From $87 mill to $5mill in debt!

[Devon97]

The next person who tells me former Pro athletes never have to work again need a reality check!

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379

[tendonitis]

The next person who tells me former Pro athletes never have to work again need a reality check!

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379

well the white ones usually never have to work again

[Tito24]

kind of sad, because the guy made an attempt to revitalize the Detroit area...

I'm sure his lavish spending didn't help

[spinnis]

Without clicking on the link should we have a skincolor guessing comp?

[Mr Nobody]

Living the high lifestyle and credit will crush you.

[spinnis]

here are some real dumba$$es: nick cage, antoine walker, daly the golf     

racist!

[Azn Muscle]

True.  At least he lost his money investing rather than because he gold plated everything in sight.

[Eyeball Chambers]

well the white ones usually never have to work again

haha

[JOHN MATRIX]

if you make $87 million dollars and squander ALL of it you should be tried and hung for crimes against humanity.

[SF1900]

Squandered $87 million. Sorry, I don't feel sorry for this dumbass. Even in his failed attempts to revitalize Detroit, if he managed his money carefully I am sure he would have more than $1 million. Stupid.

[noworries]

It looks like most of you didn't read the article.  he didn't squander or buy a bunch of shit wiht his money.  He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit.  So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others.  The only thing he should get shit for is trying to help others.

[JOHN MATRIX]

It looks like most of you didn't read the article.  he didn't squander or buy a bunch of shit wiht his money.  He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit.  So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others.  The only thing he should get shit for is trying to help others.

oh well then this is different. id assumed he'd spent it all on spinning rims, escalades and lions and tigers and expensive cognacs. this guy had a reputation as a lazy bonehead for most of his NBA career

[spinnis]

It looks like most of you didn't read the article.  he didn't squander or buy a bunch of shit wiht his money.  He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit.  So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others.  The only thing he should get shit for is trying to help others.

no doubt hes not like the other dumb negros BUT he should have kept more then 1 mil in "safe" money..

[SF1900]

It looks like most of you didn't read the article.  he didn't squander or buy a bunch of shit wiht his money.  He invested it in his home town of Detroit by redeveloping parts of the city and providing jobs for hundreds of people and tryimnh to make the city's economical situation better. The economy was so bad and the real estate market slipped that all that effort went to shit.  So unlike some of the other idiots who have lost millions of dollars by buying their friends houses, and cars and jewelry at least thsi guy tried to help others.  The only thing he should get shit for is trying to help others.

Okay, but did he spend ALL $87 million trying to help Detroit out? No one said he had to buy a Beverly Hills home. I am pretty sure he didn't spend ALL $87 million on Detroit. Where did the rest go? It went to a home in Beverly Hills, big screen tv's, fur coats, jewelry, lavish vacations, cars and dining. You realize the millions he spent on all that stuff. That was his choice!! If he would have lived a more modest lifestyle, I am sure he would have had more than $1 million in assets. Sorry, don't feel bad for him.

We can agree to disagree 

[Devon97]

True.  At least he lost his money investing rather than because he gold plated everything in sight.

I would hardly call the following "Investing" lol

" 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"

Not exactly the black Warren Buffett

[Quickerblade]

Im sure its all bullshit, just a spin from his lawyers to make him seem charitable and not like a loser like the other athletes.
what is 87M after taxes?

lol, Fur coats what a fucken loser, if your going to go broke do it in style, buy some lambos, a helicopter and a yacht...he has only $3000 in jewellery hahaahaaa

[JOCKTHEGLIDE]

Im sure its all bullshit, just a spin from his lawyers to make him seem charitable and not like a loser like the other athletes.
what is 87M after taxes?

lol, Fur coats what a fucken loser, if your going to go broke do it in style, buy some lambos, a helicopter and a yacht...he has only $3000 in jewellery hahaahaaa

87 * 50%
from there,,,,,his agent about 10 to 20 percent
other fees probably 2 million,,,,

[Quickerblade]

87 * 50%
from there,,,,,his agent about 10 to 20 percent
other fees probably 2 million,,,,

then its unfair to say he made 87M.

Lessons to be learned, dont help people that cannot help themselves, GM could not help detroit, why is he "supposedly" pouring money from his own pocket any way, raise the money instead.

