Ricky is a loser for what he did to the Dolphins. If he wanted to smoke dope he could have told the team after last season that he wants to retire but instead he attended the teams offseason program and waited 1 week before training camp (before another positive drug test was going to come out) to retire. Now he may be a free agent if he files bankruptcy. What a LOSER!
Dolphins might get money but lose Ricky
If Ricky Williams files for bankruptcy, the Dolphins could lose the rights to the player and reclaim a small percentage of $8.6 million.
[size=-1]BY JASON COLE AND ARMANDO SALGUERO[/size]
[size=-1]jcole@herald.com[/size]
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The Dolphins might win the right to collect $8.6 million from retired running back Ricky Williams, but lose the rights to him in the process.
A Miami bankruptcy attorney and a former agent both said Thursday that if Williams were to file bankruptcy he could become a free agent, and the Dolphins could end up with nothing from Williams but a small percentage of the $8.6 million the Dolphins are seeking. Miami would be unable to keep him on the team or even trade him in the future.
Miami attorney Jim Fierberg went so far as to call the strategy ``brilliant.''
''It's a pretty fascinating way for him to get free agency,'' Fierberg said. ``I like that idea, but it's not without risk.''
The risk is that Williams might lose all assets except one of his Florida homes. But he might lose that anyway if the Dolphins get the right to seize his assets.
Scott Helfand, a former agent who once represented Dolphins punter Reggie Roby, went so far as to suggest the idea to Bruce Tollner, one of Williams' agents.
''I talked to Bruce [Wednesday night] and, when I told him, he was shocked,'' said Helfand, who used the idea of a bankruptcy filing in 1993 to encourage the Dolphins to cut Roby. ``He said he was going to call [the NFL Players Association] right away.''
Tollner, a partner of agent Leigh Steinberg, declined to comment on the possibility of a bankruptcy filing. However, he said that his agency is ``considering all the options.''
The Dolphins and NFLPA attorney Richard Berthelsen also declined to comment.
There might not be too many options if the Dolphins continue on their current path. The NFL and Dolphins received an expedited hearing Tuesday in front of arbitrator Richard Bloch.
Bloch said he expects to reach a ruling by Monday or Tuesday on the Dolphins' rights to enforce the clauses in their contract with Williams.
Those clauses allow the team to recoup the $8.6 million, including $5.3 million in incentives paid the past two years and $3.3 million in remaining prorated signing bonus paid by New Orleans in 1999. NFL teams traditionally have been able to get money back.
In this case, however, Williams might be able to at least get out of what now is an onerous contract situation. Aside from having to possibly repay the team, Williams is under contract for another three years, two at potentially minimum salary.
STARTLING IDEA
In the 1993 Roby situation, at least one member of the Dolphins' front office wanted to fight Roby in bankruptcy court. But after doing research, coach Don Shula decided to waive Roby.
Helfand, who teammed with former agent Randy Kaspar to develop the strategy, said the Dolphins ''freaked'' when he and Kaspar approached them about releasing or trading Roby because filing for bankruptcy was an option for them.
''From what I understand, they got on the phone with the NFL right away and it was a concern league-wide because it would obviously be a bad precedent for the league,'' he said.
NFL Management Council attorney Dennis Curran declined to comment Thursday, but another source said ''the NFL would obviously fight such an attempt,'' and it would be terrified of other players filing bankruptcy to get out of contracts.
Fierberg, who has worked on bankruptcy filings involving former NFL cornerback Dale Carter and former Dolphins receiver Tony Martin, said the league likely would lose.
Although a bankruptcy court can disallow a filing if it's not in ''good faith,'' NFL contract rules would not supercede bankruptcy law.
''Bankruptcy law and the Constitution predates the NFL and even the Green Bay Packers,'' he said.
http://www.miami.com/mld/miamiherald/sports/9745977.htm
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Dolphins might get money but lose Ricky
If Ricky Williams files for bankruptcy, the Dolphins could lose the rights to the player and reclaim a small percentage of $8.6 million.
