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NORCROSS, GA, July 30, 2013 /24-7PressRelease/ -- Fans of the Tampa Bay Storm probably remember that back in 2009 the Arena Football League (AFL) filed for bankruptcy and canceled the season. The rights to the teams and markets were sold to Arena Football One for $6.1 million, and the AFL was dissolved. Tampa bankruptcy attorneys Clark & Washington note that the league and the team rose again after the bankruptcy and resumed play in 2010.
The Role of Player Salaries
Part of the reason for the bankruptcy was the players' salaries, which in some cases was six figures. This changed under the new ownership. In fact, the Tampa Bay Times published a story in 2010 on Storm players who had to take regular full-time jobs to make ends meet because the new league was not paying the salaries that the old league did.
Squabbling Among Past and Present Owners
After the bankruptcy, the Storm's former owner, Dr. Robert Nucci, who paid nearly $19 million for the team in 2007, sued the previous owner, Peter "Woody" Kern, Coach Tim Marcum, and the new team owners, Tampa Bay Storm Partners. Nucci alleged that they knew about the league's financial problems, but, along with other league officials, withheld information from him. Meanwhile, Kern and Marcum sued Nucci for failing to make a payment.
Many businesses and individuals find themselves in situations like the AFL did, where the wisest financial solution is bankruptcy. Clark & Washington's bankruptcy lawyers in Tampa assist people with Chapter 7 and Chapter 13 bankruptcy filing. They handle more bankruptcies than any other bankruptcy attorneys in Tampa, with six offices throughout the area. To arrange for a free consultation, and to find out more about the services they provide, call (813) 345-5954 or visit their website at http://www.cw13fl.com/.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13fl.com.
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