[odilly]

 i am all for helpig out your home town but you have to have a line drawn in the sand to protect yourself all though maybe it was going good at first and he thought his boat couldnt sink so he loaded it up with all his eggs..only to plow it into an ice berg. Sad I hope detroit trys to pay back the favour

[Army of One]

87 after taxes, around 45 million,then take agents fees.Plus these guys dont get that 45 million in 1 lump sum.Rookie contrcts start off at around 600,000 a year after taxes for first 3 years.Then for coleman spread that 40 million over 10-11 years so 4 mill a year.Problem is that these guys buy everything on finance and forget the money will run dry one day.They come to the end of their careers and finally realise they have no more money and still have 8 houses with 2 mill left to pay on each and a load of cars they have barely paid for.

[Quickerblade]

87 after taxes, around 45 million,then take agents fees.Plus these guys dont get that 45 million in 1 lump sum.Rookie contrcts start off at around 600,000 a year after taxes for first 3 years.Then for coleman spread that 40 million over 10-11 years so 4 mill a year.Problem is that these guys buy everything on finance and forget the money will run dry one day.They come to the end of their careers and finally realise they have no more money and still have 8 houses with 2 mill left to pay on each and a load of cars they have barely paid for.

Seriously, i sort of feel bad for them, not that they go broke, but that they are that dumb, dont they have mentors on the team or advisers from the NBA that show them the long history of broke athletes..or is they dont listen, first of all i think colemans "helping detroit" story is lies, they will need to audit his finances for me to believe him.

Kenny anderson his former teammate went broke also, funny thing is he went broke during the strike, he was living cheque to cheque...

its nice to help out family and friends, buying mum a house is very sweet, but does she really need to live in a mansion, is mum going to contribute to taxes, maintanence, Im sure mum would like a home without monthly repayments thats all.

alot of athletes do go bust, but most of them hang tight with there money....my bet is Allen Iverson is next on the Bankrupt list.

[~UN_$ung~]

i a racist asshole, so i would like more then anybody to just single out black guys

but f@ggots like nick cage do this just as well, one time i heard a list recited of the things he purchased over the course of just that last few years......and i quickly realized he is mentally ill.  multiple 10+ million dollar mansions, most of which he never set foot into........over a hundred cars, majority of which he never even saw, let alone drove

but you gotta concede, black entertainers and athletes have really turned blowing their money on meaningless over-extravagances and indulgences into an art form.....

[Quickerblade]

i a racist asshole, so i would like more then anybody to just single out black guys

but f@ggots like nick cage do this just as well, one time i heard a list recited of the things he purchased over the course of just that last few years......and i quickly realized he is mentally ill.  multiple 10+ million dollar mansions, most of which he never set foot into........over a hundred cars, majority of which he never even saw, let alone drove

but you gotta concede, black entertainers and athletes have really turned blowing their money on meaningless over-extravagances and indulgences into an art form.....

you only hear about the ones that go broke, a lot of the black athletes keep there money and stay wealthy.
There are alot of dumb athletes but alot of smart ones to, they know if they blow there sports money there is no hope

Just because Scottie pippen, Tyson went broke does not mean Shaq, lebron, Jordan or Emmit smith will go broke.

[JOHN MATRIX]

scottie pippen went broke?

[Quickerblade]

scottie pippen went broke?

Yeah, he bought a Gulfstream jet lol and he had a shocking contract with the bulls, he was so poor he signed whatever they offered him...



The Missouri Court of Appeals has upheld a ruling from last year in St. Louis County in which a judge agreed that Pippen owed U.S. Bank about $5.021 million in principal, interest and attorney fees from a dispute over a private jet and company Pippen once owned.

Pippen said the charter-plane issue is one of many poor business decisions that were made primarily by a former agent, whom he blames for causing him to lose about $27 million in bad investments and questionable accounting. Pippen sued his former law firm in 2005, claiming he had been swindled, but he lost the case.

In terms of the plane, court documents claimed Pippen was using charter planes so often in 2001, when he was playing for the Portland Trail Blazers, that a pilot persuaded him to consider buying his own jet. Consequently, Pippen and his wife, Larsa, borrowed $4.375 million from an aircraft finance company, JODA LLC, in the St. Louis area.