They may love him and erect statues to him in Beijing, but things are different in Virginia.
That is where Stephon Marbury, through his business entities, bought some commercial properties for investments. But the bank says they have not been paid on loans for those properties and because Marbury personally guaranteed the loans they are coming after him in court to get their pound of flesh. Or, just the cash.
The gory financial details of the well traveled former NBA scoring machine were detailed in a story at richmondbizsense.com (via SLAM).
U.S. Bank, which is servicing a bundle of loans originally owned by Wachovia, sued Stephon Marbury and several of his investment entities — one of which is called Starbury GSA — for $3 million. Marbury’s nickname as a high school phenomenon was “Starbury.”
The suit contends that, through the entities, Marbury bought industrial and office properties across the county, including one on Poplar Drive in Petersburg that was leased to the US. General Services Administration for use by the Social Security Administration….
Wachovia lent $1.4 million to Marbury in 2007. In August 2011, U.S. Bank foreclosed on the Petersburg property and sold it for $1.31 million, according to the suit. The bank alleges that it is still owed $1 million by Marbury, which includes unpaid interest and legal fees.
This is no Marbury’s first financial issues stateside, remember is home in Los Angeles was foreclosed on. And banks have gone after him before for much more money.
Marbury is in China preparing for the next season of the Chinese Basketball Association — where his team is the defending champion — and has not yet commented on the lawsuit.
All anyone would talk about is how the Bulls could not hit the three.
Then, with the game in the balance, the ball rolled out to Dwyane Wade standing at the three-point line and he sank the dagger three — Chicago beat Boston on Thursday night.
Watch the video above, after Wade hits the game-sealing three, he makes a throat-slashing gesture.
That will cost Wade $25,000. The league announced the fine Friday.
Wade cares about this as much as he cares when the Osmonds are playing in Branson. He can afford this.
Three days into the NBA season seems early to be discussing the semantics of NBA trade talk, but here we are.
There have been rumors that the Minnesota Timberwolves called the Cleveland Cavaliers, interested in talking Iman Shumpert trades, possibly involving Ricky Rubio (who at some point will lose his starting job to rookie Kris Dunn). And that the Cavaliers were at least open to the idea. But nothing came of it.
How serious is Cleveland on the Shumpert front? Joe Varden of the Cleveland Plain Dealer addressed that in a Q&A with fans.
A few teams such as the Minnesota Timberwolves have inquired about Iman Shumpert, who has three years and $30 million left on his contract at age 26. The Cavs are answering the phone… But they are not actively looking to deal him, a team source told cleveland.com….
Keep in mind, Cleveland also has a trade exception worth about $11 million, the expiring contract of Mo Williams ($2.2 million) and Jordan McRae to deal. So if it is Rubio they want, they don’t have to trade Shumpert to get him.
What Varden is saying is Cavaliers GM David Griffin is not picking up the phone and seeing what he can get for Shumpert. But if teams call him…
Right now, the Cavaliers will need to be blown away to make a deal. Shumpert is backing up J.R. Smith and got more than 22 minutes of court time in the opener — he has a role on this team. Plus Shumpert is on an affordable contract. The Cavs are only going to make a move they believe makes them better right now — they want another ring. Maybe that offer comes, but the Cavs can be patient, and they have options.
The Baller and Chief is on his way out the door.
Barack Obama has been by far the biggest hoops fan to inhabit the White House (with John Quincy Adams a very distant second). He’s put up a basketball court at the White House, filled out NCAA Tournament brackets, jokingly applied for the Wizards’ coaching job, thought about becoming an owner, gone to NBA games, and just been a fan like the rest of us.
And he’s picking the Warriors to win it all. Like everyone else.
In what was primarily a “get out the vote” effort, President Obama called in to ‘Sway in the Morning’ hosted by Sway Calloway on Eminem’s SiriusXM channel Shade 45. Asked to pick the next NBA champ, the Bulls fan went exactly where everyone else did — Golden State.
“I’m going to go with the Warriors just because of [Kevin] Durant, that addition. I think they just have too much firepower,” Obama said. “Although they just got spanked in their first game, so it will take a while to figure things out.”
Obama also picked the Patriots to win the NFL title. He’s such a frontrunner.
With rumors of NBA expansion swirling, it’s time to look at more concrete evidence.
NBA commissioner Adam Silver has repeatedly shot down expansion talk, and that’s not him going rogue. His bosses have apparently taken a firm stance.
Steve Kyler of Basketball Insiders:
Basketball Insiders reached out to an NBA owner and a voting member of the Board of Governors and was told flatly that any talk of expansion has been shot down at every turn inside the Board of Governors meetings. It’s been a non-starter.
There is a theoretical one-time expansion fee so high where the current 30 owners would divide their shares of revenue further. But the NBA takes in so much annually, it’s hard to imagine a new ownership group could and would front enough money.
Sorry, Seattle (and Louisville and Las Vegas and…). The evidence is overwhelmingly on the side of the league staying at 30 teams. You’ll probably just have to poach a team from another city.