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yungha
11-05-2009, 10:46 AM
antoine walker - link (http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Former-Celtics-star-Antoine-Walker-is-broke-and-?urn=nba,198509)

david vaughn - link (http://www3.signonsandiego.com/news/2009/oct/30/bkn-vaughns-fall-103009/)

rumeal robinson - link (http://www.boston.com/news/local/massachusetts/articles/2009/11/01/court_documents_portray_ex_nba_player_rumeal_robin son_as_a_reckless_overspender_who_resorted_to_swin dling/)

sprewell - link (http://sports.espn.go.com/nba/news/story?id=3241444)

here's the real shocker - link (http://www.mediatakeout.com/2009/21738-study_60_of_nba_players_are_broke_after_5_years_of _retirement.html)

coreytaylor
11-05-2009, 08:27 PM
Steve Francis

Jaco D
11-05-2009, 11:24 PM
here's the real shocker - 60% of nba players broke within 5 years of retirement (http://www.mediatakeout.com/2009/21738-study_60_of_nba_players_are_broke_after_5_years_of _retirement.html)


Putress, didn't know the number was that high! For those counting on the NBA as a window out of their present financial situation, a lot of them surely find themselves back at square one (maybe even worse than square one).

Do you think the situation would have been different if NBA newbies were required to finish college/university before applying for the draft? Though some of them finish their degree (some even double-major or so) while/after joining the NBA, I think a large number just let the opportunity of getting a degree slip by. Sayang.

yungha
11-06-2009, 04:44 PM
^it's not just with pro athletes. i remember reading how around 6 or 8 out of every 10 lottery winners in the US end up bankrupt within 5 years of winning. you get a boatload of money, you happen to live in america where you can buy your own amusement park, even a hundred mil can disappear quickly.

requiring a college degree might help, but impossible to implement. it was hard enough enforcing the rule that draft applicants attend 1 year of college first, what more requiring them to graduate.

and if you look at recent history, straight-from-hs pros like kg, kobe, tmac, jermaine o'neal, al jefferson etc have acquitted themselves well in terms of conduct. except for kobe's rape case, we don't hear them living outlandish lifestyles and throwing money away, unlike the likes of walker, marbury, tinsley, sprewell, kenny anderson, derick coleman, larry johnson, etc, all of whom went to college.

joelex
11-06-2009, 05:34 PM
What about Kenneth Duremdes, Johnny A, Raffi Reavis who IIRC were left holding an empty bag in one of those pyramid scams few years back.

yungha
11-06-2009, 06:06 PM
yup ang dami ring PBA players who fall into this category. yves dignadice was living in a high-rise condo long before it became fashionable and last i heard he was a security guard in LA.

there were those who were given max PBA contracts a few years back when the monthly salary cap was php500k. even with this type of salary, some of them still rented houses instead of buying, had some bad investments, bought the flashy cars and jewelry, and when they big paychecks stopped coming they had no assets to their name, not even a modest house. kahit bahay man lang sana nakapag-pundar sila habang malakas pa ang kita. bad financial advice and too many temptations, i suppose.

duphaR007
11-06-2009, 08:17 PM
wow! the antoine walker case was really something! if you convert it into philippine peso, during his 12 year career, he was earning 36m php per month! :o

Jaco D
11-07-2009, 01:55 AM
You're right, Yungha: a degree, or the lack of it, is no indication of how things would have panned out. Been thinking of things these pro leagues should have or insist that applicants should have to spare the latter of being in dire financial conditions down the line. Maturity? Probably, but how do you measure that? Shouldn't the player's association have be more involved in the non-playing aspects of a player's life like managing his money, etc.

Which brings me to a somewhat related issue. How was the picture like when there existed just an amateur league (MICAA for those old enough to remember)? Me thinks a lot of players are just not ready to handle the large sums of money suddenly falling on their laps. Kahit na may manager yung player, unless the player has some rudimentary amount of skill and knowledge to know what's financially sound or not, it's all blind faith.

