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Derrick Coleman Files For Bankruptcy

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Mr. Met

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BGOL Investor
http://blogs.wsj.com/bankruptcy/201...coleman-files-for-bankruptcy/?mod=rss_WSJBlog

Ex-NBA Star Derrick Coleman Files For Bankruptcy

Former National Basketball Association No. 1 draft-pick Derrick Coleman, who filed for Chapter 7 bankruptcy protection last month, says he owes his creditors nearly $4.7 million.

The ex-Syracuse University standout and 1991 NBA Rookie of the Year earned tens of millions during a 15-year playing career but listed assets of just $1 million in papers filed with the U.S. Bankruptcy Court in Detroit, Coleman’s hometown.

Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, Coleman’s bankruptcy attorney Mark B. Berke said Friday.

Among Coleman’s ventures is a struggling Detroit development called Coleman’s Corner, an attempt to revive one of the city’s most downtrodden neighborhoods. Coleman defaulted on loans related to the mall last year.

“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.”

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.

Coleman filed for Chapter 7 protection in March but only recently provided details of his assets and debts. The Chapter 7 filing indicates that the onetime New Jersey Nets forward intends to liquidate his assets in order to pay back creditors.

Among Coleman’s largest debts is $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.

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.
 
What's sad is that dude meant well.

I never liked him because he never lived up to his potential.

But his heart was in the right place.:smh:
 
BGOL TIP OF THE DAY:

When you come into a lot of money... ALWAYS utilize a finacial consultant! :yes:

Much as black people like to brag about it, you don't know every fucking thing about money! Let the experts show you how to use your money to give you the best advantage! :yes::yes::yes:
 
doggish_098 said:
just because you file bankruptcy doesnt mean that you are broke.
Click to expand...

Yes it does when you file for chapter 7. And if he fucks with the Feds and hide assets then he' ll wish he never filed for bankruptcy.

Chpt7 means you have more debt than your assets which is the definition of broke.
 
Angel Of Death said:
BGOL TIP OF THE DAY:

When you come into a lot of money... ALWAYS utilize a finacial consultant! :yes:

Much as black people like to brag about it, you don't know every fucking thing about money! Let the experts show you how to use your money to give you the best advantage! :yes::yes::yes:
Click to expand...

One of the biggest rackets that hasnt really been exposed on a broad scale yet is how financial consultants, stock brokers and CPA's would rape ignorant athletes and rappers while the money was good in the 90's - early 2000's.

If you are rich and stupid, you are gonna end up short regardless unless you are in the extreme minority of dummies that are being protected by a team that they can actually trust. Very rare...
 
97 Bentley Axure is only $50k now.:smh:

Not that I want one but I'm thinking that may be the biggest bang for your buck on a hot summer vehicle in the $50k range.
 
themainman said:
One of the biggest rackets that hasnt really been exposed on a broad scale yet is how financial consultants, stock brokers and CPA's would rape ignorant athletes and rappers while the money was good in the 90's - early 2000's.

If you are rich and stupid, you are gonna end up short regardless unless you are in the extreme minority of dummies that are being protected by a team that they can actually trust. Very rare...
Click to expand...
They are doing it today and you don't have to be a millionaire to be suckered in

Coincidently, most articles in too many business sections talked about the volume of the main street folks weren't really in the market.
 
untitled.bmp
 
themainman said:
One of the biggest rackets that hasnt really been exposed on a broad scale yet is how financial consultants, stock brokers and CPA's would rape ignorant athletes and rappers while the money was good in the 90's - early 2000's.

If you are rich and stupid, you are gonna end up short regardless unless you are in the extreme minority of dummies that are being protected by a team that they can actually trust. Very rare...
Click to expand...

It's true that finacial consultants do overcharge like a mother fucker, but the majority of these guys do exactly what you pay them to do... keep your money in line!

If you are coming into a lot of money for the first time, you would have to be foolish to think that you know as much as an f.c.. One couldn't possibly image all the pitfalls a person will go through trying to maintain their cash.

