Derrick Coleman almost $5 mil in debt

[Andrew]

Following in Antoine Walker's footsteps...

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.

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.

It's been said before, but Derrick Coleman has to head up the All-Time Wasterd Potential Team. He really should've been the evolution of the power forward position the way Dirk Nowitzki would later be. A lot of talent, very little heart and motivation.

[benji]

most of which he lost in failed attempts to stimulate Detroit's struggling local economy

Stop right there.

[shadowgrin]

From a related link: http://blogs.wsj.com/bankruptcy/2010/04 ... ankruptcy/

Colemen’s other business interests include ownership stakes in the Hilton Garden Suites hotel in downtown Detroit, a Tim Hortons Inc. doughnut shop franchise and Hungry Howie’s Pizza store, according to court papers.

Among the assets that could be available for creditors is an eclectic mix of automobiles: a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000.

Coleman also listed two Seadoo watercraft, his $90,000 NBA pension and two chinchilla fur coats.

I'll be damned, $90,000 in pension. A man can never go wrong with fur coats.

Shame on the Wall Street Journal for the typo.

[benji]

This is even better:

Among Coleman’s largest debts [are] $1.3 million owed to Comerica Bank in connection with a lawsuit and a $1 million loan on property in Michigan from Thornburg Mortgage Home Loans.

Coleman also owes Detroit mayor and fellow Syracuse legend Dave Bing $50,000 from a loan granted last year.

He should have invested on the west side of the state if he was going to throw away his money into the giant hole that is Michigan. Would have at least got some return during the last decade to cushion the blow from the implosion.

[J@3]

I like that he owned a doughnut shop. Seems appropriate.

[Jeffx]

It's been said before, but Derrick Coleman has to head up the All-Time Wasterd Potential Team. He really should've been the evolution of the power forward position the way Dirk Nowitzki would later be. A lot of talent, very little heart and motivation.

I've always said Derrick Coleman had more talent than Karl Malone ever did, but he lacked The Mailman's heart.

[Rip32]

He should have invested on the west side of the state if he was going to throw away his money into the giant hole that is Michigan. Would have at least got some return during the last decade to cushion the blow from the implosion.

Hell yes, the less shitty, yet more unemployed side of the wonderful state I call home.

I'm not sure how you can eff up like that if you have ownership in Tim Horton's and Hungry Howie's, those are two semi-successful businesses in Michigan (Tim Horton's is more of a Canadian thing though I think).

Actually, this weekend I just watched an old college game between Syracuse and Indiana from DC's college days and he was such an athletic beast. He probably gained 200 pounds from then to now, but he coulda been a better Charles Barkley if he had the intangibles to work hard and not be an idiot.