By Michael Bathon

Oct. 2 (Bloomberg) -- Bernie Kosar the former quarterbackfor the National Football League’s Cleveland Browns filed aplan to satisfy creditors’ claims by liquidating his bankruptcompanies and investments while retaining some assets.

Kosar’s lawyers called the proposal a “hybrid” plan inwhich his companies’ assets would be liquidated to repaycreditors and he would keep assets including his NFL pension anda vehicle according to court documents filed Sept. 30.

Kosar’s ex-wife Babette J. Kosar wants the court toappoint a trustee to take over the case and liquidate his assetsto distribute to creditors saying in court papers “he hasdemonstrated no ability to manage his affairs” and his“conduct constitutes gross mismanagement and/or fraud.”Babette is owed about $3 million from a divorce settlement.

In Chapter 11 documents filed June 19 in U.S. BankruptcyCourt in Fort Lauderdale Kosar listed debt of as much as$50 million and assets of less than $10 million. Three ofKosar’s companies KHOC LLC BJK LLC and Mantua Land Co. alsofiled for bankruptcy.

Born in 1963 in Boardman Ohio Kosar started his 12-yearcareer with the Cleveland Browns in 1985. He finished second inalmost all statistical categories for quarterback in the team’shistory according to the Cleveland Browns Web site. He earned aPro Bowl selection in 1987 and set a league record in 1990 and1991 by completing 308 passes without an interception. He ledthe Browns to the playoffs in each of his first five seasons.

‘The Drive’

Kosar played opposite Denver Broncos’ Hall of Famequarterback John Elway in the 1986 American Football ConferenceChampionship game made famous by “The Drive” which ended ina 23-20 overtime defeat for the Browns. At the University ofMiami Kosar led the team to its first National CollegiateAthletic Association championship beating the NebraskaCornhuskers who had won 22 consecutive games.

Under his bankruptcy plan Kosar would seek to hire CBRichard Ellis Group Inc. to help auction and sell Mantua Landand BJK properties and repay their creditors.

Mantua Land owns four parcels of developed and undevelopedland totaling 315 acres in Mantua Ohio. KeyBank NA holds a$3.1 million claim against Mantua Land for a mortgage on theassets.

BJK owns 140 acres of land in Fort Pierce Florida thatwas part of a proposed development called Creekside. NationalCity Bank BJK’s lender is owed $4.3 million and CreeksideCommunity Development District is owed about $4.9 million from abond offering.

Florida Panthers

KHOC owns a 6 percent interest in the National HockeyLeagues’ Florida Panthers valued at $14.4 million according tocourt documents. After paying creditors KeyBank and PanthersHockey LLP 682which owns the Panthers the proceeds of a salewould be used to pay Babette Kosar’s claim. The rest would besplit among unsecured creditors and Kosar court papers show.

Kosar expects to make about $24000 a month from radio andpersonal appearances and from providing services to companiessuch as Longaberger court papers show. Kosar who owes at least$15000 a month for child support estimates his monthlyexpenses at $13800 leaving him about $11000 to divide amonghis ex-wife and unsecured creditors.

The case is In re Bernard J. Kosar Jr. 09-22371 U.S.Bankruptcy Court Southern District of Florida (FortLauderdale).

To contact the reporter on this story:Michael Bathon in Wilmington Delaware atmbathon@bloomberg.net.