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.
Apr 27, 2015, 6:59 PM EDT
Davis was +35 when playing while Green sat, -55 while Green was on the court at the same time.
Apr 27, 2015, 6:22 PM EDT
He would have been key against the Bulls to help space the floor.
Apr 27, 2015, 5:45 PM EDT
Olynyk finds common ground with Clevelanders
Apr 27, 2015, 4:59 PM EDT
Stats show Boston defended LeBron well, he just hit the shots anyway.
Apr 27, 2015, 4:15 PM EDT
I say Smith should get at least three games.
Apr 27, 2015, 3:44 PM EDT
They need the swelling to go down to get a sense of his return,
Apr 27, 2015, 3:07 PM EDT
Preview socks for the Cavaliers, Heat, Spurs and Warriors
Apr 27, 2015, 2:29 PM EDT
Cavaliers gave him a chance to wait by sweeping Celtics
Apr 27, 2015, 1:49 PM EDT
Rockets lost closeout game to Dallas
Apr 27, 2015, 1:12 PM EDT
Wallace owed more than $10 million next season
Apr 27, 2015, 12:26 PM EDT
What does Walker’s cratered draft stock say about Billy Donovan?
Apr 27, 2015, 11:45 AM EDT
If that was their plan, they executed it well
Apr 27, 2015, 11:03 AM EDT
Isaiah Thomas played, um, creative defense
Apr 27, 2015, 10:24 AM EDT
Celtics were reportedly gaining ground before Kelly Olynyk
Apr 27, 2015, 9:46 AM EDT
Wizards forward started talking before series, hasn’t stopped
Apr 27, 2015, 9:07 AM EDT
Celtics forward: ‘I would never intentionally hurt Kevin or anyone else’
Apr 27, 2015, 8:30 AM EDT
Somebody looks a lot more comfortable with no Rajon Rondo around.
Apr 27, 2015, 8:00 AM EDT
Well played Rick Carlisle. Well played.
Apr 27, 2015, 2:34 AM EDT
Love being out could be an issue in the next round as the Cavs take on the Bulls.
Apr 27, 2015, 1:38 AM EDT
The question is can Dallas replicate all they did right on the road?
- PBT Extra with NBASavant.com: Draymond Green helped hold Anthony Davis in relative check 0
- Cavaliers’ Kevin Love out for entire conference semifinals (likely vs. Bulls) 3
- PBT Extra with NBASavant.com: LeBron got his shots despite good Celtics defense 3
- PBT Extra: For how long should J.R. Smith be suspended? 27
- Report: If Kevin Love leaves Cavaliers, Lakers are team to beat in free agency 31
- Rumor: Kevin Love out minimum of two weeks, will likely miss most or all of series vs. Bulls 39
- Monta Ellis, J.J. Barea pairing ignites Mavericks offense, gets Dallas Game 4 win over Houston 10
- Wizards blow out Raptors to complete first-round sweep 17