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.
Oct 2, 2014, 12:25 AM EDT
Stephen Curry, Klay Thompson, Andre Iguodala, David Lee and Andrew Bogut dominated last season and return for more
Oct 1, 2014, 11:15 PM EDT
Kobe takes championship-or-bust mentality
Oct 1, 2014, 10:20 PM EDT
George wants to re-join the Pacers for the playoffs
Oct 1, 2014, 9:25 PM EDT
Thunder forward says he doesn’t (unless he’s joking like Kevin Martin)
Oct 1, 2014, 8:30 PM EDT
Get fouled on a missed 2-pointer – one free throw worth two points
Get fouled on a missed 3-pointer – one free throw worth three points
Oct 1, 2014, 7:35 PM EDT
OK, what did I get wrong?
Oct 1, 2014, 6:40 PM EDT
Two young players trying to prove to new coaches they deserved minutes. This is a real setback for both.
Oct 1, 2014, 5:50 PM EDT
The show is on Disney XD. I suppose there are worse things your child could watch.
Man sues Madison Square Garden saying he was ejected from Knicks game for saying “Carmelo, you stink”
Oct 1, 2014, 5:01 PM EDT
A Madison Square Garden spokesman called the lawsuit “frivolous.”
Oct 1, 2014, 4:20 PM EDT
Dirk loves him some Hoff.
Oct 1, 2014, 3:40 PM EDT
Thing is, Rodman fit the triangle and what Jackson wants to do with a team. Smith…. not so much.
Oct 1, 2014, 3:01 PM EDT
Monroe had a busy offseason in terms of appearances in the NBA’s news cycle.
Oct 1, 2014, 2:21 PM EDT
LeBron is taking on a leadership role early in his second stint in Cleveland.
Oct 1, 2014, 1:41 PM EDT
Broken hand is supposed to sideline Rondo for 6-8 weeks.
Oct 1, 2014, 1:00 PM EDT
I list my personal picks for top five backcourts.
Oct 1, 2014, 12:21 PM EDT
Second round pick foregoing additional guaranteed dollars in order to bet on himself.
Oct 1, 2014, 11:39 AM EDT
Reminder not to believe everything you read, especially if it’s attributed to ‘a source.’
Oct 1, 2014, 11:00 AM EDT
Cousins was tied for the league lead with 16 last season.
Oct 1, 2014, 10:00 AM EDT
The new-look Hornets, with Lance Stephenson in tow, are hoping to build on a playoff run and a promising young core.
Oct 1, 2014, 9:30 AM EDT
Kobe wants to shake the rust off before the games count for real later this month.
- Hey John Wall/Dion Waiters, Stephen Curry says Warriors have best backcourt. And he’s right. 41
- ProBasketballTalk 2014-15 Preview: Charlotte Hornets 5
- Kobe Bryant plans to play in all 8 preseason games for Lakers 11
- ProBasketballTalk 2014-15 Preview: Miami Heat 9
- Mike Miller points to him being amnestied as start of LeBron James leaving Miami 15
- Kobe Bryant thinks he could physically play beyond contract extension 14
- Trey Burke, in wake of nude-photo scandal: ‘My judgments will be much better’ 11
- Report: Kevin Durant says he wants to play in 2016 Olympics (his free agent summer) 5