Aug 1, 2011, 8:43 AM EDT
New continent, new problems for Stephon Marbury. Well, maybe not new problems. So instead let’s go with “Big Trouble in Little China”
We learn via Deadspin that Wachovia would really like back the $16 million it loaned Marbury’s apparel company a few years ago. And they’d like it now. If the company can’t pay it, they want it from Marbury.
Essentially, Marbury guaranteed a $16-million loan to Starbury, the company. Starbury the company hasn’t paid the loan back, so now Starbury the former Knicks point guard has to. The collateral he put up for the loan only covered a small part of the judgment against him.
That collateral was foreclosed property, according to a lawsuit filed by Wachovia.
Marbury was let go by his first team in China and landed with a second last season, and he remained one of the biggest stars in the Chinese league. He has raved about the business possibilities in China. But are they $16 million possibilities? Marbury better be hoping so. Unless he wants to pay it out of the $151 million he made while in the NBA.
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