Now, a person shouldn't just pick any Joe Blow they find in the phone book. Take your time and find a good financial expert that can at least help you develop a sensible game plan for your cash!:yes::yes:

Once you know you got your shit under control, you're not obligated to use them any further. At that point you can do the shit yourself.:D:yes:





By the way... you're right about stock brokers! These crooked mother fuckers are spreading around this country like fucking locust! Sucking ignorant people's money with these high ass commissions and bad advice! Pitiful!:smh::angry::angry:
 
Angel Of Death said:
BGOL TIP OF THE DAY:

When you come into a lot of money... ALWAYS utilize a finacial consultant! :yes:

Much as black people like to brag about it, you don't know every fucking thing about money! Let the experts show you how to use your money to give you the best advantage! :yes::yes::yes:
Click to expand...

shit those guys will take your money QUICK.

here's a hint: if you're making a lot of cash, first, don't let ANYONE else have signing authority or power of attorney. next, open a treasury direct account, and put half the after-tax cash in short term t-bills and don't touch it. next, don't take out any loans in your own name and that aren't shielded by a corporate structure that makes your personal assets untouchable. THEN invest your remaining cash in whatever hair-brained schemes you think "can't fail".
 
Mylansky said:
Too bad it this came at the expense of trying to help out detroit
Click to expand...

That's what I was thinking.

His day will come again just as it will for Detroit.

Unfortunately, he needed to get away from that NBA mindset of easy financial success, when doing business in Detroit.

He, like so many others, see so much potential but cannot figure out why nothing ever gets done in the city. So, they drop milions upon millions only to fail.

It's not just DC. You have white boys lose big in Detroit, too!

Derrick Coleman will be back if he keeps working.
 
malaki said:
shit those guys will take your money QUICK.
Click to expand...
Yeah, they'll take it quick all right... no doubt about that!:D

But, these cats got the facts where as most black people guess at what they "think" is really going on with money!

Like I said, black people always think they know every fucking thing, but they don't!:angry:

They come into some money, read a book here or there, and think they're Warren Buffett all of a sudden. Next thing you know they're taking your order at McDonald's asking you if you wanna supersize the shit!:lol:

Shit, if you got money, you can afford to go to a good consultant to at least develop a legitimate gameplan! It's a bad time to start playing cheap ass with your money!:D:yes:
 
malaki said:
shit those guys will take your money QUICK.

here's a hint: if you're making a lot of cash, first, don't let ANYONE else have signing authority or power of attorney. next, open a treasury direct account, and put half the after-tax cash in short term t-bills and don't touch it. next, don't take out any loans in your own name and that aren't shielded by a corporate structure that makes your personal assets untouchable. THEN invest your remaining cash in whatever hair-brained schemes you think "can't fail".
Click to expand...

c/s...huge mistake that athletes make. take the time once a month to sit your dumb ass down and sign the checks. better than being an SI cover story in 10 years :smh::smh:

On top of whats been said, if/when you come into money, educate yourself about money and dont rely on others to make all your decisions for you.
 
Angel Of Death said:
BGOL TIP OF THE DAY:

When you come into a lot of money... ALWAYS utilize a finacial consultant! :yes:
Click to expand...

Yes and no.

Only utilize one to a certain degree. Most financial consultants would have you place your money in investment options that would primarily return THEM a large return (i.e., through fees and accrued interest.)
 
Blunt said:
Another one of the 60% of NBAers who go broke within 5 years of retiring.
Click to expand...

And they'll see more money in those 5 years than you will in your entire porn-board hoarding life you bitch, so what if they go broke...they contribute more to society in terms of taxes during their careers than most because of the magnitude of their earnings...
Oh yea...bitch
:hmm::hmm:
 
APOPHIS said:

Yes and no.

Only utilize one to a certain degree. Most financial consultants would have you place your money in investment options that would primarily return THEM a large return (i.e., through fees and accrued interest.)
Click to expand...

I don't know what kind of finacial consultants you guys are referring to, but the ones my family's been dealing don't do that at all.

All my elders own some land and bussinesses in St Thomas and when we all went to our consultants, we told them what we wanted to do with our assets and they gave us a list of legal options that would be best for us and we chose the ones we wanted! My family isn't rocking like Daddy Rich, but it was a significant amount! Never had a problem with them!:yes:

Like I said early, they'll slap a bill on your ass in a minute! But they do deal with all the legal headaches you may have at the time (bancruptcy, studant loans, credit card debts, child support, etc...) and make sure you have a steady amount of cash going your way throughout all of it!:D

Any time there's a finacial oppurtunity to make some money, they always gives us a call to see if we're interested and never gives us a hassle when we decline. No problems at all!:yes::yes:
 
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