnosed with mouth cancer in February. He blamed it on himself. First, Schilling told ESPN, he had to explain to his wife and his kids that he lost $50 million and bankrupted his company, and it was his fault. Then he had to tell them he had cancer and it was because he had dipped.

Baseball players have famously “dipped” or “chewed” smokeless tobacco since the game’s invention.

Schilling is not letting the cancer or the bankruptcy keep him down. The cancer is in remission, and while painful, his bankruptcy is slowly moving forward. “God gave us the tools to take care of ourselves,” Schilling said.

If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC find additional resources here. As professionals who are experienced at handling all kinds of bankruptcy matters, our attorneys will provide you with the best advice for your particular situation.

 

 

About the Author

Bryan 1Bryan Stone is a Partner with Arnold & Smith, PLLC, where he focuses his practice on all aspects of bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord-tenant issues.

A native of Macon, Georgia, Mr. Stone attended the University of Georgia, where he earned a BBA in Banking and Finance, and Wake Forest University School of Law, where he obtained his law degree.

Following law school, Mr. Stone relocated to Charlotte, where he currently serves as Chair of “Bravo!” – a young professionals organization associated with Opera Carolina – and founded the University of Georgia Alumni Association of Charlotte.

In his spare time, Mr. Stone enjoys perfecting his barbeque skills for the annual “Q-City BBQ Championship” and playing softball in the Mecklenburg County Bar softball league.

 

 

Sources:

http://nesn.com/2014/10/curt-schilling-on-bankruptcy-cancer-i-brought-this-on-myself/

http://www.usatoday.com/story/sports/mlb/2013/02/24/curt-schilling-bloody-sock-sells-at-auction/1942457/

http://www.boston.com/sports/baseball/redsox/articles/2004/10/10/schillings_ankle_troubling/?page=full

http://mlb.mlb.com/mlb/schedule/ps.jsp?y=04

http://www.baseball-reference.com/players/s/schilcu01.shtml?redir

http://www.history.com/this-day-in-history/new-york-yankees-announce-purchase-of-babe-ruth

http://www.celebrateboston.com/culture/bean-town-origin.htm

http://boston.cbslocal.com/top-lists/5-things-you-didnt-know-about-the-world-series-trophy/

http://www.bostonglobe.com/sports/2014/03/06/tobacco-chewing-nasty-habit-still-kicking-mlb/nZDZK9LOFDlr0MFj9X1WkO/story.html

http://www.providencejournal.com/news/government/20140930-curt-schillings-wife-wants-return-of-family-computer-auctioned-after-38-studios-bankruptcy.ece

http://www.statesymbolsusa.org/Rhode_Island/NicknameRhodeIsland.html

 

 

Image Credit:

http://commons.wikimedia.org/wiki/File:Curt_Schilling_Pitch.jpg

 

 

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