According to the Bankruptcy Beat of the Wall Street Journal, former NBA superstar
Derrick Coleman is now filing for bankruptcy. Coleman filed for Chapter 7 bankruptcy last month, owing $4.7 million dollars to his creditors. His current assets are worth about $1 million dollars, including a Bentley and $3,000 dollars in jewelry.
"Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," said Coleman's attorney, Mark Berke. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."
It's not as if Coleman spent all of his dough on jewelry and cars. He owned a percentage of a Hilton Garden Suites Hotel in downtown Detroit, along with a Tim Horton's Doughnut Shop and a Hungry Howie's pizza store.
When I read about Coleman's financial problems, I first remembered that Coleman went to school at
Syracuse University, where I teach in the business school. I wondered if Coleman walked out of the university with an academic degree, which might have given him a greater ability to make sound business decisions. I do know that Antoine Walker, who attended my alma mater,
The University of Kentucky, was not educated by Kentucky when he was there. Antoine also went broke just this year, losing over $110 million dollars in career earnings.
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NBA Players Without a Title
Karl Malone (1985-2004)
He's considered the one of the greatest power forwards of all time, but the mailman didn't deliver a title. The Utah Jazz went to the conference title twice, but sadly there was a man named Michael Jordan standing (or dunking) in Malone and the Jazz's way in 1997 and 1998. As a Los Angeles Laker he did get to the NBA Finals with Shaquille O'Neal and Kobe Bryant, but dreams of championship bling were shot down by the Detroit Pistons.
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NBA Players Without a Title
Karl Malone (1985-2004)
He's considered the one of the greatest power forwards of all time, but the mailman didn't deliver a title. The Utah Jazz went to the conference title twice, but sadly there was a man named Michael Jordan standing (or dunking) in Malone and the Jazz's way in 1997 and 1998. As a Los Angeles Laker he did get to the NBA Finals with Shaquille O'Neal and Kobe Bryant, but dreams of championship bling were shot down by the Detroit Pistons.
NBA Players Without a Title
Charles Barkley (1984-2000)
Barkley could out-muscle and out-rebound anyone on the court, he had attitude, earned 11 NBA All-Star Game appearances and two Olympic gold medals and was always good for a colorful quote. But alas, never ever once did he win a NBA title. Barkley came close to championship glory in 1993, when he led the Phoenix Suns to a berth in the 1993 NBA Finals. However, the Suns lost to some fella named Michael Jordan and the Chicago Bulls in six games.
NBA Players Without a Title
Patrick Ewing (1985 - 2002)
It was "our year" ever year for the Knicks, and every year they and the big man fell short. His final years were plagued by injuries and he ended his career with the Orlando Magic in 2002.
NBA Players Without a Title
Dominique Wilkins (1982-1999)
He was one of the best dunkers the game had ever seen, but he couldn't find a way past Larry Bird. The Atlanta Hawks' superstar never played in a single NBA Finals series.
NBA Players Without a Title
John Stockton (1984-2003)
Regarded as one of the best point guards in NBA history, Stockton, like his Utah Jazz teammate, Karl Malone, had Air Jordan standing in his way of championship bling two consecutive years. Stockton retired in 2003 and was named one of the 50 Greatest Players in NBA History.
NBA Players Without a Title
Reggie Miller (1987-2005)
Reggie Miller's Pacers fell to the Lakers in their one appearance in the Finals. Sad? Yes, but not as heartbreaking as the five conference finals the team lost, which includes three Game 7s. Ouch.
NBA Players Without a Title
Chris Webber (1993-2008)
Maybe if it wasn't for those missed free throws in the Kings' Game 7 OT loss to the Lakers in 2002 or the missed three-pointer at the buzzer in Game 7 against Minnesota in 2004, we could say that Webber would have a championship ring. Then again, who has time for should have-could have-would haves?
NBA Players Without a Title
Elgin Baylor (1958-1972)
Baylor played in eight NBA Finals ... and lost them all. To say that was frustrating is quite the understatement. He called it quits during the 1971-72 season, becoming one of the first greats to retire without a championship ring.
NBA Players Without a Title
Pete Maravich (1970-1980)
Long before Magic Johnson, 'Pistol Pete' was the showman on the court, pefecting behind-the-back and between-the-legs passes. However, his playoff record was a bit sketchy and he retired ringless.
