While not quite as staggering as the NFL's 78% bankruptcy rate among ex-players within two years of retirement, Christian Laettner is trying to avoid meeting the NBA benchmark of 60% of ex-players winding up penniless within 5 years of retirement. Laettner, who retired after the 2004-5 season, went into business with former Duke teammate Brian Davis and embarked on a series of real estate development projects whenever and wherever there was somebody foolish enough to lend to them. Now Laettner and Davis (who used to dream about being "the black [Donald] Trump") are being sued for $6 million by lenders and former associates for a variety of payments that slipped their mind.
Among the duo's accomplishments that must make Coach K beam with pride are failure to pay a $1.5 million loan from Chevron, not abiding by the terms of a $3 million loan from a company Shawne Merriman runs, and failing to pay close to $700k to an ex-Lehman guy who left LEH to join their Ball Street Ventures development company. But the black Donald wants people to know that all those unpaid loans are simply labors of love for him and Christian.
"We actually have said 'no' to a lot of things. But we've said 'yes' to things that we love. And we're going to continue doing that. The lesson is, 'keep it simple, and just work.'"
Laettner might as well start filing the Chapter 13 papers now.
Business lawsuits vex ex-hoops stars [Charlotte Observer]
Posted by guest , Jun 29, 2009 4:56PM
Commence schadenfreude....
Posted by wcburrs87 , Jun 29, 2009 4:56PM
Duke Hating - very original. Probably went to Villanova or some 2nd tier school like that.
Posted by american bandersnatch , Jun 29, 2009 4:57PM
I'm not a big fan of Obama nanny state rules, but this is pathetic. Perhaps the earning of all pro athletes should be held in trust and administered by the state. Any athlete that wanted his money in a lump sum would have to have a financial competency hearing in front of a judge.
Posted by guest , Jun 29, 2009 5:01PM
@2 Duke is itself at best a 2nd tier school
Posted by guest , Jun 29, 2009 5:07PM
2 I don't see any Duke hating here. But since you brought it up, see 4. Duke is one of those places where popularity and therefore selectivity greatly are out of proportion to the quality of the educational experience. People send apps in droves because of the climate, the beautiful campus and the clean cut student body.
Posted by guest , Jun 29, 2009 5:07PM
F*cking amateurs, I default on billions
-D. Trump
Posted by wcburrs87 , Jun 29, 2009 5:10PM
@5, you sound like you went to UNC-Charlotte. Even worse. Hate on haters.
Posted by guest , Jun 29, 2009 5:10PM
@5..."clean cut student body" - you must be confusing Duke w/ Vandy. Duke is where the nerds of the south go to school.
Posted by guest , Jun 29, 2009 5:11PM
things they've said yes to:
-long walks on the beach
-ebony and ivory
-hamsters
things they've said no to:
-hiking the Appalachian trail
-prosties
-vaginas
Posted by guest , Jun 29, 2009 5:14PM
duke sucks the sweat off a dead man's balls
Posted by guest , Jun 29, 2009 5:24PM
Duke is pretty ducky, if you ask me.
Posted by Anal_yst , Jun 29, 2009 5:31PM
@AB
The same could be true for any celebrity, hell, even some Wall Streeters
Posted by guest , Jun 29, 2009 5:34PM
I will suck anyones balls for $10
C.Laettner
Posted by Investorcluzo , Jun 29, 2009 5:39PM
once again, north carolinians are proving that they're (not there) a long way from wall street. perhaps all the "bankers" down there (not their) should fold their (not they're) tents and find a new vocation...un-savvy illiterate hicks
Posted by guest , Jun 29, 2009 5:50PM
Good point 14, those Wall Streeters, particularly those at Bear, Lehman, Citi, and Merrill have proven to be especially savvy financial wizzes...
Posted by guest , Jun 29, 2009 5:52PM
Davis would do well to aspire to be a "black" Robert Johnson.
Posted by Investorcluzo , Jun 29, 2009 6:22PM
as compared to wachovia and bofa (do you guys have any "winners")? I like to play the odds, so I'm giving wall st the edge. stick up for charlotte if you want…
Posted by guest , Jun 29, 2009 7:57PM
Nothing different than any other developers were doing two years ago. Although he might want to re-think his strategy of doing deals he "loves." If the pro-forma is too good to be true, it probably is.
I predict BK for Ball Street somewhere in the next year or so.
Posted by guest , Jun 29, 2009 8:53PM
I heard somewhere that highly paid pro-athletes are encouraged to buy immediate annuities with some of their earnings. Knowing how bad they (and some Wall Streeters, agree Anal) manage their own money, that might not be such bad advice.
Posted by guest , Jun 29, 2009 9:50PM
Ball Street Ventures? That name sucks.
Balls Deep Ventures would be better and give it more credibility.
Posted by guest , Jun 30, 2009 10:09AM
@13, apparently Laettner gave head to more than just balls when he was at Duke.
Posted by guest , Jun 30, 2009 10:10AM
@13, apparently Laettner gave head to more than just balls when he was at Duke.
Posted by guest , Jun 30, 2009 12:24PM
This guy uses his name and popularity to get investor money and then lose it in spectacular fashion only to have to deal with a rash of lawsuits...........wait a second - he's actually on his way to becoming the black Donald Trump
Posted by guest , Jun 30, 2009 1:17PM
Are you ready for Maggette?