Kid Cubao
11-07-2009, 06:49 AM
basically these are cases of individuals who don't have or are ill-equipped to deal with the sudden rise in incomes. it's like pouring a gallon of water into a coffee cup. definitely the cup will be filled to the brim, pero aapaw at matatapon lang yung sobrang tubig. gaya ng tasa, these former players don't have the means or the financial savvy to deal with the dramatic jump in their tax brackets. pero kawawa rin sila because dubious characters and fly-by-night scammers are drawn to them like flies to sh*t, so they should have some kind of protection against these predators.

BLUE HORSE
11-07-2009, 06:56 AM
Yungha, Yves Dignadice has rebounded nicely from his financial predicament. Short of winning the lotto, Yves met and I believe married a Pinay nurse from the LA area according to a former PBA player. Green card na, bread winner pa.

For every Dave Bing or Junior Bridgeman, there are 10 to 20 NBA stars who fall on hard times. Dave Bing embraced the city of Detroit and worked outside of basketball to supplement his income. He became successful in the steel industry and gave back to Detroit by becoming mayor of the city when the city fell on hard times and the office beset with scandal. Junior Bridgeman invested his earnings wisely. He ibecame one of the biggest Wendy franchise holders in the Midwest, big time in Louisville and Milwaukee naturally. Both players were low key and did not have to support a traveling possee until their money runs out.

Michael Jordan on the other hand is a known tightwad except when he is gambling. He was shrewed in his business dealings because his agent was very good and did not take Michael for a ride. The agent was in it for the long haul and not his regular 5-10% commission. Jordan also made sure that he invested the bare minimum but with a bigger upside if the investment becomes successful just for using his name. He did pay through the nose when ex-wife Juanita sued him for divorce and took him to the cleaners. Then again, he now has his freedom and a hot Cuban chick sharing his bed. :P

pio_valenz
11-11-2009, 12:31 PM
It has a lot to do with the lifestyle these athletes lead. Most of them feed not only their families but entourages larger than a football team. They buy numerous cars they will never drive, purchase houses they hardly live in, and father numerous children whose mothers will start screaming child support as soon as the baby is born. Larry Bird mentioned in his 1999 autobiography that people would be shocked to find out how many (and which of) his ex-teammates and ex-colleagues have tried to borrow money from him after they retired. Bird himself is proud that he's a cheapskate, and that he always saved a portion of his salary.

In the local scene, I think the fact that many ex-PBA stars have relocated to the States is a sign that they did not spend their large salaries wisely. I read another story that Yoyoy Villamin is now a cab driver in New York.

That being said, some financial companies in the US have started offering financial advice and fund management specifically for pro athletes. I'm not sure if there are similar offerings here to help our local pro athletes, but I think that's something worth looking into. Because let's face it: even though most PBA players spent a good number of years in college, only a handful spent any time in the classroom. So when their playing days are over, they're really not equipped to do anything else for a living.

MonL
11-11-2009, 09:00 PM
It has a lot to do with the lifestyle these athletes lead. Most of them feed not only their families but entourages larger than a football team. They buy numerous cars they will never drive, purchase houses they hardly live in, and father numerous children whose mothers will start screaming child support as soon as the baby is born. Larry Bird mentioned in his 1999 autobiography that people would be shocked to find out how many (and which of) his ex-teammates and ex-colleagues have tried to borrow money from him after they retired. Bird himself is proud that he's a cheapskate, and that he always saved a portion of his salary.

In the local scene, I think the fact that many ex-PBA stars have relocated to the States is a sign that they did not spend their large salaries wisely. I read another story that Yoyoy Villamin is now a cab driver in New York.

That being said, some financial companies in the US have started offering financial advice and fund management specifically for pro athletes. I'm not sure if there are similar offerings here to help our local pro athletes, but I think that's something worth looking into. Because let's face it: even though most PBA players spent a good number of years in college, only a handful spent any time in the classroom. So when their playing days are over, they're really not equipped to do anything else for a living.


Slightly off-topic:

Will Smith once mused on the manner how people say things to help him keep his feet on the ground: He once boasted to his father something similar to this: "Hey pop, I got five cars!" His dad answered back: "So what? You only got one butt." :D

abcdef
11-11-2009, 11:50 PM
.

yungha
11-11-2009, 11:56 PM
In the local scene, I think the fact that many ex-PBA stars have relocated to the States is a sign that they did not spend their large salaries wisely. I read another story that Yoyoy Villamin is now a cab driver in New York.

