The wife of Raiders coach Antonio Pierce filed for bankruptcy earlier this month in an effort to “protect her assets and those of the marital community,” according to documents.
Raiders head coach Antonio Pierce was a "passive investor" in car dealerships, but unknowingly guaranteed their loans.
Now, after the businesses collapsed, multiple creditors have judgments totaling $28 million against Pierce.
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Filings indicated Jocelyn Pierce made the bankruptcy petition through the U.S. Bankruptcy Court in Arizona. Where she’s listed as a resident of the state. After car dealerships in which her husband had invested in. Pierce was listed as a guarantor of loans defaulted on judgments of about $28 million.
“In the 2010s, Mr. Pierce was convinced to invest in car dealerships,” the claim reads. “Despite his role as a mere passive investor with no oversight or management of the businesses’ affairs, Mr. Pierce was asked to sign various documents. Although the Debtor has no direct knowledge of the events, personal guaranties were later produced bearing Mr. Pierce’s name. When several of the businesses defaulted on their loans, the lenders obtained judgments against the businesses and Mr. Pierce as a guarantor.”
Necessary course of action
Pierce said the move is necessitated when she learned the two largest creditors attempted to satisfy their judgments from assets of the martial community and tried to garnish Antonio Pierce’s wages.
