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.
Sep 2, 2015, 1:20 PM EDT
I’m not optimistic, but at least they appear to be trying
Sep 2, 2015, 12:23 PM EDT
Point guard reportedly working out in Philadelphia
Sep 2, 2015, 11:33 AM EDT
Watch this and try not to smile
Sep 2, 2015, 10:33 AM EDT
Heat got a steal
Sep 2, 2015, 9:28 AM EDT
Sep 2, 2015, 8:30 AM EDT
Welcome to the big stage, Canada.
Sep 2, 2015, 8:00 AM EDT
For Lawson personally I hope this move and this situation is what he needs to get his life in order.
Sep 2, 2015, 12:05 AM EDT
Lin’s alter ego: Wayne
Sep 1, 2015, 11:07 PM EDT
Griffin will give Pistons 19 players, 17 with guaranteed salaries
Sep 1, 2015, 10:07 PM EDT
LeBron indicates 1999-00 Trail Blazers were great, implies something about his own career
Sep 1, 2015, 9:01 PM EDT
Goran Dragic, Dwyane Wade, Luol Deng, Chris Bosh and Hassan Whiteside look pretty good on paper
Sep 1, 2015, 8:01 PM EDT
Russians don’t even have Alexey Shved
Sep 1, 2015, 7:01 PM EDT
Luis Scola leads Argentina to victory over Canada
Sep 1, 2015, 6:01 PM EDT
He’s a 6’7″ combo guard with a lot of potential
Sep 1, 2015, 4:30 PM EDT
Well, that’s one.
Sep 1, 2015, 3:35 PM EDT
It’s not just baseball and boxing anymore.
Sep 1, 2015, 2:46 PM EDT
Miami is a long shot to land him, but you can bet Pat Riley will have them positioned for a run.
Sep 1, 2015, 2:19 PM EDT
Lots of pump fakes. Lots and lots of pump fakes.
Sep 1, 2015, 1:28 PM EDT
It’s an old Moses Malone trick.
Sep 1, 2015, 12:46 PM EDT
He’s healthy, that’s a start.
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