That being said, some financial companies in the US have started offering financial advice and fund management specifically for pro athletes. I'm not sure if there are similar offerings here to help our local pro athletes, but I think that's something worth looking into. Because let's face it: even though most PBA players spent a good number of years in college, only a handful spent any time in the classroom. So when their playing days are over, they're really not equipped to do anything else for a living.


i once talked to a former pba player who you'd be happy to know is a UP product. in the late 90s and early part of this decade he was earning something like 300k a month. i asked him how much he gets to save out of that. he said that if you know how to handle your money, you don't need to touch that salary. you get a car and housing assistance. every practice day, you get free meals. on game day, there are team meals before and after games. you get bonuses for won games. for elims games it was something like 10k per won game. the bonuses get bigger as you advance from the elims to the quarters to the semis to the finals. if you win the championship, you get 1 month salary as bonus. if you were smart with your money, you'd have a substantial nest egg by the time you retire even if you're just in your 30s.

danny
11-12-2009, 12:34 AM
That being said, some financial companies in the US have started offering financial advice and fund management specifically for pro athletes. I'm not sure if there are similar offerings here to help our local pro athletes, but I think that's something worth looking into. Because let's face it: even though most PBA players spent a good number of years in college, only a handful spent any time in the classroom. So when their playing days are over, they're really not equipped to do anything else for a living.


Targeting high net worth individuals has always been the business of financial planners in North America. There are even specialists in the different segments like doctors, executives and of course pro athletes.

In the Philippines, Sun Life is one of the major proponent in introducing financial planning as a regulated field. However, the field is still very young and I believe is still more into the "selling" of financial products rather than "planning".

Besides, the limited areas to diversify the portfolio of a wealthy Filipino athlete may still require exposure to non-local investment vehicles, depending on their financial goals, which can be delivered by an internationally certified financial planner.

I realize that the major folly of these athletes is asset preservation. They only need to look at their cash-flow to realize how easy it is to deplete their assets.

After their pro careers, their financial situation is similar to fixed-income retirees. They will have to depend on the income stream from their principal assets and hope that long-term rates and inflation are stable. They will also have to realize that the PRINCIPAL ASSET should never be touched. Otherwise, the income stream will be affected.

yungha
11-12-2009, 10:11 AM
one player who won't see on this list soon is shaq. i read his book Shaq Talks Back and he's taking good care of his money. his spending money comes from endorsements and income from investments and businesses. the money he invests also comes from endorsements, not his salary. tama nga naman, if you get 8 figures in endorsement money you don't need to touch your 9 figure salary. he says his entire salary from his orlando days has remained intact. then again, he has a divorce coming up so he might see that money cut in half soon.

dark_seid
11-12-2009, 02:45 PM
^ unless he has a prenup. and i would assume so since he married when he was past the nba rookie-pay scale

Jaco D
11-13-2009, 02:05 AM
Another tightwad is Charles Barkley. The story goes that if he sees a quarter in the urinal, he will not pick it up (who would anyway?) but would throw in a $50 bill. Ayun, kukunin niya yung $50 plus the 25 cent coin.

yungha
04-12-2010, 08:57 AM
Derrick Coleman is almost $5 million in debt
By Trey Kerby

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.

Sam Miguel
04-12-2010, 09:51 AM
Whether it be in the NBA or the PBA, the dramatic cultural and psuchological shift from typically being a penniless amateur player to becoming a multi-million pro is not the easiest thing to handle.

In the NBA, where America's pro sorts culture is all about conspicuous consumption, bling, flash and cash, it is easy enough to imagine how a young man who probably had to subsist on cafeteria meals in school and might have even had to work a part-time job for pocket change, would naturally not know how to handle a sudden couple million Dollars in his name.

Speaking of Derrick Coleman, the night he was drafted Number 1 overall by the New Jersey Nets, he said of that particular moment in one interview, "Damn, I'm a millionaire now, I can do anything I want."

The hotel phone rings and he picks it up, and the hotel operator is on the line. "Sir, I have a message from a Mr Steve Smith, and he says 'congratulations, can I borrow a million bucks', and that you should call him back right away." Naturally Coleman did call Smith and the two had a good laugh. Coleman didn't lend Smith the million bucks. Smith would later on become a lottery pick himself for the Heat, I recall, and then have a great career with the Hawks.

