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.

PBT Extra bold prediction: Is this Andrew Wiggins’ breakout season?

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Minnesota is going to be entertaining to watch this season. A healthy Ricky Rubio (hopefully) dishing at the point, Karl-Anthony Towns is already a high-IQ passer, and bench players such as Shabazz Muhammad and Adreian Payne have shown some skills.

Then there’s Andrew Wiggins. The reigning Rookie of the Year developed quickly last season — particularly his jump shot — and he should make a big leap this season. He’s going to dunk on people and end up in a lot of highlight packages while putting up a lot of points.

Enough to set the Minnesota Timberwolves single game scoring record, currently held at 52 by Mo Williams? That’s the question for this PBT Extra with Jenna Corrado.

Derrick Rose being back for start of season in question

Fred Hoiberg, Derrick Rose
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The Bulls have said Derrick Rose is about a week away from returning after suffering a facial fracture this preseason.

The start of the NBA season is two weeks from today (Oct. 27).

So Rose will be ready to go when the Bulls start their season that first night against Cleveland, right? Don’t bet on it, says Vincent Goodwill of, quoting coach Fred Hoiberg.

The opening night projection for a Derrick Rose return is a bit murky at this point, as the Bulls are taking a cautious approach to his recovery with Fred Hoiberg essentially ruling him out for the rest of the preseason.

“Most likely (out for the preseason),” Hoiberg said….

In fact, it wouldn’t be surprising to see Rose sit out the first handful of games, as the Bulls start the season with a three-game in four-night stretch starting Oct. 27 against the Cleveland Cavaliers, which is in two weeks.

“That will be in consideration, sure,” Hoiberg said. “We gotta make sure, he really hasn’t done anything and that will be a good two or three weeks where he has total inactivity, so just to throw him back out there going 100 percent with his speed and everything, you just don’t want to take any risks, chances, where it could be a lingering issue.”

Just what TNT and the NBA hoped for with an opening night Bulls vs. Cavaliers showcase: Kirk Hinrich vs. Mo Williams. (Don’t forget Kyrie Irving will miss the start of the season recovering from his knee surgery.)

Of course, this is the smart play for the Bulls who need to be thinking about getting Rose fully healthy and focusing on what condition he will be come April 27, not Oct. 27.

And of course, a lot of Bulls fans who are down on Rose will slam him for this. Even though the injury was a freak accident and the team is right to be patient.

Rose could play opening night, if he gets back to practice next week and can get closer to basketball shape. But I wouldn’t bet on it.