Posted on 06/29/2010 3:24:31 PM PDT by mad puppy
One of the notable money mistakes that Pippen made was the purchase of a $4 million Gulfstream jet in 2002. Due to a missed inspection, the jet's engine needed $1 million worth of repairs shortly after the purchase. Rather than paying that, the jet was grounded, making it the world's most expensive paper weight. Pippen sued his attorney for the missed inspection and Monday was awarded a settlement of $2 million. He was pretty happy about it
(Excerpt) Read more at sports.yahoo.com ...
Pippen is in the Hall of Fame you gotta be kidding me. You know which forward who should be on the Hall of Fame but isn't is Robert Horry. He won 7 NBA championships on 3 teams and was one of the best clutch players.
Took 8 years to finish the suit.
Not just the Hall of Fame, but he made the Top 50 list, twice.
When Jordan retired (read: forced gambling ban), Pippen was hapless. This isn't the mark of a hall of famer. Yes, he was Robin to Jordan's Batman, but there's a reason Robin didn't have his own comic book.
A million bucks to fix an engine? I would think buying one would be cheaper.
Maybe if he did the work himself he could save a couple thou.
I wonder if he’ll ever see any of that $2 million.
The Federal Government is somehow involved .
nuff said
Additionally, it's likely that BOTH engines needed an overhaul. Why would one engine have less time than the other? (rhetorical, you need not respond). Just likely poor journalism.
Maybe if this guy had tried helping people with his money, like how Manute Bol did, I might shed a tear.
Yep. Remember when he got pissed over Toni Kukoc going in and not him?
Amazing, isn't it? yet this story has been repeated over and over with only the names of the players changing. If you earn $20 million a year but live the life of someone who earns $30 million a year, you will not only wind up broke but in debt. These guys have no concept of money. They spend lavishly on stupid crap then their careers end and they don't have a dime to their name.
If you're rich enough to buy a Gulfstream, you're rich enough to charter a Gulfstream on an "as needed" basis. And then you don't have to worry about missed inspections and new engines while still flying in style. I don't care how rich you are, unless owning your own jet actually saves you money (meaning it gets used for business on a regular basis), it's a pointless, expensive vanity.
The NBA players will NEVER go on strike or engage in a work stoppage. It is widely known that a majority of these millionaire ass clowns live paycheck to paycheck just like most of us poor suckers in America whose paychecks are not in seven figures.
Yes. He walked off and pouted like a little b1tch.
60% of NBA, 80% of NFL players are bankrupt 2 years after leaving the game.
I’m thinking it’s only the greedy Amish ones that don’t go broke.
I beg to disagree in as far as the facts are presented here. This appears to me to be a (far more expensive) same type of transaction as buying a house and finding that the title is not guaranteed in spite of a title policy. If I had a real estate lawyer guiding me and this happened, I too would sue and expect to win.
Fiduciary failure when you are paying for professional service is failure to do your job. Obviously the court case was argued over how and why this error was missed but right now it looks like the lawyer needs to have his insurance firm cough up the dough.
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