Sam Miguel
04-12-2010, 10:02 AM
It is precisely because of these types of horror stories that the NBA, and to some extent all of the other pro sports outfits, typically have a seminar of sorts for rookies, in which it is explained to them how the league expects them to behave in public, especially when dealing with the media, dealing with their teams and team management, and also how to get along with teammates. Individual teams normally have one assistant coach and one veteran assigned the task of showing rookies the ropes, especially the lottery picks who somtimes come with lottery pick attitudes.

One pro sports agent once remarked, "These kids normally come from poor families, poor backgrounds, suddenly they're loaded, it's like bringing a newly-paroled convict striaght to a brothel, what do you think would happen?" Good point. "That's why we always tell newbies that they should get the services of a professional agency to represent them and help them out especially with their money. Buying a half-dozen Ferraris and color-coded PSP's and i-Pods is what comes naturally to these kids when they get money. A good agent can rein that in and help them make smarter decisions with their money."

Another agent explained some of the more basic and universal rules of pro contracts and pro money. "Your first contract should go mostly as a nest egg, as savings, because you never know if it'll be your last. You could be getting $10 million in your first three years in the pros, then something happens and it becomes your last contract. If you bought 10 Mercedes, a half-dozen houses, and partied every night with your posse, you're dead and broke after three years." So what's a guy to do? "Save your first conrtact. If you get a second contract, that is the one for some enjoyment, emphasis on SOME."

yungha
04-12-2010, 10:31 AM
...
Speaking of Derrick Coleman, the night he was drafted Number 1 overall by the New Jersey Nets, he said of that particular moment in one interview, "Damn, I'm a millionaire now, I can do anything I want."

The hotel phone rings and he picks it up, and the hotel operator is on the line. "Sir, I have a message from a Mr Steve Smith, and he says 'congratulations, can I borrow a million bucks', and that you should call him back right away." Naturally Coleman did call Smith and the two had a good laugh. Coleman didn't lend Smith the million bucks. Smith would later on become a lottery pick himself for the Heat, I recall, and then have a great career with the Hawks.


i don't remember who his coach was back when he was with the nets, but this particular coach was calling coleman out for always being late for practice, late for plane trips, sometimes late for games. he said he was going to start fining derrick. derrick pulls out his checkbook, signs a blank check and gives it to the coach, saying "here, this should cover it."

yungha
04-12-2010, 10:35 AM
...
Another agent explained some of the more basic and universal rules of pro contracts and pro money. "Your first contract should go mostly as a nest egg, as savings, because you never know if it'll be your last. You could be getting $10 million in your first three years in the pros, then something happens and it becomes your last contract. If you bought 10 Mercedes, a half-dozen houses, and partied every night with your posse, you're dead and broke after three years." So what's a guy to do? "Save your first conrtact. If you get a second contract, that is the one for some enjoyment, emphasis on SOME."


ang sistema naman ni barkley, he gives himself a fixed salary then lives on that, kasama na mga luho. he started out at $10k a month then moved up as his career soared and earnings grew. i don't know how much he paid himself at the peak of his career but even if he eventually gave himself $250K a month salary which is more than enough for a lavish lifestyle, malaki pa rin matitira sa savings.

Mateen Cleaves
04-12-2010, 05:46 PM
Whether it be in the NBA or the PBA, the dramatic cultural and psuchological shift from typically being a penniless amateur player to becoming a multi-million pro is not the easiest thing to handle.

In the NBA, where America's pro sorts culture is all about conspicuous consumption, bling, flash and cash, it is easy enough to imagine how a young man who probably had to subsist on cafeteria meals in school and might have even had to work a part-time job for pocket change, would naturally not know how to handle a sudden couple million Dollars in his name.

Speaking of Derrick Coleman, the night he was drafted Number 1 overall by the New Jersey Nets, he said of that particular moment in one interview, "Damn, I'm a millionaire now, I can do anything I want."

The hotel phone rings and he picks it up, and the hotel operator is on the line. "Sir, I have a message from a Mr Steve Smith, and he says 'congratulations, can I borrow a million bucks', and that you should call him back right away." Naturally Coleman did call Smith and the two had a good laugh. Coleman didn't lend Smith the million bucks. Smith would later on become a lottery pick himself for the Heat, I recall, and then have a great career with the Hawks.


