By Trey Kerby 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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a player that always underachieved.
this is expected.Comment -
DC made over $70 million. These guys need to hire financial gurus to manage their money not childhood friends.Comment -
We see these kind of stories relating to NBA players almost every fortnight it seems.Comment -
how in the world can these guys who made piles and piles of money be so stupid as to lose it all? boggles the mind. and yeah, these are not isolated incidents.Comment -
it never ends for these fukking morons.
A Fool and his money are soon parted.Comment -
Originally posted by Brock Landers
and a fool's Dad and his money are parted everytime his son goes on tilt and loses the retirement fund and needs a bailout.
90% of these Nba "stars" must be broke in 10 years after retiring.
what is marbury doing these days?Comment -
LOL yeah well its a good thing the retirement fund and the over 100K in it are totally inaccesiblle to me, and the shit it growning by leaps and bounds lately.Originally posted by Chi_archie
But the # of NBA players broke is beyond comprehension..
Coleman, Walker, Pippen, Sprewell, to name a few. I'm sure Dennis Rodman has cash flow issues, in fact the way he gambled 10+ years ago, its assured. Barkley is probably a few big bets away from bankruptcy too. Jordan seems ok, huge degenerate that he is, but he STILL gets endorsement deals and such, but i could see him being broke with more bad moves.Comment -
Rodman went on celebrity rehab, no doubt to help make some $. He certainly didn't think he had any sort of chemical dependency or problem. so there was no other reason for him to be on there. (though I think it was court ordered that he be in some program)
don't forget antoine walkerComment -
Lesson to be learned for all you sick degenerate losers that have to bet every single day...
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After state and federal taxes, agent fees, misc, your bringing home about $30 million, Now spread that over 15 years and that 2 million a year. Sounds like a lot but it really isn't if your not disciplined.Originally posted by BatemanPatricklComment -
Jeez another 1 to the listComment -
whats the point of owning 3 berverly hills homes?Comment -
"Coleman made more than $87 million during his 15 year career" what is the exact amount the paid toward taxes, and what is an agents typical cut 10-15% ? Curious how much of the 89 million he actually gotComment -
He was trying to stimulate the Detroit Economy???? What the Ho's and Crack dealers?Comment -
So much for feeding your family.Comment -
because he wasn't using his headComment -
Anyone remember his interview where he gave the "Whoopdy Damn Doo" line?
D.C. and A.I. share similar views on that little thing known as "practice."10. "Whoop-de-damn-do"
Shortly after Kenny Anderson, the Nets All-Star guard, went AWOL for a day in Dec. 1994 and missed a Nets practice, Derrick Coleman, his teammate, responded to reporters' questions about the incident:
"Where were all you guys when Dwayne Schintzius missed practice? Everyone misses practice. Dwayne Schintzius misses practice. Jayson Williams misses practice. I miss practice. Even the coaches miss practice sometimes."
Then Coleman was reminded that Anderson, a team leader, might want to set a better example. "Whoop-de-damn-do," said Coleman "I didn't feel he owed anybody an apology." The Nets finished the 1994-95 season 30-52. Coleman, who missed practice more than anyone, was traded to the Sixers for Shawn Bradley shortly after the 1995-96 season began. Coleman averaged about 20 points and 10 rebounds a game for the Nets during his first five NBA seasons, on his way to becoming one of the league's best players. It wasn't to be. He did, however, achieve the distinction of being voted Page 2's second worst cancer in NBA history.Comment -
I would take Sam Bowie over this guy any day!Comment -
being traded for shawn bradley is all you need to know about the guyComment -
Who's derrick coleman?
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