Derrick Coleman has filed for bankruptcy, saying that he owes his creditors $4.7 million. Coleman was No.1 overall pick in the 1991 NBA draft. This is a sad day for the NBA and Syracuse University. Coleman played 15 years in the NBA and made tens of millions, but reportedly only listed $1 million of valuable assets to his name.
Derrick’s heart was in the right place as he invested heavily into the redevelopment and revitalization of downtown Detroit, but his trouble started when he began defaulting on payments for a mall (Coleman’s Corner). The area was in one of the worst areas in Detroit. What’s worst is that Coleman had to list his available assets, which included his NBA pension, which in it’s earnest amount came in at approximately $90,000. This is a former player that still has probably about 14 years before he can collect on that pension.
I hope the leagues, players unions, and the unversities are taking notes because everytime one of their marquee athletes has financial problems or life skills issues, it leaves a black mark on the leagues, the players unions, the agents, and the university where they starred. It’s not enough to supply an individual with a degree, you have to look at their future and if you provide an education to a star athlete, the university has an moral obligation to provide a life skills and financial counseling program for the athlete that they can use in their life.
These athletes should be involved in my Player Development program (PLADEV™).
