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Now We Know How NBA Basketball Superstar Allen Iverson Managed To Go Broke
Business Insider ^ | 12/10/2012 | Mandi Woodruff

Posted on 12/10/2012 11:33:21 AM PST by SeekAndFind

It's been less than a year since we learned former NBA star Allen Iverson was broke, despite a $150 million career.

Now we know why.

TMZ has obtained court documents from Iverson's ongoing divorce proceedings that clearly show a man drowning in debt.

Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.

About a third of his debt is owed to creditors –– his bank account was seized last year when he couldn't come up with $860,000 he owed to a jeweler –– and another chunk goes to his mortgages.

But there are a few creature comforts, too, "like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants," according to TMZ.

On top of that, his $4.5 million Atlanta mansion is in foreclosure. At least he can drive to and from court in style –– Iverson reportedly kept his Maybach, which he paid off before all of the money drama.

He's not the first NBA multi-millionaire star who has fallen from grace.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Sports
KEYWORDS: alleniverson; bankruptcy; basketball; insanity; nba
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1 posted on 12/10/2012 11:33:29 AM PST by SeekAndFind
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To: SeekAndFind

The sad thing about this is that compared to the Obamadork, he’s still scrooge.


2 posted on 12/10/2012 11:34:57 AM PST by Da Coyote
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To: SeekAndFind

See also here:

http://www.businessinsider.com/ugliest-celebrity-bankruptcies-2012-11?op=1

10 Of The Ugliest Celebrity Bankruptcies In History


3 posted on 12/10/2012 11:35:02 AM PST by SeekAndFind
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To: SeekAndFind

A fool and his money are soon parted. At least he paid off the car. Maybe he can use it as collateral for a loan for party money.


4 posted on 12/10/2012 11:37:03 AM PST by Ruy Dias de Bivar (SAVE THE SUMATRAN RAT MONKEY!)
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To: SeekAndFind

It’s the maintenance costs that kill. Too many of these superstars think all they have to do is lay out $35 million for it their mansion, then they’ll be done. They don’t think of the income needed to pay for the upkeep or taxes, after their career winds down.


5 posted on 12/10/2012 11:38:07 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind

don’t they teach basic math at his college?


6 posted on 12/10/2012 11:38:54 AM PST by Mr. K (some days even my lucky rocketship underpants don't help...)
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To: SeekAndFind

Another sad chapter in the book titled “Suddenly Rich.” Very sad.


7 posted on 12/10/2012 11:40:40 AM PST by Sunshine Sister
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To: SeekAndFind

Couldn’t have happened to a nice guy!


8 posted on 12/10/2012 11:41:58 AM PST by Cowboy Bob (Greed + Envy = Liberalism)
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To: Mr. K

I’m sure they did, but superstar athletes aren’t really required to attend classes.


9 posted on 12/10/2012 11:42:03 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind


Yawn
10 posted on 12/10/2012 11:42:46 AM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: SeekAndFind

“About a third of his debt is owed to creditors”

I would have thought that all his debt is owed to creditors, isn’t that the definition of creditor.


11 posted on 12/10/2012 11:47:49 AM PST by FewsOrange
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To: Mr. K

RE: don’t they teach basic math at his college?

He went to Georgetown, the alma mater of Bill Clinton and the now celebrated Sandra Fluke.


12 posted on 12/10/2012 11:47:49 AM PST by SeekAndFind
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To: F15Eagle

I see that he’s already bought his own hearse.


13 posted on 12/10/2012 11:48:41 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: SeekAndFind

One thing I learned, when you want something, you have to work for the money to pay for it but however, what is not mentioned is you continually have to keep working to keep the item whether it is taxes on the item like cars or insurance or maintenance.


14 posted on 12/10/2012 11:49:28 AM PST by CORedneck
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To: SeekAndFind

He no longer got da skills to pay da bills.


15 posted on 12/10/2012 11:56:10 AM PST by 2 Kool 2 Be 4-Gotten
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To: SeekAndFind

I see no mention of gun or motorcycle collecting. He could have cut the time needed to go broke in half.