Derrick Coleman's had his share of the glamorous life. But this latest stumble isn't so much about conspicuous consumption as it is about good motives and bad business decisions. Coleman was a Detroit boy coming home. And he was, I believe, sincerely trying to make a difference and giving back to the City. If I had to guess, I'd say former Syracuse and Piston great, now Mayor Dave Bing had an influence in building this sense of civic duty. Coleman tried to put up businesses in the urban areas that others perceived as too risky. He tried to do the right thing by reinvesting in his hometown because no one else would. Unfortunately, this was not a good time (especially for Michigan) for those kinds of investments.

Schortsanitis
04-12-2010, 10:28 PM
Its mind boggling how somebody could earn USD 87 million (or P3.9 billion), and then go and lose all of it in just a matter of years.

Its what I would call in my book as truly, a "loser".

MonL
04-23-2010, 09:55 AM
Add "I'm The Baddest Boy" Rick Mahorn to the growing list. :(

Perhaps saddest of all, Mahorn no longer has his championship ring from his days with the Pistons, telling the Detroit News that "it's gone."

Furthermore, he also owes $55 to a local library, which is kind of like terrible icing on the horrible cake. Good luck, Rick.

More of the article below:

http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Rick-Mahorn-is-bankrupt-and-no-longer-has-his-ch;_ylt=AtkpfY.eqG_5qQ9blukkGxK8vLYF?urn=nba,23599 9

Mateen Cleaves
05-14-2010, 06:06 AM
I'm rooting for Kenny Anderson. I hope he succeeds and inspires many more people with this story.

http://www.nytimes.com/2010/05/13/sports/basketball/13vecsey.html

Education of a Point Guard Comes Full Circle
By GEORGE VECSEY

Second chances are harder than first chances. After the child support and the squandered millions, Kenny Anderson was the one who registered for college, who mastered the digital classroom, who studied in his spare time. “My son sees me with books in my knapsack and he says, ‘You’re 39 years old, you’re still going to school?’ ” Anderson said of his son Ken Jr., 9.

The payoff will come Saturday at St. Thomas University in Miami, when Anderson will don his cap and gown and graduate, 19 years after leaving Georgia Tech. The degree is a statement that his life did not end after 14 years in the N.B.A., after the tangled relationships with his seven children with five women — much better now, he said — and the vanished salary, somewhere above $60 million.

He did that himself, too.

...

Read the rest of the New York Times article here: http://www.nytimes.com/2010/05/13/sports/basketball/13vecsey.html

yungha
05-14-2010, 10:56 AM
^ i read shaq's book Shaq Talks Back. he talked about the lockout in 99. during that lockout all of kenny anderson's cars were repossessed. that's how bad it was for him, he was earning millions yet take away his salary for 3-4 months and he can't even make his car payments.

yungha
05-26-2010, 04:46 PM
Eddy Curry's still active and is already in trouble. i don't understand why these guys have to take out mortgages on their house. with the money they make why not just pay cash. even if you blow all your money away at least you still have your house.



Eddy Curry makes a lot, spends a lot and owes a lot of money
By Trey Kerby

Eddy Curry(notes) made a shade over $10 million this year as a member of the New York Knicks. Normally, I'd have said "playing for the New York Knicks," but that's a bit of an overstatement as Curry saw time in only seven games this season. Somehow, that's an improvement as the big guy appeared in just three contests the previous year. Baby steps, you guys.

Despite that enormous salary — and the fact that Curry has made more than $57 million in his nine-year career — the former No. 4 draft pick is seriously in debt. As the Associated Press reports, Curry defaulted on a $575,000 loan with an 85 percent interest rate, which can only happen in Nevada, and has been ordered to pay back $1.2 million to Allstar Capital Inc., the world's most ironic loan service.

However, Curry argues that he shouldn't have to pay off that debt, because he's spending too much money in other places. According to reports filed in the suit Curry's outgoing payments include:

• $30,000 a month for "household expenses."

• $17,000 a month to various relatives including his parents, sister and father-in-law.

• More than $1,000 a month for cable and satellite television.

