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Show me the money: ‘Jerry Maguire’ inspiration files for Chapter 7

Back in 1996 the movie “Jerry Maguire” came out. The inspiration for the film came from the first sports agent Leigh Steinberg. And while most Florida residents have heard the “show me the money” line from the movie, it turns out that creditors really are asking for money from Steinberg.

In fact, just yesterday, Steinberg’s Chapter 7 bankruptcy petition was filed in federal bankruptcy court. As of now, he is not sure exactly how much he has in debt, but he knows it is more than $1.4 million. He claims to only have assets in some stocks.

When looking at what happened to the first sports agent, it seems to be a combination of sorts.

Admittedly, Steinberg struggled with alcoholism for quite some years, before becoming sober in March 2010. However, before making the choice to quit drinking, he claims he was often guilty of “poor judgment and oversight of my affairs.”

Aside from this personal matter, Steinberg claims to also be in debt due to issues with a rival agent, which has basically put him in the situation where he cannot work, as this legal issue has put his recertification by the union on hold. Additionally, negative publicity about his debts has also made it near impossible for him to obtain possibly new clients.

This filing also came after a bench warrant was authorized — not issued — for Steinberg, after he failed to appear in court regarding a case where he is accused of owing Irving Co. $1.4 million. Steinberg claims that he thought the case was going to be rescheduled, which is why he did not appear.

Source: The Washington Post, “Sports agent Leigh Steinberg, who inspired movie ‘Jerry Maguire,’ files for Ch. 7 bankruptcy,” Jan. 12, 2012

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