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 19, 2014, 10:01 PM EDT
The eight-seed Hawks blowout the Pacers in Game 1.
Apr 19, 2014, 8:45 PM EDT
Blake Griffin totally did this on purpose.
Apr 19, 2014, 7:12 PM EDT
Warriors steal Game 1 in Los Angeles.
Apr 19, 2014, 5:30 PM EDT
It looked good as soon as it left his hands.
Apr 19, 2014, 4:06 PM EDT
Playoff games are played in the halfcourt and the Nets owned that in Game 1.
Apr 19, 2014, 2:39 PM EDT
A rare and raw show of emotion from a team’s GM was caught on camera.
Nash to Nowitzki: ‘What would you do if you were me? Would you come back?’ Dirk: ‘I’m not sure, bro.’ (VIDEO)
Apr 19, 2014, 2:00 PM EDT
Dirk Nowizki is brutally honest.
Apr 19, 2014, 12:30 PM EDT
“Garnett and Pierce are so old the Raptor had to ask his dad about them.”
Apr 19, 2014, 11:00 AM EDT
Words continue to be exchanged between two teams that clearly don’t like each other.
Apr 19, 2014, 9:29 AM EDT
The owners are behind Silver’s effort to raise the age limit. Now there’s just the pesky matter of negotiating with the players’ union.
Apr 19, 2014, 8:00 AM EDT
You can construct a scenario where the Pacers are in trouble… except they play the Hawks.
Apr 19, 2014, 2:15 AM EDT
Making your playoff preview reading convenient.
Apr 19, 2014, 1:54 AM EDT
Grizzlies’ guard will definitely be missed in the rotation.
Apr 19, 2014, 1:50 AM EDT
We may not see him on the sidelines of TNT games these playoffs.
Apr 18, 2014, 11:55 PM EDT
This should be the East’s most competitive first round matchup.
Apr 18, 2014, 10:31 PM EDT
How quickly can Miami flip the switch?
Apr 18, 2014, 9:16 PM EDT
Can the Pacers regain their early-season swagger now that the playoffs are here?
Apr 18, 2014, 6:45 PM EDT
Expect a fight by the end of Game 2.
Apr 18, 2014, 5:50 PM EDT
People shouldn’t sleep on the Raptors, particularly the Nets.
Apr 18, 2014, 5:05 PM EDT
Dallas has lost nine straight to San Antonio. Don’t expect that streak to stop now.