NBA Players Without a Title
Tim Hardaway (1989-2003)
Hardaway's Heat balled their way to the '97 conference finals ... until running into Michael Jordan and the Bulls, who destroyed them. Tough, but losing in the first-round to the eighth-seeded Knicks in '99 packs a bigger bite.
NBA Players Without a Title
I also thought about an intriguing conversation I recently had with Mark Carr, the head of Player Development for the NBA. I explained to Carr that there is a need to ensure that NBA players are getting proper training in financial literacy to manage such vast sums of wealth. Without disrespecting Carr or anyone else with the NBA, we can argue that the experiences of both Coleman and Walker imply that something more adequate might be necessary.
I wish Derrick the best, and while I am not here to be critical of Kentucky, Syracuse or the NBA, the truth is that we've got to try a little bit harder.
Dr. Boyce Watkins is a faculty affiliate with the College Sport Research Institute at The University of North Carolina at Chapel Hill, and founder of the Athlete Liberation and Academic Reform Movement (ALARM). To have Dr. Boyce commentary delivered to your email, please click here. 
Comments: (65)
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By: M. Alexander on 4/12/2010 12:40AM
Well I'm not surprised by this ! Too bad many African-American professional athletes financial skills do not match their athletic skills ! If I made in excess of $80-$100 million plus over my professional career, I can assure you I wouldn't be broke !
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By: Mimi on 4/13/2010 7:37AM
TO THOSE OF YOU WHO KEEP SAYING THE PICTURE IS NOT DERRICK COLEMAN...TRY USING GOOGLE AND YOU WILL SEE THE PICTURE IS DERRICK COLEMAN.
DERRICK COLEMAN HAS RETIRED FROM PLAYING BALL AS OPPOSED TO PLAYING FOR THE BULLS AS SOMEONE ELSE STATED.
TRY USING GOOGLE, IT DOES WORK.
I MUST ADMIT COLEMAN AND WALKER SORT OF LOOK ALIKE. BOTH OF THEM HAVE HAD FINANCIAL PROBLEMS.
IT WAS RECENTLY REPORTED THAT ACTOR MICHAEL DOUGLAS LOST OVER 35 MILLION DOLLARS.
THERE ARE WHITE CELEBRITIES THAT HAVE LOST MILLIONS BUT FOR SOME REASON IT IS NOT AS NEWSWORTHY AS WHEN IT HAPPENS TO SOMEONE BLACK.
I GUESS IT HAS TO DO WITH JEALOUSY OF BLACK CELEBRITIES AND ATHLETES.
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By: kool kev on 4/14/2010 1:53PM
U must remember yes he's a black american but he got in debt trying 2 help his city and it's economy and o yeah tell that 2 some white billionairs that went broke or someone like donald t. he also still have a chance 2 come out his slump, donald did. so stop being a critic because people like you r victims ur damn self, by the way ur a asshole what stupid comments. jackass.
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By: Audrey The Provocative on 4/12/2010 3:17AM
How the hell can someone blow $87 million dollars? Walker and Coleman can try to get some of that money back by commentating or something.
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By: Duane on 4/12/2010 6:48AM
This idiot blew $87 MILLION...and owes $5 MILLION more??
My daddy had a term for that kind of rich...and I bet y'all know what it is.
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By: Perry K on 4/12/2010 7:43AM
Professional athletes who earn more than $1M should be required to put a large percentage into a special pro-athlete retirement fund just as workers must pay into social security. They could be elgible to make withdrawls, i.e., collect a pension, at a relatively early age (not 65) and, like worker social security, the fund can support other athletes.
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By: Leah R. on 4/12/2010 3:40PM
now that is good idea.
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By: Kare' on 4/12/2010 10:12PM
There is a fund set up similar to that for NBA players. They will have access to it when they formally retire.
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By: Wow on 4/12/2010 11:05PM
Really? Responsible or irresponsible, how are you going to tell grown men what to do with money they are WORKING for?
Overpaid as they might seem at times, they are still only making a small portion of what they bring in. Whatever they want to do with their money is on them. At least he tried to help revitalize the city from which he came. That money was better appreciated there Bless his efforts!
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By: Karl Stursberg on 4/13/2010 12:57AM
Maybe these former players should try working a real job now. Or, maybe they should go play pro ball in Japan. Desperate times calls for desperate measures.
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