Mar 2, 2012, 1:11 PM EDT
Someone in Allen Iverson’s inner circle was a true friend to the man.
We reported recently on a judge ordering Iverson to pay more than $850,000 to a jewelry store for goods received, and the judge needing to go into his bank account and get what they could.
If that happened to you or me, it’s a sign that we’re broke. There have been a lot of reports Iverson is busted. That is why he is willing to play in Puerto Rico or the D-League.
But like I said above — and as Peter Vecsey laid out in detail in the New York Post — someone in Iverson’s inner circle was a true friend. Someone recognized if just given the money he would burn through it, so…
A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
The $32 million is known as the “Reebok fund” among Iverson’s friends, because the money came from shoe deals.
Now, living with in those means may be a challenge for Iverson. But someone had the foresight to protect the man from himself, and that is going to save him. That is what a true friend does.
- With Anthony Davis and Pelicans drained, Warriors deliver down the stretch 6
- PBT Extra matchup to watch: Can Toronto keep Paul Pierce quiet on the court? 3
- Bulls overcome ugly start to take 2-0 series lead over Bucks 10
- PBT Extra matchup to watch: Dallas has to find a way to deal with Dwight Howard 3
- Man arrested after fight over who is better, Michael Jordan or LeBron James 32
- PBT Extra matchup to watch: Marcus Smart needs to take on Kyrie Irving challenge 2
- PBT Extra matchup to watch: Pelican guards need to stay with Curry, Thompson 1
- PBT Extra: Matchup to watch in Bulls vs. Bucks, Derrick Rose vs. Michael Carter-Williams 8