16 posted on 12/10/2012 11:57:59 AM PST by CrazyIvan (Obama's birth certificate was found stapled to Soros's receipt.)
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To: SeekAndFind

He could be hiding his money from his wife too.


17 posted on 12/10/2012 11:59:40 AM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: CORedneck

It’s not just maintenance, he has mortgages. This guy was famous for an entourage, posse, or whatever of hangers on.


18 posted on 12/10/2012 12:01:03 PM PST by Andrei Bulba (No Obama, no way!)
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To: SeekAndFind

for later


19 posted on 12/10/2012 12:01:13 PM PST by Doctor 2Brains
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To: Ruy Dias de Bivar

I often wonder how some of these fools ever hooked up with the money in the first place.


20 posted on 12/10/2012 12:04:38 PM PST by PeaceBeWithYou (De Oppresso Liber! (50 million and counting in Afghanistan and Iraq))
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To: CORedneck

When you are a rookie in any professional sport, you go through the process of learning basic finance. The league brings in people to teach finance, how to deal with the media, drug counselors, how to act on the road, etc. Teams also employ people to work with the athletes.

Iverson is no different than any athlete who thinks he knows better than the people coming in to teach them about what not to do. He looks down at the person teaching because being Alan Iverson makes millions and this person is just a teacher.

After the parties, after the posse, after the divorces and child support, after the back taxes on the home, after paying a monthly stipend to your accountant and lawyer, after you wake up one morning and realize it is all gone, by then it is too late.

He became another dumb schmuck who got paid to play a game and didn’t listen to a word either his professors in college or his teachers said.


21 posted on 12/10/2012 12:05:06 PM PST by EQAndyBuzz (You cant bring something to its knees that refuses to stand on its own)
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To: SeekAndFind

The fruits of low intelligence and poor impulse control.


22 posted on 12/10/2012 12:08:36 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Mr. K

“don’t they teach basic math at his college?”

***

Colleges don’t teach; they indoctrinated.

So the average grad can recite every Marxist talking point espoused by his professor, but he can’t add 2+2 and get 4.


23 posted on 12/10/2012 12:10:17 PM PST by fatnotlazy
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To: PeaceBeWithYou

He was an all star NBA player 11 times. He also won the MVP award. Plus endorsements add up quick.


24 posted on 12/10/2012 12:11:14 PM PST by EEGator
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To: SeekAndFind
Though he still earns $750,000 per year...

So that means that he is still ObamaRich, and that his ObamsTax will still go up?

-PJ

25 posted on 12/10/2012 12:15:38 PM PST by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: Jonty30

yup, most of the time less is more.


26 posted on 12/10/2012 12:16:19 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: SeekAndFind
When you're bad at money management, there isn't enough income in the world to keep you from going broke.

If the drain's bigger than the faucet, there won't be anything left in the tub.

27 posted on 12/10/2012 12:19:38 PM PST by TChris ("Hello", the politician lied.)
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To: Mr. K
don’t they teach basic math at his college?

No...all they teach basketball players at Georgetown is basketball. He left college without the equivelent of a 6th grade education. He is and always will be, an illiterate thug.

28 posted on 12/10/2012 12:23:23 PM PST by pgkdan (We are witnessing the modern sack of Rome. The barbarians have taken over.)
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To: SeekAndFind

“a few creature comforts, too, “like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants,”

Wow, how can anyone expect to make it on such a modest budget. Poor thing.


29 posted on 12/10/2012 12:26:01 PM PST by WinMod70
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To: SeekAndFind

“a few creature comforts, too, “like $10,000/month on clothes, $10,000/month on grocery/house items, $1,000/month on dry cleaning, $5,000/month on entertainment, $5,000/month on restaurants,”

Wow, how can anyone expect to make it on such a modest budget. Poor thing.


30 posted on 12/10/2012 12:26:23 PM PST by WinMod70
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To: SeekAndFind

A lot of regular business people make bad choices and end up bankrupt.


31 posted on 12/10/2012 12:33:38 PM PST by fso301
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To: FewsOrange

Says a big chunk goes to “mortgages” which would seem to involve creditors unless they are Fannie, Freddie and so on.

Yo bro don’t be habbin fess Obamadollah back.