• $207,000 a month in garnished wages that haven't been elaborated upon, but adds up to almost $2.5 million that Eddy Curry never sees over the course of a year.

• $350,000 to Juwan Howard(notes). (What?)

Curry also owns 12 cars, three of which — a Rolls Royce convertible and two Land Rovers — may be taken by Allstar Capital, though Curry's lawyer says that they have reached "a mutually satisfactory resolution of the matter." Maybe Curry gets one of the Land Rovers and can drive the Rolls to important events? Seems fair to me.

Furthermore, Curry is still involved in that creepy sexual harrassment lawsuit from January of last year. Oh, and he's fighting with lawyers who he says mismanaged his money, leading to the foreclosure of his $3.7 million home near Chicago. Not to mention Curry's son's mother was murdered in January of 2009. Saying it's been a rough 16 months for the former Chicago standout is selling things a little short, I'd say.

On the bright side, Curry holds a player option of $11.2 million on his contract for next season. Pretty safe bet that he takes the Knicks up on that, even if he never sees a cent of it.

Mateen Cleaves
07-04-2010, 08:02 AM
There was a time when the New York Knicks were the only NBA game in town. They were the de facto home team of the Philippines because the only NBA games shown on TV were from the MSG network. So we had pre-Chicago Bill Cartwright, Toby Knight (with his untucked shirt), and Marvin Webster. But the stars of that team were the two Rays: point guard Michael Ray Richardson (on my All-Time "Could-Have-Been-Great" list) and shooting guard Ray Williams.

Dan Devine of Yahoo!Sports blogs about: The sad tale of Ray Williams: 10-year NBA vet now homeless (http://sports.yahoo.com/nba/blog/ball_dont_lie/post/The-sad-tale-of-Ray-Williams-10-year-NBA-vet-no;_ylt=AuoEXJNHsbQJqcwStBc76om8vLYF?urn=nba,25326 2)

"Amid the ceaseless acquisitive frenzy that is NBA free agency, the Boston Globe dropped a harrowing profile of Ray Williams, a former captain of the New York Knicks and a reserve guard on the Boston Celtics' 1985 NBA Finals team who played for six teams during a 10-year NBA career from the late '70s through the mid-'80s. Williams' name might not ring out with today's fans, but he averaged 20 points per game in two different seasons (1979-80 and 1981-82), hung 52 on the Detroit Pistons as a member of the New Jersey Nets on April 17, 1982, and once drew (admittedly aspirational) comparisons to the great Walt Frazier.

Now, writes the Globe's Bob Hohler, he's homeless.

'Every night at bedtime, former Celtic Ray Williams locks the doors of his home: a broken-down 1992 Buick, rusting on a back street where he ran out of everything. The 10-year NBA veteran formerly known as "Sugar Ray'' leans back in the driver's seat, drapes his legs over the center console, and rests his head on a pillow of tattered towels. He tunes his boom box to gospel music, closes his eyes, and wonders. Williams, a generation removed from staying in first-class hotels with Larry Bird and Co. in their drive to the 1985 NBA Finals, mostly wonders how much more he can bear.'

The most sobering thing about Hohler's piece? Williams' decline into unemployment, poverty and homelessness appears to have just kind of ... happened.

-----

Here's the link to the original Boston Globe article: http://www.boston.com/sports/basketball/celtics/articles/2010/07/02/desperate_times/

pio_valenz
07-04-2010, 09:30 AM
^I read that piece yesterday. If you're a professional athlete, the scary part about it is Williams didn't get involved in drugs or gambling or alcohol, didn't sire children from mutiple mothers, didn't have an entourage, and didn't really make any major bad investments. He just ran out of money.

maroonmartian
10-28-2011, 10:00 AM
http://www.washingtonpost.com/sports/wizards/julius-dr-j-erving-denies-memorabilia-auction-of-rings-jerseys-tied-to-bank-lawsuit/2011/10/26/gIQAvNWMKM_story.html?wprss=rss_sports

Julius “Dr. J” Erving denies memorabilia auction of rings, jerseys tied to bank lawsuit

By Associated Press, Published: October 27

PHILADELPHIA — Julius Erving has denied an upcoming auction of his personal basketball memorabilia collection is tied to a lawsuit filed against him by a Georgia bank.

