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Thread: Derrick Coleman is almost $5 million in debt

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    Elite Member celeb_2006's Avatar
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    Default Derrick Coleman is almost $5 million in debt

    Derrick Coleman is almost $5 million in debt - Ball Don't Lie - NBA Blog - Yahoo! Sports



    It's not a good time to be a hyper-skilled forward who never really made the most of their considerable talent. First, it was Antoine Walker(notes), his casino debts, and a short stint in Puerto Rico. Now, it's Derrick Coleman, failed business investments, and fur coats.

    According to the Wall Street Journal's Bankruptcy Beat, Coleman has filed for bankruptcy and owes creditors $4.7 million, most of which he lost in failed attempts to stimulate Detroit's struggling local economy. His lawyer Mark B. Berke explained the reasons for Coleman's financial struggles.

    "Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," Berke said. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."


    According to Basketball Reference, Coleman made more than $87 million during his 15 year career with the Nets, 76ers, Hornets, and Pistons. But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets.

    Coleman's biggest debt comes from a $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.

    Despite the filing, Coleman will be trying to keep both his Beverly Hills home, and the home that he bought for his mother, also located in Beverly Hills. Berke says that Coleman is "just hoping to get rid of that debt and make a fresh start."

    They say that two is a coincidence, and three is a trend — someone needs to check on Billy Owens to make sure he's doing OK.

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    Elite Member BITTER's Avatar
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    Wow. He didn't blow it on bling, but lost it trying to help people?

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    Elite Member Mivvi21's Avatar
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    What a fucking moron. How the hell does anyone blow through so much money? Just goes to show that money doesn't buy class or brains.

    ETA: Oops. My reading comprehension must be on vacation today. So,he blew his money helping people? At least that's better than the usual way these types blow their money.

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    Elite Member kingcap72's Avatar
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    An athlete who loses his money trying to do good for others, instead of blowing it on bling, women, cars and homes? That might be a first. Hopefully, his good karma will come back to him.

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    Gold Member Little Goon's Avatar
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    Wow, as a person who lives in Michigan, it brings tears to my eyes reading about how hard this poor man tried to save Detroit.
    That is so sweet, he sounds like a nice man, and I hope he gets out of this poor financial situation, and that be bounces back 100%
    I have opinions of my own -- strong opinions -- but I don't always agree with them. - George W. Bush

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