FoxSports 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.
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 .