Known on the hardwood as Dr. J, Erving tells The Associated Press on Wednesday he’s never been a “hoarder or collector,” and plans to donate a portion of the auction proceeds to the Salvation Army. Erving’s auction collection includes his 1983 NBA championship ring with the Philadelphia 76ers, a pair of ABA championship rings with the New York Nets, and MVP trophies from each league.

The Atlanta Journal Constitution reported that Erving owes more than $200,000 on a loan with Georgia Primary Bank, according to a lawsuit filed in Fulton Superior Court.

The lawsuit was reported only hours after SCP Auctions announced that bidding would be open to registered bidders on Friday for many of Erving’s championship rings, important awards and game-used items. The timing of Tuesday’s announcements led to speculation that Erving, voted one of the NBA’s 50 greatest players, was hocking goods because the Hall of Famer needed cash.

Not true, he said.

“That irony actually gave me a sleepless night last night,” he said. “I had to laugh at it and cringe at it that these stories would run concurrent with one another.”

The 61-year-old Erving said the auction was part of a long-planned celebration of his career. He said most of his cherished possessions were in storage and that he rarely looked at his collection. He said he occasionally wore his 1983 ring and never his ABA rings. Erving said he will keep his Hall of Fame ring. His induction into the Hall of Fame came in 1993.

“My family is 100 percent behind it,” he said. “We decided to do it a long time ago. To claim it’s a firesale or to clear up some debt, I don’t think so. You don’t do an auction overnight. This has been long planned. We had 4,000 catalogs that have been mailed already to people who buy this kind of stuff.”

Be prepared to spend. Dr. J’s goods don’t come cheap. Items available at www.scpauctions.com include:

— 1969-70 game-worn UMass jersey. Minimum bid: $15,000.

— 1974 New Jersey Nets ABA championship ring. Minimum bid: $20,000

— 1975-76 ABA MVP trophy. Minimum bid: $10,000.

— 1983 Philadelphia 76ers NBA championship ring. Minimum bid: $25,000.

Yes, even a pair of game-worn Converse sneakers customized for the cult classic, “The Fish That Saved Pittsburgh,” are available for a minimum bid of $500.

Just don’t expect to soar through the air like Dr. J.

His above-the-rim game, first unveiled in the renegade American Basketball Association, was a harbinger of the style that was soon to dominate. Erving won pro basketball’s first slam-dunk competition, and his soaring reverse layup from the baseline during the 1980 NBA Finals against the Los Angeles Lakers was a highlight for the ages.

“With me being involved in the process and the one that’s putting it out, it’s actually a better situation economically then if my children or grandchildren were to do it,” Erving said. “We decided now’s the time.”

Still, Erving has been hit with finanical issues since he moved to Atlanta, the newspaper reported. The AJC reported in April 2010 that a golf club Erving purchased was in foreclosure. The bank filed a lawsuit Oct. 18 against Erving and his corporation, The Erving Group Inc. of Atlanta. Erving’s company was given a $1 million line of credit in April 2009, which was due the following April, according to the lawsuit obtained by the AJC.

In the lawsuit, the bank stated an outstanding balance of $205,277.84 has not been paid, despite a demand letter for payment sent Sept. 29.

Erving said he visited the bank on Wednesday in an attempt to resolve the issue.

Erving said he still works and lives off his present-day income, not any savings. He’s involved in a cell phone business, a medical records company and a blood cord company.

His marquee job is just being Dr. J.

“Every day there’s something associated with Dr. J that I have to discuss with one or more of my personal associates or family members,” he said.

Erving is perhaps the greatest Sixer and the franchise hasn’t won a championship since ‘83. His sightings in the city and at Sixers functions have been sparse and there was a disconnect between him and the team.

The Sixers were recently sold to new owners that promised to strenghten the link to their past. Majority owner Joshua Harris and Erving served together on the board of directors at Converse, and Dr. J was recently back in the Philadelphia area for a private reunion of the 1983 team.

“They are reaching out and they are interested in their heritage and that’s good to see,” Erving said.

Bidding will be open to registered bidders on Oct. 28 and conclude Nov. 19. For more information on how to participate, visit www.scpauctions.com..