Derrick Coleman made $87 million, now files bankruptcy


This is not the story you think it is. This is not some guy who made more than $100 million and gambled it all away in casinos, then tried to make a desperate comeback to make a little money.

Not every NBA story is about hedonism. Some, no many, players try to do the right thing.

Derrick Coleman — the former number one overall pick, the 1991 rookie of the year who never quite reached his potential — was investing the $87 million he made playing basketball in development deals in Detroit, trying to turn around a city in need of someone willing to make big moves there. But no city has been hit harder by the economic downturn than Detroit.

According to the Wall Street Journal, Coleman has filed for bankruptcy (via Ball Don’t Lie).

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.”

Coleman, best remembered as a Net, has an NBA pension, which means he can live pretty comfortably for the rest of his life.

Carmelo Anthony says he can play at high level 4-5 more years

USA Basketball Men's National Team Training Camp

Carmelo Anthony can flat-out score the rock — that has never been the question. Even hurting last season for many of the 40 games he played, he averaged 24.2 points a game, had a true shooting percentage of 53.1 percent (right near the league average) while having the entire weight of the Knicks offense on his shoulders (32.2 usage rate, fifth highest in the NBA). When people (or players) talk about him being overrated, the discussion turns to defense or if he makes his teammates better. But there should be no doubt Anthony is an elite scorer.

He thinks he will be for a while longer — like another five years. Via Ian Begley of ESPN:

In fact, the 31-year-old Knicks star is confident that he can play at a high level for the next “four or five years.”

“Without a doubt. Without a doubt,” Anthony said after the Knicks’ final training camp practice on Saturday.

The Knicks better hope that’s true, they already made that bet with that massive five-year contract they gave him last summer.

Anthony’s age combined with him coming off knee surgery have a lot of people — myself included — expecting him to take a step back. Not a big one, but he is coming up at the point in his career where some open shots he used to get are now contested because he’s half-a-step slower, and some of those looks don’t fall as often. His jumper isn’t suddenly going to look like Rajon Rondo‘s, ‘Melo is going to get his points, but he may not be as efficient.

Fortunately, the Knicks have an improved supporting cast around him this season. That should take some offensive load off his shoulders, and maybe the Knicks offense will see better ball movement and start to resemble the triangle. If it’s just more isolation Anthony, it’s not going to be pretty.

Kings pick up option on G Ben McLemore

Ben McLemore, Rodney Hood
1 Comment

SACRAMENTO, Calif. (AP) The Sacramento have picked up the 2016-17 option on guard Ben McLemore‘s contract.

General manager Vlade Divac announced the move Saturday.

McLemore was Sacramento’s first-round pick in 2013. He averaged 12.1 points, 2.9 rebounds and 1.7 assists last season.