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Derrick Coleman made $87 million, now files bankruptcy

Apr 10, 2010, 9:40 PM EDT

This is not the story you think it is. This is not some guy who made more than $100 million and gambled it all away in casinos, then tried to make a desperate comeback to make a little money.

Not every NBA story is about hedonism. Some, no many, players try to do the right thing.

Derrick Coleman — the former number one overall pick, the 1991 rookie of the year who never quite reached his potential — was investing the $87 million he made playing basketball in development deals in Detroit, trying to turn around a city in need of someone willing to make big moves there. But no city has been hit harder by the economic downturn than Detroit.

According to the Wall Street Journal, Coleman has filed for bankruptcy (via Ball Don’t Lie).

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

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.”

Coleman, best remembered as a Net, has an NBA pension, which means he can live pretty comfortably for the rest of his life.

  1. kenyatta - Apr 26, 2010 at 9:51 AM

    these guys never heard of the mattress,stash some cash there for rainy days

  2. pi - Apr 29, 2010 at 9:30 AM

    maybe he “invested” with the ex-mayor of detroit who now lives in texas

  3. philrot - Apr 29, 2010 at 12:25 PM

    I was tempted to write about how ignorant and mean spirited such comments were, then I saw worse postings and stronger counter replies. Suffice it to say, Sir, you are wrong.

  4. David - Apr 30, 2010 at 2:22 PM

    I don’t think everybody understands the concept of bankruptcy. Filing bankruptcy doesn’t mean that you are broke, it means that you are protecting your assests from creditors. Alot of businesses and rich people file bankruptcy, as do poor people, everyday. It is a way to not lose all your finances repaying bad investments. This is basically what the government did to the auto industry & businesses without the legalities of the stigma called bankruptcy; which some businesses have already re-paid. Donald Trump filed for bankruptcy 8 times already. Is he poor?

  5. Anonymous - May 1, 2010 at 1:32 PM

    coleman has a great pr guy

  6. Anonymous - May 3, 2010 at 11:34 AM

    WHY ARE YOU HATTING BRO I DO NOT UNDERSTAND PEOPLE THESE DAYS WE ALL MAKE MISTAKES SOMETIMES. WHAT ARE YOU DOING

  7. Frandaday - May 7, 2010 at 11:17 PM

    You are a complete idiot. Additionally, what you’re wishing for these guys will certainly catch up with you, if it already hasn’t- IDIOT!!!

  8. big bear - May 10, 2010 at 10:05 AM

    You are a real jerk to beat down and ridicule an individual for trying to do the right thing.
    If so many of the educated wise guys on Wall Street had a heart this Country would be a better place.
    *Lehman Brothers investing in failure, that’s a gret story-LOL
    Oh,I have to admit, I can feel the racism in your comments.

  9. big bear - May 10, 2010 at 10:11 AM

    Great comment,
    I had not even read yours and basically stated the same thing!!!!

  10. KELLY C - May 10, 2010 at 2:02 PM

    WHOOP DE DAMN DO!!!!!!

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