Money Woes Weighed on Michael Scott Before Death, says Report

Lenders trying to collect $1.2 million in debts

By Ivanna Hampton
|  Monday, Dec 20, 2010  |  Updated 8:15 AM CDT
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Money Woes Weighed on Michael Scott Before Death, says Report

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The body of School Board President Michael Scott was found in the Chicago River.

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Former Chicago School Board President Michael Scott's faced financial turmoil just before he turned a gun on himself in November 2009, new information indicates. 

His fortunes went sour because of a failed Olympic bid by the city of Chicago, and other unsuccessful business ventures, according to a report in the Chicago Sun-Times.

Scott earned $10,000 a month from Fogelson Properties "for consultation in regards" to possible Olympic Games projects if Chicago won the 2016 games, according to the Chicago Sun-Times and Better Government Association.

The city, however, lost the bid and Scott lost his part-time job contract about two weeks before he committed suicide, according  to Chicago Police Department documents.

That part of the contract apparently slipped Scott's mind when he asked to speak to the company's owner, Gerald Fogelson.

One of Fogelson's employees talked with police. Investigators wrote: "Timothy Desmond stated that he explained to Michael Scott that terms of the contract ... were if the Olympics were not to be in Chicago their contract would be void. Scott appeared surprised but later contacted him and apologized for the misunderstanding."

Several financial institutions are trying to collect around $1.2 million from Scott's estate, including almost $1 million from 2007 loans Scott and his business partner Phil Gershman took out for their restaurants, Salad Creations, the Sun-Times reports.

Two restaurants located in downtown closed before Scott's death. A third location went out of business soon after.  Both men hoped to open a fourth location at Midway Airport , but it never materialized.

Read the full report in the Chicago Sun-Times.

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