Derrick Coleman is almost $5 million in debt

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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 — someone needs to check on Billy Owens to make sure he's doing OK.
 

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He has five fur coats?
That's like five fur coats too many.
 

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at least his loss fortune came with good intentions and bad business investment. i was expecting to read a cocaine addiction and gambling losses
 

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at least his loss fortune came with good intentions and bad business investment. i was expecting to read a cocaine addiction and gambling losses
 

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So did Jack Clark and Lenny Dykstra
 

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A disappointing career as the #1 overall selection but at least he wasn't a complete bust like many.......
Yeah. He showed promise in his first couple of seasons quickly fizzled after that.

I was impressed during his rookie year how could get a defensive reb and whip the ball up court 2 handed on the money.


Thought the guy would have a better career
 

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a fool and his money are soon parted.


why would you need to invest in longshot business ideas if you have already earned $87million in your lifetime?
 

go rockies
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i watched his whole career at syr. if he played all out all the time he would of be an allstar every year in the nba . he was the best forward ever at syr. but still seemed to go to sleep at times.
 

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At least he lost it in a respectable way trying to stimulate the local economy with business investments rather than sluts drugs n gambling, etc.
 

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Saw this dude play in the Michigan state championship when he was at Detroit Northern. I think he had 10 dunks in the game..was completely unreal. Sad story some of these guys, too fuckin stupid to do the right think with their money.
 

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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."
quote]

A bunch of self serving bullshit. His lawyer trying to make him look honorable.
 

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a fool and his money are soon parted.


why would you need to invest in longshot business ideas if you have already earned $87million in your lifetime?

Tesco nailed it. All you need is safe investments and live off the interest.
 

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Saw this dude play in the Michigan state championship when he was at Detroit Northern. I think he had 10 dunks in the game..was completely unreal. Sad story some of these guys, too fuckin stupid to do the right think with their money.

I was at that game too.
 

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I was at that game too.

No shit?? I went to Southgate Aquinas who was the team D Northern was playing..

Do you remember the name of the point guard that played with Coleman?

I think it was Buckley or something. He was damned good too but never did much after high school. I know he went to college somewhere.

Where you from FW?
 

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well he's still got the bentley so buy a little hat and find an old, rich, white woman to drive around. hopefully one a bit more pleasant than Miss Daisy

driving-miss-daisy-by-fujishobo-np-infoseek-codotjp.jpg
 

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