NBA

Ex-NBA star Coleman files for bankruptcy

FOX Sports NewsCore / The Wall Street Journal
Share This Story

   
 
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 Wall Street Journal's Bankruptcy Beat blog reported Friday.

The ex-Syracuse University standout and 1991 NBA Rookie of the Year earned tens of millions during a 15-year playing career but listed assets of just $1 million in papers filed with the U.S. Bankruptcy Court in Detroit, Coleman’s hometown.

Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, his bankruptcy attorney Mark B. Berke said.

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

“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.”

The former New Jersey Nets forward's other business interests include ownership stakes in the Hilton Garden Suites hotel in downtown Detroit, a Tim Hortons Inc. doughnut shop franchise and Hungry Howie’s Pizza store, according to court papers.

Among Coleman’s largest debts is $1.3 million owed to Comerica Bank in connection with a lawsuit and a $1 million loan on property in Michigan from Thornburg Mortgage Home Loans.

Coleman also owes Detroit mayor and fellow Syracuse legend Dave Bing $50,000 from a loan granted last year.

Among the assets that could be available for creditors is an eclectic mix of automobiles: a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000.

Coleman also listed two Seadoo watercraft, his $90,000 NBA pension and two chinchilla fur coats.

Read more on The Wall Street Journal Web site.

Related Stories

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by


NBA Videos

NBA considering mid-season Vegas tournament? Posted: Jul 16, 2014
Adam Silver confirms the NBA has engaged in early conversations about the possib...

LeBron and Blatt 'will work together beautifully' Posted: Jul 14, 2014
Cavaliers head coach David Blatt on LeBron James' decision to return to Clevelan...

LeBron's back and so are the Cavs Posted: Jul 11, 2014
FOX Sports 1's Gary Payton weighs-in on LeBron's decision to return to Cleveland...

More Than Sports on MSN

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    adidas Blake Griffin Los Angeles Clippers Revolution 30 Performance Jersey - Red http://shop.foxsports.com/FOX_Los_Angeles_Clippers/browse/featuredproduct/491845/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_491000/ff_491845_xl.jpg&w=100 59.95 adidas Blake Griffin Los Angeles Clippers Revolution 30 Performance Jersey - Red
    adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black http://shop.foxsports.com/FOX_Miami_Heat/browse/featuredproduct/498609/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_498000/ff_498609_xl.jpg&w=100 89.95 adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black
    adidas Carmelo Anthony New York Knicks Revolution 30 Swingman Performance Jersey - Royal Blue http://shop.foxsports.com/FOX_New_York_Knicks/browse/featuredproduct/620470/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_620000/ff_620470_xl.jpg&w=100 49.99 adidas Carmelo Anthony New York Knicks Revolution 30 Swingman Performance Jersey..
    Mitchell & Ness San Antonio Spurs Black Solid Script Snapback Adjustable Hat http://shop.foxsports.com/FOX_San_Antonio_Spurs/browse/featuredproduct/692239/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_692000/ff_692239_xl.jpg&w=100 25.95 Mitchell & Ness San Antonio Spurs Black Solid Script Snapback Adjustable Hat
    Majestic Kobe Bryant Los Angeles Lakers Logo Man T-Shirt - Black http://shop.foxsports.com/FOX_Los_Angeles_Lakers/browse/featuredproduct/851828/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_851000/ff_851828_xl.jpg&w=100 23.95 Majestic Kobe Bryant Los Angeles Lakers Logo Man T-Shirt - Black
    Majestic Kevin Durant Oklahoma City Thunder Logo Man T-Shirt - White http://shop.foxsports.com/FOX_Oklahoma_City_Thunder/browse/featuredproduct/851842/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_851000/ff_851842_xl.jpg&w=100 23.95 Majestic Kevin Durant Oklahoma City Thunder Logo Man T-Shirt - White
    adidas Miami Heat 2012 NBA Eastern Conference Champions Locker Room T-Shirt - White http://shop.foxsports.com/FOX_Miami_Heat/browse/featuredproduct/890174/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_890000/ff_890174_xl.jpg&w=100 21.95 adidas Miami Heat 2012 NBA Eastern Conference Champions Locker Room T-Shirt - Wh..
    adidas Oklahoma City Thunder 2012 NBA Western Conference Champions Locker Room Flex Hat - Black http://shop.foxsports.com/FOX_Oklahoma_City_Thunder/browse/featuredproduct/890384/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_890000/ff_890384_xl.jpg&w=100 19.99 adidas Oklahoma City Thunder 2012 NBA Western Conference Champions Locker Room F..