AndreaGail
19th April 2010, 08:46 PM
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http://www.bvonmoney.com/2010/04/11/nba-star-derrick-coleman-is-now-broke-87-million-up-in-smoke/
NBA Star Derrick Coleman is Now Broke: $87 Million Up in Smoke
By Boyce Watkins, PhD on Apr 11th 2010 11:54PM
According to the Bankruptcy Beat of the Wall Street Journal, former NBA superstar Derrick Coleman is now filing for bankruptcy. Coleman filed for Chapter 7 bankruptcy last month, owing $4.7 million dollars to his creditors. His current assets are worth about $1 million dollars, including a Bentley and $3,000 dollars in jewelry.
"Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," said Coleman's attorney, Mark Berke. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."
It's not as if Coleman spent all of his dough on jewelry and cars. He owned a percentage of a Hilton Garden Suites Hotel in downtown Detroit, along with a Tim Horton's Doughnut Shop and a Hungry Howie's pizza store.
When I read about Coleman's financial problems, I first remembered that Coleman went to school at Syracuse University, where I teach in the business school. I wondered if Coleman walked out of the university with an academic degree, which might have given him a greater ability to make sound business decisions. I do know that Antoine Walker, who attended my alma mater, The University of Kentucky, was not educated by Kentucky when he was there. Antoine also went broke just this year, losing over $110 million dollars in career earnings.
I also thought about an intriguing conversation I recently had with Mark Carr, the head of Player Development for the NBA. I explained to Carr that there is a need to ensure that NBA players are getting proper training in financial literacy to manage such vast sums of wealth. Without disrespecting Carr or anyone else with the NBA, we can argue that the experiences of both Coleman and Walker imply that something more adequate might be necessary.
I wish Derrick the best, and while I am not here to be critical of Kentucky, Syracuse or the NBA, the truth is that we've got to try a little bit harder.
http://www.bvonmoney.com/2010/04/11/nba-star-derrick-coleman-is-now-broke-87-million-up-in-smoke/
NBA Star Derrick Coleman is Now Broke: $87 Million Up in Smoke
By Boyce Watkins, PhD on Apr 11th 2010 11:54PM
According to the Bankruptcy Beat of the Wall Street Journal, former NBA superstar Derrick Coleman is now filing for bankruptcy. Coleman filed for Chapter 7 bankruptcy last month, owing $4.7 million dollars to his creditors. His current assets are worth about $1 million dollars, including a Bentley and $3,000 dollars in jewelry.
"Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," said Coleman's attorney, Mark Berke. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."
It's not as if Coleman spent all of his dough on jewelry and cars. He owned a percentage of a Hilton Garden Suites Hotel in downtown Detroit, along with a Tim Horton's Doughnut Shop and a Hungry Howie's pizza store.
When I read about Coleman's financial problems, I first remembered that Coleman went to school at Syracuse University, where I teach in the business school. I wondered if Coleman walked out of the university with an academic degree, which might have given him a greater ability to make sound business decisions. I do know that Antoine Walker, who attended my alma mater, The University of Kentucky, was not educated by Kentucky when he was there. Antoine also went broke just this year, losing over $110 million dollars in career earnings.
I also thought about an intriguing conversation I recently had with Mark Carr, the head of Player Development for the NBA. I explained to Carr that there is a need to ensure that NBA players are getting proper training in financial literacy to manage such vast sums of wealth. Without disrespecting Carr or anyone else with the NBA, we can argue that the experiences of both Coleman and Walker imply that something more adequate might be necessary.
I wish Derrick the best, and while I am not here to be critical of Kentucky, Syracuse or the NBA, the truth is that we've got to try a little bit harder.