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]
Commence schadenfreude….
Duke Hating – very original. Probably went to Villanova or some 2nd tier school like that.
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.
@2 Duke is itself at best a 2nd tier school
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.
F*cking amateurs, I default on billions
-D. Trump
@5, you sound like you went to UNC-Charlotte. Even worse. Hate on haters.
@5…”clean cut student body” – you must be confusing Duke w/ Vandy. Duke is where the nerds of the south go to school.
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
duke sucks the sweat off a dead man’s balls
Duke is pretty ducky, if you ask me.
@AB
The same could be true for any celebrity, hell, even some Wall Streeters
I will suck anyones balls for $10
C.Laettner
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
Good point 14, those Wall Streeters, particularly those at Bear, Lehman, Citi, and Merrill have proven to be especially savvy financial wizzes…
Davis would do well to aspire to be a “black” Robert Johnson.
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…
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.
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.
Ball Street Ventures? That name sucks.
Balls Deep Ventures would be better and give it more credibility.
@13, apparently Laettner gave head to more than just balls when he was at Duke.
@13, apparently Laettner gave head to more than just balls when he was at Duke.
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
Are you ready for Maggette?