- Joined Nov 22, 2006
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,