Derrick Coleman in the Poorhouse

Another former "afflete" blows millions...

Derrick Coleman is almost $5 million in debt

By Trey Kerby

It's not a good time to be a hyper-skilled forward who never really made the most of their considerable talent. First, it was Antoine Walker(notes), his casino debts, and a short stint in Puerto Rico. Now, it's Derrick Coleman, failed business investments, and fur coats.

According to the Wall Street Journal's Bankruptcy Beat, Coleman has filed for bankruptcy and owes creditors $4.7 million, most of which he lost in failed attempts to stimulate Detroit's struggling local economy. His lawyer Mark B. Berke explained the reasons for Coleman's financial struggles.

"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."

According to Basketball Reference, 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. Not exactly appreciating assets.

Coleman's biggest debt comes from a $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.

Despite the filing, Coleman will be trying to keep both his Beverly Hills home, and the home that he bought for his mother, also located in Beverly Hills. Berke says that Coleman is "just hoping to get rid of that debt and make a fresh start."

They say that two is a coincidence, and three is a trend â€" someone needs to check on Billy Owens to make sure he's doing OK.

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Derrick-Coleman-is-almost-5-million-in-debt?urn=nba,233379

Speaking of which, how are Vin Baker and Shawn Kemp doing these days?
Oh, and somebody make Demarcus Cousins read this.

He won't be the last ex-NBA black, there bound to be more in the coming years.

Pay "them" millions only for them to waste it away.

You don't see this sort of thing from ex-NBA whites!

I actually met this guy at a bar once. No kidding. He said the clubs in New Jersey were better than Phily and Charlotte. haha I also remember he didn't seem to like his teammate Kenny Anderson. I wish I would have asked him about his teammates Drazen Petrovic and coach Chuck Daley, but that was before I was fully aware of the caste system and not just suspicious. I would have really liked to hear what he had to say about Petrovic and would have tried to go into detail about what other players thought about him.

I'm honestly surprised he would end up like this. Considering he seemed like a nice and classy fellow. There was a documentary about Drazen Petrovic with Coleman mentioning good things about him. Really a shame how this guy wasted his fortunes.

j41181 said:

I'm honestly surprised he would end up like this. Considering he seemed like a nice and classy fellow. There was a documentary about Drazen Petrovic with Coleman mentioning good things about him. Really a shame how this guy wasted his fortunes.

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I don't think he was really all that nice and classy overall (when i saw him he had a girl on each arm and had a reputation for being lazy as a player) but he did dump a ton of money into charity and was trying to be a business owner, owning at least one well respected restaurant in Detroit for awhile. But the economy and his health got the best of him. He nearly died about a year ago I think and was in the hospital for awhile. I forget what it was, but people were thinking he was going to die. I wouldn't be surprised if his health is what pushed him over the financial edge.Edited by: Fightingtowin

According to Wikipedia...

"Coleman was drafted in 1990 after a successful college career that was also fueled by controversy due to his reckless behavior. When Coleman entered the NBA, he was compared to elite power forwards such as Karl Malone and Charles Barkley, and expected to put up similar numbers, only with the added ability to shoot from three-point range. Instead, his career was overshadowed by his questionable attitude (lack of work ethic resulting in excessive weight gain, plus alcohol abuse and general disruptive behavior), and his penchant for injury which saw him play 70 or more games in only four of his 15 NBA seasons. Sports Illustrated once remarked that "Coleman could have been the best power forward ever; instead he played just well enough to ensure his next paycheck." In March of 2010, Coleman declared for Chapter 7 bankruptcy, owing an estimated $2.19 million to between 50 and 99 different creditors."

There you go he tried to revive a patient that has been dead for longer than ten minutes... Trying to stimulate Mogidishu north is like throwing money into a roaring flame. What's that saying about a fool and his money....

j41181 said:

He won't be the last ex-NBA black, there bound to be more in the coming years.

Pay "them" millions only for them to waste it away.

You don't see this sort of thing from ex-NBA whites!

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That's really one of the primary reasons the caste system exists IMO. The Jewish elite love overpaid black athletes because they know they have little discipline with money and will just go on huge spending sprees until eventually every little penny is back in the hands of there Zionist masters, not to mention all the debt, tax, and interest penalties many pay until the day they die. They view Black athletes as high-value stocks. Throw a couple millions at them now; and will make millions back 4-5x 10-15 years later.

They know White athletes won't do such things and thus they seek to minimize them. For these people the caste system has an economic benefit just as much if not more than the social benefit of keeping Whites down.

Guest said:

j41181 said:

He won't be the last ex-NBA black, there bound to be more in the coming years.

Pay "them" millions only for them to waste it away.

You don't see this sort of thing from ex-NBA whites!

Click to expand...

That's really one of the primary reasons the caste system exists IMO. The Jewish elite love overpaid black athletes because they know they have little discipline with money and will just go on huge spending sprees until eventually every little penny is back in the hands of there Zionist masters, not to mention all the debt, tax, and interest penalties many pay until the day they die. They view Black athletes as high-value stocks. Throw a couple millions at them now; and will make millions back 4-5x 10-15 years later.

They know White athletes won't do such things and thus they seek to minimize them. For these people the caste system has an economic benefit just as much if not more than the social benefit of keeping Whites down.

Click to expand...

Very interesting idea that I have not really thought about. Makes alot of sense because the globalist/zionists/marxists, more than anything, have an addiction to accumulating wealth.

j41181 said:

He won't be the last ex-NBA black, there bound to be more in the coming years.

Pay "them" millions only for them to waste it away.

You don't see this sort of thing from ex-NBA whites!

Click to expand...

Beyond boxers it's very rare for White athletes to act as moronic with money as the average ghetto Black. I think boxers act this way because of blows to the head which can affect your mental stability.