rick34125 Posted June 13, 2007 Share Posted June 13, 2007 The Jets Stream Posted by Rich Cimini June 12, 2007 http://www.nydailynews.com/blogs/jets/ Curtis' Deal All About '08 Last week, I wrote an item in the newspaper about Curtis Martin restructuring his contract, voiding the 2008 and 2009 seasons and reducing his 2007 pay from $3.25 million to $820,000, the veterans Link to comment Share on other sites More sharing options...
#27TheDominator Posted June 13, 2007 Share Posted June 13, 2007 The Jets have plenty of cap room in ’07, so it’s no surprise they want to take it all this year Based on the above quote, I don't think that Curtis is precluding any further signings. I think there isn't anybody left they are interested in. If someone turns up they should still have money. Link to comment Share on other sites More sharing options...
Sperm Edwards Posted June 13, 2007 Share Posted June 13, 2007 So it seems that the classy one in this story was Tannenbaum, not Martin. This has the same effect as the Jets releasing Martin prior to June 1st. The only difference is that now Martin gets to retire while still technically a member of the Jets instead of retiring as a released player without a team. Also gives Martin a little time to resolve his issues with Lloyds of London (friggin' crooks) on his own time schedule instead of on the Jets' schedule. But in the end it's the same thing. Link to comment Share on other sites More sharing options...
rick34125 Posted June 13, 2007 Author Share Posted June 13, 2007 Based on the above quote, I don't think that Curtis is precluding any further signings. I think there isn't anybody left they are interested in. If someone turns up they should still have money. your right of course there doesn't seem to be anyone out there worth signing now. but like with the kendall signing 2 years ago you never know who may become available before the start of the season. BTW, how much cap space do the Jets have now? Is that info posted online anywhere? Link to comment Share on other sites More sharing options...
gangreenman Posted June 13, 2007 Share Posted June 13, 2007 your right of course there doesn't seem to be anyone out there worth signing now. but like with the kendall signing 2 years ago you never know who may become available before the start of the season. BTW, how much cap space do the Jets have now? Is that info posted online anywhere? Thats impossible to tell until all of the rookies are signed or cut and all of the numbers of every contract agreement over the offseason are publicly disclosed....which has yet to be the case. Link to comment Share on other sites More sharing options...
Maxman Posted June 13, 2007 Share Posted June 13, 2007 I think they should extend him. With a few seasons off he will be as good as new. 2010 will be his year. Mark my words! Link to comment Share on other sites More sharing options...
rick34125 Posted June 13, 2007 Author Share Posted June 13, 2007 I think they should extend him. With a few seasons off he will be as good as new. 2010 will be his year. Mark my words! maybe they will have invented bionic legs by then......watch out! Link to comment Share on other sites More sharing options...
Thai Jet Posted June 13, 2007 Share Posted June 13, 2007 Typical Curtis, Always showing class, even at the end. Link to comment Share on other sites More sharing options...
Sperm Edwards Posted June 13, 2007 Share Posted June 13, 2007 Typical Curtis, Always showing class, even at the end. Did you read this at all? Martin did absolutely nothing. The class ones were the Jets mgmt. Curtis' restructuring (and subsequent retirement prior to game one) was identical to the Jets releasing him before June. He saved the Jets absolutely nothing by restructuring. The Jets saved him since he's still in a dispute with an insurance company & they're not forcing his hand until the season starts. The choices for Martin were: 1) get released before June 1st of this year, before resolving the stuff with Lloyds of London. Getting released by the Jets may or may not have negatively impacted Martin's case. 2) get released after June 1st, but then he'd have to void the rest of his contract after '07 to make a post-6/1 release the same as one prior to that. This gives Martin a little more time to deal with those crooks. They did the latter. But the impact on the Jets' salary cap is identical whether they went with choice 1 or 2. Either way, the amortized signing bonus money accelerates to the 2007 cap. 2008 and beyond, Curtis is off our books in either scenario. Link to comment Share on other sites More sharing options...
uart Posted June 13, 2007 Share Posted June 13, 2007 The choices for Martin were: 1) get released before June 1st of this year, before resolving the stuff with Lloyds of London. Getting released by the Jets may or may not have negatively impacted Martin's case. Actually, being released can only help his case. He is claiming to be PERMANENTLY DISABLED. Which, as far as I know, means that you can't do your job anymore... ever again. Lloyds' argument against paying him probably amounts to: "Why would anyone keep you on the payroll when you can't do your job?" Link to comment Share on other sites More sharing options...
TheSage Posted June 13, 2007 Share Posted June 13, 2007 I think they should extend him. With a few seasons off he will be as good as new. 2010 will be his year. Mark my words! May I ask a question? Just how far into your cheek did you get your tongue? Link to comment Share on other sites More sharing options...
