Ex-NBA star 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 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.

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