Coleman and Mayor Bing in undated photoBy Alicia Cruz
The Black Urban Times
The Wall Street Journal's Bankruptcy Beat has reported that former NBA star, Derrick Coleman, owing creditors nearly $4.7 million, filed for Chapter 7 bankruptcy protection last month.
His lawyer Mark B. Berke stated some of the reasons for Coleman's financial struggles had to do with Coleman's desire to help communities in Detroit:
"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."
Among some of the creditors Coleman is reportedly in debt to are Detroit's mayor and fellow Syracuse legend Dave Bing. Coleman is rumored to owe Bing approximately $50,000 stemming from a loan.
Coleman's extensive collection of vehicles are among his list of assets that may become available to creditors in the form of repayment. The former No. 1 draft-pick owns a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000.
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The Black Urban Times
The Wall Street Journal's Bankruptcy Beat has reported that former NBA star, Derrick Coleman, owing creditors nearly $4.7 million, filed for Chapter 7 bankruptcy protection last month.
His lawyer Mark B. Berke stated some of the reasons for Coleman's financial struggles had to do with Coleman's desire to help communities in Detroit:
"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."
Among some of the creditors Coleman is reportedly in debt to are Detroit's mayor and fellow Syracuse legend Dave Bing. Coleman is rumored to owe Bing approximately $50,000 stemming from a loan.
Coleman's extensive collection of vehicles are among his list of assets that may become available to creditors in the form of repayment. The former No. 1 draft-pick owns a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000.
Click here for full article
Media Outlets must credit The Black Urban Times
www.theblackurbantimes.com
twitter.com/alicia_c_
facebook.com/theblackurbantimes
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