Steve Posted June 30, 2010 Report Share Posted June 30, 2010 Eddy Curry http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Eddy-Curry-makes-a-lot-spends-a-lot-and-owes-a-?urn=nba,243600 Curry argues that he shouldn't have to pay off that debt, because he's spending too much money in other places. According to reports filed in the suit Curry's outgoing payments include: • $30,000 a month for "household expenses." • $17,000 a month to various relatives including his parents, sister and father-in-law. • More than $1,000 a month for cable and satellite television. • $207,000 a month in garnished wages that haven't been elaborated upon, but adds up to almost $2.5 million that Eddy Curry never sees over the course of a year. • $350,000 to Juwan Howard(notes). (What?) http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Rick-Mahorn-is-bankrupt-and-no-longer-has-his-ch?urn=nba,235999 Despite making more than $6 million throughout his playing career and pulling in a six figure salary as a Pistons commentator, Mahorn and his wife had just $1,101 dollars to their name when they filed Derrick Coleman http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt;_ylt=Arm_9C79zgOWDNtaUlMR1qPYrYZ4?urn=nba,233379#comments 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. Antoine Walker http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Antoine-Walker-shimmied-his-way-to-Puerto-Rico;_ylt=Ajvd8ATgO6PQMCPkKr2NnNTYrYZ4?urn=nba,226915 He's playing in Puerto Rico "Walker's working as a hired gun where he'll have to prove that he's in basketball condition, which has never been the big guy's specialty. He'll have to prove something, as a month of playing basketball for $7,000 a week will leave him, oh, just $3.95 million short of repaying his debts. Furthermore, Walker still has a DUI case against him, and is still awaiting trial for his arrest for writing bad checks at casinos." Okay, I'll say it since no one will..lol...with the exceptions of Lenny Dykstra and a few others, these guys are all black and grew up relatively poor. Its ulitmately their own fault but the fact is they had little knowledge of financial planning, etc. I spent my last year of HS in the 'burbs and was the dinner table of a few of my friends. Their dads watched for the close of the Dow on tv or talked about the stock market, etc. Those types of markets aren't discussed anywhere I grew up. Even so, its not an excuse. There have been poor white guys going to the pros in baseball for years and managed to do okay with their money. I will say though a lot of them years ago grew up with fathers who experienced the depression and were miserly and passed that on to their kids. Also, culturally (and sadly) its a bling-bling, live rich, die young mentality out there with a lot of these young athletes. Its hard to imagine when you're 20, 21 or 22 that you can go broke getting 10 million a year. Its still mind boggling though. Link to comment Share on other sites More sharing options...
USVirgin Posted June 30, 2010 Report Share Posted June 30, 2010 Sad to read the link about Derrick Coleman. Sounds like he at least tried to invest in the community and do some good, sort of like how Magic Johnson started his second career. I was gonna say Rick Mahorn should have gotten some financial advice from his bad boy teammate Bill Laimbeer, who was a privileged child, 'till I read this on Wiki: [color:blue]In 1994, Laimbeer and his father William Sr. co-founded Laimbeer Packaging Corp., a company located in Melvindale, Michigan, a Detroit suburb, producing corrugated cardboard boxes. The company struggled through the late 1990s and closed in early 2002. His father was a ranking executive with the Owens-Illinois corporation, and it was said (only partly tongue-in-cheek) during his career that Laimbeer was the only NBA player who earned less money than his father.[/color] Link to comment Share on other sites More sharing options...
The_Munchmaster Posted June 30, 2010 Report Share Posted June 30, 2010 What about Mike Tyson. "Tyson declared bankruptcy in 2003, despite receiving over US$30 million for several of his fights and $300 million during his career." Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted June 30, 2010 Report Share Posted June 30, 2010 Not a sports pro so tell me to piss off but didn't Donald Trump many years ago file personal bankruptcy?? He was a billionaire and is again. Or was it just one of his properties? Too lazy to google it as I know one of you guys will know for sure. Link to comment Share on other sites More sharing options...
lifeline Posted June 30, 2010 Report Share Posted June 30, 2010 Firstly, regarding Donald Trump - I am not an expert, but, he was certainly on the edge. Had to sell the Corporate jet, some properties.... in the end, I think it was a case of he was just big enough that the banks would take to big a loss to shut him down. So, he kept enough financing to keep going and eventually things turned around. (in his case he was helped by having casinos as well as real estate). Wonder how he is doing now? Not just athletes, but, many with concentration in real estate have been destroyed - Nicholas Cage being one who has had recent publicity. So, although I think many athletes receive super large sums of money and don't know what to do with it (my son used to work in Hampton, VA home of Allen Iverson -every couple of months someone would show up with a $50,000 car, a gift from AI who was just a nice, generous guy), I also think, many wealthy middle age white people have had a similar fate with no publicity (thank you Bernie Madoff and all the Wall St scum and incompetents). Link to comment Share on other sites More sharing options...
lifeline Posted June 30, 2010 Report Share Posted June 30, 2010 Scotty Pippen saved from the brink: http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Scottie-Pippen-is-a-little-less-broke-these-days?urn=nba,252310 Remember, be sure to check that your $4 million jet works!!! Link to comment Share on other sites More sharing options...
The_Munchmaster Posted June 30, 2010 Report Share Posted June 30, 2010 ...Wonder how he is doing now? One thing he's doing is building a golf resort in Aberdeenshire in the north east of Scotland. Caused quite a fuss it has. Link to comment Share on other sites More sharing options...
Steve Posted June 30, 2010 Author Report Share Posted June 30, 2010 Not a sports pro so tell me to piss off but didn't Donald Trump many years ago file personal bankruptcy?? He was a billionaire and is again. Or was it just one of his properties? Too lazy to google it as I know one of you guys will know for sure. My brother is a big fan of Trump. I think he filed BK twice! Good point about him. There is a long litany of guys who own well known (or even not so well known) multi million and billion dollar businesses that have gone bust and they filed BK. Link to comment Share on other sites More sharing options...
lifeline Posted June 30, 2010 Report Share Posted June 30, 2010 Tiger Woods is not yet broke, but, he may be on his way. TIGER WOODS is banned from letting girlfriends near his kids in a divorce deal netting his ex a record £500million £500million is now approx. $700 million. So, his wife Elin picked up slightly more than $100 million per year of marriage to Tiger. While Tiger can afford this settlement, he is losing a significant amount of $ from sponsors and his golf game has suffered. And, who knows what future flings will cost him. So, in a few years, Tiger may be able to claim to be not only the first billionaire athlete but, also, the first one to declare bankruptcy. Should have listened to Dad who told him, "in this day and age, there is no reason to get married". Link to comment Share on other sites More sharing options...
TroyinEwa/Perv Posted July 1, 2010 Report Share Posted July 1, 2010 Not a sports pro so tell me to piss off but didn't Donald Trump many years ago file personal bankruptcy?? He was a billionaire and is again. Or was it just one of his properties? Too lazy to google it as I know one of you guys will know for sure. My brother is a big fan of Trump. I think he filed BK twice! Good point about him. There is a long litany of guys who own well known (or even not so well known) multi million and billion dollar businesses that have gone bust and they filed BK. Reading up on him just a bit (wiki-shit) he personally never filed but was close once but filed for bankruptcy twice on behalf of business ventures. Link to comment Share on other sites More sharing options...
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