This is the third NBA player to go belly up in recent weeks. It’s not funny, it’s all quite sad.
The latest is one of the key Bad Boys, Rick Mahorn, according to the Detroit News.
Mahorn, 51, and his wife filed Chapter 7 bankruptcy because of failed investments, the plummeting value of their Rochester Hills home, and the burden of repaying more than $200,000 to the IRS, he said. Portions of his paychecks have been seized to satisfy delinquent federal taxes, records show. Along with Derrick Coleman, Mahorn is the second retired Pistons star to file bankruptcy in recent months.
Last week, the trustee overseeing Mahorn’s Chapter 7 filing accused him of failing to account for several assets, including his NBA pension and championship rings: one with the Pistons and two as a coach of the WNBA’s Detroit Shock.
The whereabouts of his Pistons ring is a mystery.
Mahorn was a blue-collar player and was not paid as a star. In his 11-year career, he earned $6.8 million. He works now as part of the team on Pistons radio broadcasts. Mahorn’s filing listed $228,603 in assets and $518,688 in liabilities.
He didn’t earn as much as Antoine Walker ($108 million) or Derrick Coleman ($87 million), both of whom also recently filed bankruptcy.
Coleman and Mahorn are both Detroit guys. That is one of the areas hardest hit by the recent economic downturn, and it hasn’t been just them that went bankrupt recently. Luther Ellis (former Detroit Lion) also filed bankruptcy.
Correction: Yesterday, we reported that Sergei Fedorov had filed for bankruptcy. That report was incorrect, and we apologize for the error.