An investment firm made famous by former San Francisco 49ers Joe Montana, Ronnie Lott and Harris Barton is in negotiations to be taken over by a bank to which it owes $69 million, the San Jose Mercury News reported.
HRJ Capital used the firm as collateral on a bridge loan as it was attempting to raise $250 million. It was able to raise only about half that amount but had committed the entire $250 million for investments, according to a report from Thomson Reuters.
"Yes, that's just as dumb as it sounds," wrote Dan Primack, the top private-equity analyst at Thomson Reuters, and founder and editor of the www.pehub.com Web site.
Montana left the firm in 2006, but, according to the company's Web site, Lott and Barton remain on the three-person management team along with Jeffrey Bloom, the firm's managing director. A USA Today profile of Lott in late 2007 identified HRJ as having 50 employees with $1.8 billion in assets under management.
Primack said HRJ's financial problems will almost certainly lead to the demise of the private-equity firm.
Montana and Lott are in the Pro Football Hall of Fame.
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