[size=-1]BY JASON COLE AND ARMANDO SALGUERO[/size]
[size=-1]jcole@herald.com[/size]
<!-- begin body-content -->
The Dolphins might win the right to collect $8.6 million from retired running back Ricky Williams, but lose the rights to him in the process.
A Miami bankruptcy attorney and a former agent both said Thursday that if Williams were to file bankruptcy he could become a free agent, and the Dolphins could end up with nothing from Williams but a small percentage of the $8.6 million the Dolphins are seeking. Miami would be unable to keep him on the team or even trade him in the future.
Miami attorney Jim Fierberg went so far as to call the strategy ``brilliant.''
''It's a pretty fascinating way for him to get free agency,'' Fierberg said. ``I like that idea, but it's not without risk.''
The risk is that Williams might lose all assets except one of his Florida homes. But he might lose that anyway if the Dolphins get the right to seize his assets.
Scott Helfand, a former agent who once represented Dolphins punter Reggie Roby, went so far as to suggest the idea to Bruce Tollner, one of Williams' agents.
''I talked to Bruce [Wednesday night] and, when I told him, he was shocked,'' said Helfand, who used the idea of a bankruptcy filing in 1993 to encourage the Dolphins to cut Roby. ``He said he was going to call [the NFL Players Association] right away.''
Tollner, a partner of agent Leigh Steinberg, declined to comment on the possibility of a bankruptcy filing. However, he said that his agency is ``considering all the options.''
The Dolphins and NFLPA attorney Richard Berthelsen also declined to comment.
There might not be too many options if the Dolphins continue on their current path. The NFL and Dolphins received an expedited hearing Tuesday in front of arbitrator Richard Bloch.
Bloch said he expects to reach a ruling by Monday or Tuesday on the Dolphins' rights to enforce the clauses in their contract with Williams.
Those clauses allow the team to recoup the $8.6 million, including $5.3 million in incentives paid the past two years and $3.3 million in remaining prorated signing bonus paid by New Orleans in 1999. NFL teams traditionally have been able to get money back.
In this case, however, Williams might be able to at least get out of what now is an onerous contract situation. Aside from having to possibly repay the team, Williams is under contract for another three years, two at potentially minimum salary.
STARTLING IDEA
In the 1993 Roby situation, at least one member of the Dolphins' front office wanted to fight Roby in bankruptcy court. But after doing research, coach Don Shula decided to waive Roby.
Helfand, who teammed with former agent Randy Kaspar to develop the strategy, said the Dolphins ''freaked'' when he and Kaspar approached them about releasing or trading Roby because filing for bankruptcy was an option for them.
''From what I understand, they got on the phone with the NFL right away and it was a concern league-wide because it would obviously be a bad precedent for the league,'' he said.
NFL Management Council attorney Dennis Curran declined to comment Thursday, but another source said ''the NFL would obviously fight such an attempt,'' and it would be terrified of other players filing bankruptcy to get out of contracts.
Fierberg, who has worked on bankruptcy filings involving former NFL cornerback Dale Carter and former Dolphins receiver Tony Martin, said the league likely would lose.
Although a bankruptcy court can disallow a filing if it's not in ''good faith,'' NFL contract rules would not supercede bankruptcy law.
''Bankruptcy law and the Constitution predates the NFL and even the Green Bay Packers,'' he said.
http://www.miami.com/mld/miamiherald/sports/9745977.htm
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Kenny B, that's an interesting article. As a ex-Miamian, Dolphin fan, and first year law student currently taking contracts that fascinates me on so many levels. I think I'm going to forward that article to my Contracts teacher who also teaches bankruptcy and see what he has to say about it.
In a Chapter 11 the debtor can accept or reject an executory contract. Of course the Bankruptcy court can dismiss the case if they deem it not to be in good faith and part of a bonafide reorganization. This should scare the sh*t out of the NFL though.