#27TheDominator Posted June 13, 2007 Share Posted June 13, 2007 Actually, being released can only help his case. He is claiming to be PERMANENTLY DISABLED. Which, as far as I know, means that you can't do your job anymore... ever again. Lloyds' argument against paying him probably amounts to: "Why would anyone keep you on the payroll when you can't do your job?" I think there may be restrictions on cutting injured players. Also, by not retiring Curtis is acting like he wants to play again, but can't because of the injury-good for his case. IMO, the Jets not cutting him is showing some class while they have the money to carry him. May I ask a question? Just how far into your cheek did you get your tongue? Max's tongue? Whose cheek? Link to comment Share on other sites More sharing options...
Sperm Edwards Posted June 13, 2007 Share Posted June 13, 2007 Actually, being released can only help his case. He is claiming to be PERMANENTLY DISABLED. Which, as far as I know, means that you can't do your job anymore... ever again. Lloyds' argument against paying him probably amounts to: "Why would anyone keep you on the payroll when you can't do your job?" I don't know what his policy states. It may or may not be more beneficial to retire due to injury instead of the team releasing him & no one else signing him. There must be a reason b/c otherwise he would have simply retired or been outright released prior to June 1st. The restructuring is just fancy accounting that allows it to take place later on with the same net effect. So there must be a reason for it beyond the cap implications. He may very well have screwed himself over by not retiring after the '05 season. He was technically on the team, drawing a salary for all of '06 (even though he was on the PUP list). He should have retired, collected his $ from Lloyds of London, and then if he was able to come back, return the $ to them (but then he'd be making more than collecting from his policy anyway). This is what happens when lay people try to interpret legal contracts on their own. Everyone in the world knows that Martin suffered a career-ending injury. It is obvious. But by (1) continuing to play with that injury for another 2 months in '05, and (2) working out with the team & not retiring in the spring of '06, he may have screwed himself. They may argue that there is a reasonable possibility "permanently" injured himself off the field doing his famous he-man regimen, since he was working out with the Jets in the spring, making all sorts of comments to the media that he's coming back. He's getting screwed, no doubt. The reason I side with him is that you can't be on the side of an insurance company (who was all too happy to cash the checks for his premiums). Otherwise I hardly feel sorry for Martin from a financial standpoint. He made over $50M through age 32 (not counting endorsements & all the other things regular people pay for that star athletes get for free). Feel bad for a guy who lost his leg (or life) in a car accident, not a guy who didn't get to play 2 more years of pro football past his prime. Link to comment Share on other sites More sharing options...
Maxman Posted June 13, 2007 Share Posted June 13, 2007 I don't know what his policy states. It may or may not be more beneficial to retire due to injury instead of the team releasing him & no one else signing him. There must be a reason b/c otherwise he would have simply retired or been outright released prior to June 1st. The restructuring is just fancy accounting that allows it to take place later on with the same net effect. So there must be a reason for it beyond the cap implications. He may very well have screwed himself over by not retiring after the '05 season. He was technically on the team, drawing a salary for all of '06 (even though he was on the PUP list). He should have retired, collected his $ from Lloyds of London, and then if he was able to come back, return the $ to them (but then he'd be making more than collecting from his policy anyway). This is what happens when lay people try to interpret legal contracts on their own. Everyone in the world knows that Martin suffered a career-ending injury. It is obvious. But by (1) continuing to play with that injury for another 2 months in '05, and (2) working out with the team & not retiring in the spring of '06, he may have screwed himself. They may argue that there is a reasonable possibility "permanently" injured himself off the field doing his famous he-man regimen, since he was working out with the Jets in the spring, making all sorts of comments to the media that he's coming back. He's getting screwed, no doubt. The reason I side with him is that you can't be on the side of an insurance company (who was all too happy to cash the checks for his premiums). Otherwise I hardly feel sorry for Martin from a financial standpoint. He made over $50M through age 32 (not counting endorsements & all the other things regular people pay for that star athletes get for free). Feel bad for a guy who lost his leg (or life) in a car accident, not a guy who didn't get to play 2 more years of pro football past his prime. POTW NOM Link to comment Share on other sites More sharing options...
nj meadowlands Posted June 13, 2007 Share Posted June 13, 2007 So it seems that the classy one in this story was Tannenbaum, not Martin. This has the same effect as the Jets releasing Martin prior to June 1st. The only difference is that now Martin gets to retire while still technically a member of the Jets instead of retiring as a released player without a team. Also gives Martin a little time to resolve his issues with Lloyds of London (friggin' crooks) on his own time schedule instead of on the Jets' schedule. But in the end it's the same thing. SE- what happened with Lloyds? Link to comment Share on other sites More sharing options...
Sperm Edwards Posted June 13, 2007 Share Posted June 13, 2007 SE- what happened with Lloyds? Don't know the nitty-gritty details. As best I understand, the gist of it is: Martin took out an insurance policy on himself (with Lloyds of London) in case he sustained a career-ending injury. He paid annual premiums of (I think it was) in the neighborhood of $200-300K/year. If his career ended due to injury, he was due to get something like $2-3M from Lloyds of London. Lloyds of London cashed every check Martin sent them for his premiums. Martin's career is over due to an on-the-field injury (or so it is claimed, though it seems entirely reasonable). Lloyds of London is denying payment to Martin. Link to comment Share on other sites More sharing options...
