Fred Goldman says over and over he's after justice, not money, in the civil case against O.J. Simpson. If he wins, justice may be all he ever gets.
Simpson doesn't have the deep corporate pockets typical of civil trial targets. By the best estimates, based on court papers and sources who spoke on condition of anonymity, the former football star is worth no more than $6 million, down from the almost $11 million he recorded in 1992 during a divorce fight with Nicole Brown Simpson.With the costs of suing Simpson estimated at more than $1 million and rising, there is a question of just how much money, if any, the plaintiffs would get if they win, after factoring in attorneys' fees - usually a third of an award - and expenses.
Plaintiffs would also find themselves lining up with Simpson's creditors, including former Dream Team members still owed money for his criminal defense, and the Internal Revenue Service, which says it's owed $685,000 for back taxes and interest when Simpson was jailed.
And there's no guarantee Simpson will - or can - pay up. If he loses, Simpson can take any number of court actions, from appealing the verdict and award to filing for bankruptcy protection.
"There are 20 different issues floating around this case that could keep it in the courts for years," Loyola University law professor Stan Goldman said. "There are obviously more scenarios if he loses than if he wins."
If he wins, it's simple. The plaintiffs get nothing.
The jury is expected to get the civil case late this month. If the panel finds Simpson liable for the 1994 knife murders of Nicole Simpson and Fred Goldman's son, Ronald - and decides he should pay punitive damages - a brief hearing would be held in which Simpson's books are opened and accountants testify.
Attorneys, under a gag order, refuse to comment on Simpson's situation. But court papers and sources familiar with Simpson's financial dealings shed some light on the subject. They show him to have some large, but one-time, chunks of income - and lots of heavy expenses.
Said one knowledgeable source: "I'd say he's worth about $3.5 million to $6 million, depending on what you could get for the house, and depending on whether he was able to stash away money."
Here is a rundown of Simpson's financial picture.
- Before the divorce:
Simpson's biggest asset remains his Rockingham estate. It was valued at $5 million in 1992, but Southern California's real estate market has dipped since then.
While battling Nicole Simpson over child and spousal support, Simpson's net worth was listed at $10.8 million, as of Dec. 31, 1991.
His salary for 1991 was estimated at a little more than $1 million, including $400,000 from NBC and $550,000 from Hertz.
Simpson estimated his 1992 income at about $700,000, citing a $100,000 pay cut from NBC, losses from restaurant investments and a bad stock deal.
- Trial costs:
Simpson's actual out-of-pocket costs for successfully fighting murder charges are unknown and subject to dispute, but estimates range from $3 million to $6 million.
To pay for it, he quickly went through $500,000 in liquid assets, then refinanced his Rockingham estate, getting a $3 million line of credit, from which more than $2 million has been drawn, according to sources.
That mortgage, combined with the real estate slump, has greatly dropped the property's value from its $5 million level in 1992.
Simpson also owes as much as $1.5 million to his lawyers and investigators, sources said.
- Trial income:
Simpson still made money during the criminal case; indeed, the $2 million-plus he pulled in was about double what he made in some of his better years as a sportscaster and pitchman.
His share from the jailhouse book "I Want To Tell You" was about $1 million. He earned $250,000 more by autographing limited editions of the book, according to sources.
Other deals to autograph memorabilia, including some sold overseas, has brought in another quarter-million dollars, sources said.
He made $400,000 to $500,000 on a deal to sell photos of his homecoming after the verdict, sources said.
Simpson's much-talked-about video wasn't the huge moneymaker that he had hoped for but still brought in about $250,000 for him, according to sources.
- Since the murder trial:
Simpson had always carried hefty household expenses, employing a full-time maid, personal assistant and gardeners. After his acquittal, he added security guards for his house and a bodyguard-chauffeur.
The costs aren't known, but one source said, "The security (expense) is killing him."
Also unknown: the costs of the bitter custody battle for his younger children, Sydney and Justin. Now that Simpson has custody, he must pay private school tuition.
- Civil trial expenses:
Simpson has avoided major costs for the wrongful death trial.