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Colton Schmidt suing AAF


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Shuttered AAF files for Chapter 7 bankruptcy

Michael Rothstein ESPN Staff Writer 4:19 PM ET
 

The Alliance of American Football, which suspended operations earlier this month in the midst of its first season, filed a petition for bankruptcy Wednesday in a Texas court.

 

Based on the filing of assets and liabilities, the league -- under the limited liability corporation Legendary Field Exhibitions LLC -- had $11,372,298.68 in assets and $48,366,188.90 in liabilities.

 

 

http://www.espn.com/espn/story/_/id/26546883/shuttered-aaf-files-chapter-7-bankruptcy

 

 

 

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For the bulk of you that didn't read the article:

 

"It's not true that the contracts are non-guaranteed," Treyzon continued. "Players can be cut for performance, they cannot be cut because the guys didn't have the financial backing." 

 

They are alleging that the contracts were non-guaranteed and could be terminated due to performance. I am assuming there wasn't language around the league going under. There is also the argument about the 'spirit' of the contract. Being signed on the premise of 3 years at 250k, there is likely a reasonable expectation of employment past 8 weeks. However, the best I see this doing is pushing expectation to 1 year...which is 2 more game checks. So, their first argument is a better angle.

 

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25 minutes ago, Westside Madness said:

For the bulk of you that didn't read the article:

 

"It's not true that the contracts are non-guaranteed," Treyzon continued. "Players can be cut for performance, they cannot be cut because the guys didn't have the financial backing." 

 

They are alleging that the contracts were non-guaranteed and could be terminated due to performance. I am assuming there wasn't language around the league going under. There is also the argument about the 'spirit' of the contract. Being signed on the premise of 3 years at 250k, there is likely a reasonable expectation of employment past 8 weeks. However, the best I see this doing is pushing expectation to 1 year...which is 2 more game checks. So, their first argument is a better angle.

 

No one gives a ***** about the article. These players are dumb *****.

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