Derrick Coleman filed for Chapter 7 bankruptcy protection last month, noting that he owes creditors around $5 million. His lawyer attributed his financial trubs to a love a Detroit, and a burning desire to see it succeed that may not have necessarily meshed with what's been going on there economically.
Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, Coleman’s bankruptcy attorney Mark B. Berke said Friday. Among Coleman’s ventures is a struggling Detroit development called Coleman’s Corner, an attempt to revive one of the city’s most downtrodden neighborhoods. Coleman defaulted on loans related to the mall last year. “Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” Berke said. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.” Among Coleman’s largest debts is $1.3 million owed to Comerica Bank in connection with a lawsuit and a $1 million loan on property in Michigan from Thornburg Mortgage Home Loans. Coleman also owes Detroit mayor and fellow Syracuse legend Dave Bing $50,000 from a loan granted last year.
But! I think it's going to be okay here because Coleman is planning to liquidate his assets and oh does he have some assets to get amped about.
Among the assets that could be available for creditors is an eclectic mix of automobiles: a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000. Coleman also listed two Seadoo watercraft, his $90,000 NBA pension and two chinchilla fur coats.