EM31 Posted June 13, 2007 Share Posted June 13, 2007 Don't know the nitty-gritty details. As best I understand, the gist of it is: Martin took out an insurance policy on himself (with Lloyds of London) in case he sustained a career-ending injury. He paid annual premiums of (I think it was) in the neighborhood of $200-300K/year. If his career ended due to injury, he was due to get something like $2-3M from Lloyds of London. Lloyds of London cashed every check Martin sent them for his premiums. Martin's career is over due to an on-the-field injury (or so it is claimed, though it seems entirely reasonable). Lloyds of London is denying payment to Martin. It is easy to villify the big bad insurance companies and i have done a bit of that myself in the past... That said, the added caveats to what we have heard so far are that the actual language of the contract/policy has not been posted anywhere on the WEB that I have seen, and we are hearing what we are hearing from Curtis' people. In other words I am sure the story is being told in a light that is most favorable to Curtis. It is possible he is trying to pulll a fast one and claim coverage for conditions that are properly excluded. We simply do not know here. Link to comment Share on other sites More sharing options...
Sperm Edwards Posted June 13, 2007 Share Posted June 13, 2007 It is easy to villify the big bad insurance companies and i have done a bit of that myself in the past... That said, the added caveats to what we have heard so far are that the actual language of the contract/policy has not been posted anywhere on the WEB that I have seen, and we are hearing what we are hearing from Curtis' people. In other words I am sure the story is being told in a light that is most favorable to Curtis. It is possible he is trying to pulll a fast one and claim coverage for conditions that are properly excluded. We simply do not know here. Absolutely. Like if he sustained what shouldn't have been a career-ending injury vs Miami, but then stubbornly continued to play despite medical advice to the contrary & made it worse - to the point where it became career-ending. A good guess this has something to do with it. Link to comment Share on other sites More sharing options...
Greenseed3 Posted June 13, 2007 Share Posted June 13, 2007 Here's my understanding of the situation. Martin's policy would pay $5 million if he sustained a career-ending injury. However, the language of the policy is such that he needs to provide evidence of a singular instance of when the career-ending injury occured. Being as the tearing of his knee cartilage was accumulative, paired with the fact that he consistantly played with pain-killers, extreme pain, and a lot of pride; it is near impossible to designate the "one" play where he sustained his injury. Like SE said, his being on the payroll last year hasn't helped his case much. Nor, has his "possible return" to play. Apparently there isn't a good character-clause in his policy; one that rewards the attempt to return despite extreme pain and the selfless attempt to assist his teammates. That's unfortunate. It's not hard to imagine how this might be a non-issue had Herm not run him into the ground, and I think the Jets need to repay him for his wear-and-tear. I say let Martin carry the ball in week-one. Let him run on our first goalline situation. Let him score against our division rivals, then fall to the ground grabbing his knee in pain. Let him end his career with a $5 million touchdown. He will be carted off the field with a standing ovation. He gets his due money by providing Lloyds of London with a definitive moment when his career was "ended", and he scores on the team that drafted him with the team that made him famous. Link to comment Share on other sites More sharing options...
EM31 Posted June 13, 2007 Share Posted June 13, 2007 Why do people persist in the notion that the Jets "Owe" Curtis anything financially at this point? $50+ million dollars. FIFTY MILLION!! More than any running back in the history of the game. Curtis has been MORE than fairly compensated by the Jets and by any rational measure compared to his peers. The fact that he is a nice guy does not erase the fact that for most of the years of his career with the JETS he has been massively overpaid. we were paying top-3 money for lower half of the top ten performances. So be it, that was in the past and he is perfectly within his rights to get the best deal he could negotiate. Bradway is the dupe here who negotiated against himself and gave away the farm.... Curtis' financial advice and representation has been absolutely brilliant throughout the course of his career. Industry best of breed in fact. If he got some bad advice about how to get paid off on his injury claim or about how to set up that insurance policy in the first place then that is something he needs to pursue with his legal and/or agent representation. Not being a medical man it strikes me that it is entirely plausible that the damage in '05 was cumulative and not due to a single event. He got injured and carried on for half a season pounding on that injured knee. When it finally gave out there was ample evidence to support the idea that all of the final damge was not the result of one catastrophic event. If he wanted coverage against both kinds of scenarios, then the policy would have been negotiatied that way and the premiums I am sure would have been higher. Perhaps the man is simply trying to board a plane with a bus ticket. Link to comment Share on other sites More sharing options...
johnny green balls Posted June 13, 2007 Share Posted June 13, 2007 the morale of this thread: herm letting cmart continue to play cost him his insurance policy. Link to comment Share on other sites More sharing options...
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