The backup quarterback for the Pittsburgh Steelers, Charlie Batch, is in danger of losing his Super Bowl rings. Batch filed for bankruptcy protection last December. The bankruptcy court has not ordered that Batch's rings be sold to pay his creditors.

However, Batch did put up the rings as collateral to secure a loan from Primerock Real Estate Fund LP. The bankruptcy judge has ruled that Primerock is allowed to seize the rings and other collateral on the $820,000 loan.

In Batch's bankruptcy petition, he listed $8.29 million in liabilities and $2.3 million in assets.

The quarterback has a real estate company, Batch Development Co. Inc., that recently had twenty-five properties turned over to a court-appointed receiver after defaulting on a $1.15 million mortgage.

Fort Lauderdale bankruptcy lawyers point out that the order regarding the Primerock loan does not necessarily mean that Primrock will seize Batch's rings or other property. Primerock is more interested in receiving payments than in seizing property, especially if the property is worth less than the debt.

Batch has said he intends to make payments to Primerock and keep his property. He has some reason for believing he can make payments in the future. His earning capacity is good. He earned $855,000 last year as part of a two-year contract he signed with the Steelers in 2010.

Source: UPI "Judge rules on Steelers' Batch bankruptcy" 3/23/2011