Derrick Coleman files for bankruptcy

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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 Yearearned tens of millions during a 15-year playing career but listedassets of just $1 million in papers filed with the U.S. BankruptcyCourt in Detroit, Coleman’s hometown.

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

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

“Mr. Coleman was focused on investing in various communitiesthroughout the city of Detroit by developing real estate, creating jobsand revitalizing business opportunities,
 
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i kinda feel sorry for him because he was really trying to rebuild detroit and help the city and it ended up being a bad investment....

Detroit is a dump and probably can't be saved..

but he's not broke by any means....take my word for it..
 
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[h2]Salaries[/h2]
Glossary [emoji]9642[/emoji] CSV [emoji]9642[/emoji] PRE
[table][tr][th=""]Season[/th] [th=""]Team[/th] [th=""]Lg[/th] [th=""]Salary[/th][/tr][tr][td]1990-91[/td] [td]New Jersey Nets[/td] [td]NBA[/td] [td]$2,100,000[/td][/tr][tr][td]1991-92[/td] [td]New Jersey Nets[/td] [td]NBA[/td] [td]$2,300,000[/td][/tr][tr][td]1992-93[/td] [td]New Jersey Nets[/td] [td]NBA[/td] [td]$2,870,000[/td][/tr][tr][td]1993-94[/td] [td]New Jersey Nets[/td] [td]NBA[/td] [td]$3,440,000[/td][/tr][tr][td]1995-96[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$5,476,000[/td][/tr][tr][td]1996-97[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$6,739,000[/td][/tr][tr][td]1997-98[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$8,002,800[/td][/tr][tr][td]1998-99[/td] [td]Charlotte Hornets[/td] [td]NBA[/td] [td]$6,667,000[/td][/tr][tr][td]1998-99[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$5,600,000[/td][/tr][tr][td]1999-00[/td] [td]Charlotte Hornets[/td] [td]NBA[/td] [td]$7,370,000[/td][/tr][tr][td]2000-01[/td] [td]Charlotte Hornets[/td] [td]NBA[/td] [td]$8,000,000[/td][/tr][tr][td]2001-02[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$8,710,000[/td][/tr][tr][td]2002-03[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$9,380,000[/td][/tr][tr][td]2003-04[/td] [td]Philadelphia 76ers[/td] [td]NBA[/td] [td]$4,000,000[/td][/tr][tr][td]2004-05[/td] [td]Detroit Pistons[/td] [td]NBA[/td] [td]$4,500,000[/td][/tr][tr][td]2005-06[/td] [td]Detroit Pistons[/td] [td]NBA[/td] [td]$2,000,000[/td][/tr][tr][td]Career[/td] [td](may be incomplete)[/td] [td]
[/td] [td]$87,154,800[/td][/tr][/table]
 
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TNT devoted a segment to his efforts to revitalize a part of Detroit, and you could just tell this dude was going to fail.

Have to give him credit for trying, but he just struck me as an ignorant dude.
 
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Originally Posted by Cyprus Sinner II

not the brightest cookie in the book
the pot calling the kettle lavender.



i was just wondering where ol' coleman was the other day.  had me thinking about a couple of pairs of BK's i had back in the day.

  
 

xtapolapacetl

Banned
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Joined Aug 8, 2006
Too bad, the guy could've been a top 3-4 PF of all time with the skills he possessed. Just hope that the younger players learn from all these stories about former NBA players going bankrupt.
 
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way to invest in such a downtrodden city. should have just bought 25 more tim hortons, those are where its at.
 

steve212

Banned
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Joined Jan 28, 2010
Originally Posted by Billy Hoyle

hes an idiot for investing in anything in the city of detroit
CarlofromdaPI wrote: [hr][/hr]
Originally Posted by MJDaLegend

Dude was trying to do good deeds but got no brain to do it.
Pretty much...
 
This and that. 

Detroit is a dump.  That's another topic though.

Damn, it feels like eons when then Nets Head Coach Butch Beard wanted to impose a dress code on the players, and D.C. gave B.B. a blank check to cover all the future fines he may ring up by not complying with the dress code.  Somewhere B.B. is laughing.
 
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Originally Posted by Xtapolapacetl

Too bad, the guy could've been a top 3-4 PF of all time with the skills he possessed. Just hope that the younger players learn from all these stories about former NBA players going bankrupt.
X2
 
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