Could be another “chunk” goes to the tremendous student loan debt he must have wracked up while majoring in dumbass as Georgetown.


32 posted on 12/10/2012 12:54:39 PM PST by Fightin Whitey
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To: SeekAndFind

I’ll try to feel sorry for him.


33 posted on 12/10/2012 1:00:31 PM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: SeekAndFind

Hahahaha!!!!! What we talkin’ about? C’mon, we talkin’’ about PRACTICE!!!!

Idiot!


34 posted on 12/10/2012 1:07:47 PM PST by BigDaddyTX (Don't Mex with Texas)
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To: SeekAndFind
Though he still earns $750,000 per year, Iverson is bleeding an estimated $360,000 each month.

Thus showing the importance of and the role of saving (or the lack of it) in capital accumulation.

35 posted on 12/10/2012 1:30:02 PM PST by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
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To: SeekAndFind

Whitey’s fault.


36 posted on 12/10/2012 1:33:50 PM PST by E. Pluribus Unum ("The more numerous the laws, the more corrupt the state." - Cornelius Tacitus, Roman Senator)
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To: EQAndyBuzz

And how much do you want to bet he blames somebody else for being broke.


37 posted on 12/10/2012 1:45:40 PM PST by happilymarriedmom
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To: SeekAndFind

How much did he pay the “artist” for all those tats?


38 posted on 12/10/2012 1:49:50 PM PST by Wingy
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To: Mr. K

These athletes, many of them, never cracked a book in college


39 posted on 12/10/2012 2:00:02 PM PST by GeronL (http://asspos.blogspot.com)
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To: Mr. K
don’t they teach basic math at his college?

Sure. Doesn't meant that he can do it. ;-)

40 posted on 12/10/2012 2:02:12 PM PST by wbill
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To: AEMILIUS PAULUS

“impulse control” is old white people racist talk


41 posted on 12/10/2012 2:04:21 PM PST by GeronL (http://asspos.blogspot.com)
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To: CrazyIvan
He could have cut the time needed to go broke in half.

Or a boat.

Buddy of mine has one. Says that next time, he's going to just dig a hole in his back yard and throw money into it...would be faster and cheaper.

42 posted on 12/10/2012 2:05:08 PM PST by wbill
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To: wbill
he's going to just dig a hole in his back yard and throw money into it...

also known as a pool.

43 posted on 12/10/2012 2:08:43 PM PST by TurboZamboni (Looting the future to bribe the present)
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To: SeekAndFind
he couldn't come up with $860,000 he owed to a jeweler ––

A normal, fiscally sane older person could just about retire on that amount--or at least invest it wisely.

AI--- Absolute Ignoramus--but oh well.

44 posted on 12/10/2012 2:19:51 PM PST by tflabo (Truth or Tyranny)
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To: SeekAndFind

             

45 posted on 12/10/2012 2:25:51 PM PST by tomkat
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To: pgkdan

AI was released from Prison in Va. via the Governor’s pardon. He was in Georgetown within days on a full ride. never attended anything remotely near a class. Left school early to make the big bucks. Several arrests and many more arrests were “bought off”. His Posse pulled guns on another players Posse while at a 76ers practice. All should have gone to prison. He gets what he deserves. Nothing!


46 posted on 12/10/2012 2:28:51 PM PST by DrDude (Governor of the 57th State)
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To: SeekAndFind

He’s still a 1 percenter.
Go get ‘em Baraq!


47 posted on 12/10/2012 2:29:32 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: wbill

“Or a boat”. You got that one right. I live just a few miles from the Mississippi within sight of one of the main routes to a major boat ramp. I wish I had a fraction of the money I see going by on the weekend. I strap my kayak on top of the Jeep and go the other direction.


48 posted on 12/10/2012 2:41:41 PM PST by CrazyIvan (Obama's birth certificate was found stapled to Soros's receipt.)
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To: Ruy Dias de Bivar

At least he paid off the car.
********************************
You can sleep in your car ,, you can’t drive the house.


49 posted on 12/10/2012 2:50:52 PM PST by Neidermeyer
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To: Neidermeyer

You can also,be buried in your car, which looks to be why he bought it.


50 posted on 12/10/2012 2:57:20 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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