Former NBA player Darius Miles files for bankruptcy

 
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PostPosted: Sat Sep 17, 2016 5:23 pm    Post subject: Former NBA player Darius Miles files for bankruptcy

So when is Broke pt 2 coming out?

http://nba.nbcsports.com/2016/09/17/former-nba-player-darius-miles-files-for-bankruptcy/

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Former NBA player Darius Miles files for bankruptcy

Too often, we hear cautionary tales about professional athletes who make millions and then lose it all. The latest unfortunate example is Darius Miles, a high-school phenom who was drafted by the Clippers in 2000 and made $65 million over the course of his career. According to the Bellville News-Democrat, Miles has filed for bankruptcy.

Miles is 34 now. It’s been 16 years since the 6-foot-9 forward was drafted by the L.A. Clippers right out of East St. Louis High School.

But injuries, legal problems and bad investments have left Miles asking the court to allow him to sell off his assets to pay creditors. Miles listed $460,385 in assets and $1.57 million in liabilities.

Miles and his bankruptcy attorney, Robert Eggmann, declined to comment when contacted this week.

It can be easy for outsiders to question how it’s possible for someone to make that much money and wind up in this position, but it happens far too often.
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lakersken80
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PostPosted: Sat Sep 17, 2016 5:43 pm    Post subject:

I remember he was in a movie as well, although it was a small part......
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PostPosted: Sat Sep 17, 2016 6:10 pm    Post subject:

If you are referring to The Perfect Score I remembered that too it starred Erika Christensen and Scarlett Johansson also Bryan Greenberg.
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lakersken80
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PostPosted: Sat Sep 17, 2016 6:30 pm    Post subject:

I see he was also in Van Wilder.....I guess he will have those residuals until he dies....
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PostPosted: Mon Sep 19, 2016 11:20 am    Post subject:

all he had to do is just stash 10million of that cash away in a solid interest bearing vehicle and he would be set for life. A 5 percent yearly return would give him 500K salary
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PostPosted: Mon Sep 19, 2016 12:20 pm    Post subject:

lakersken80 wrote:
I remember he was in a movie as well, although it was a small part......


https://www.youtube.com/watch?v=jVGPBjjTPPw

https://www.youtube.com/watch?v=TrxSTI517Iw
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PostPosted: Tue Sep 20, 2016 9:42 am    Post subject:

http://www.bnd.com/news/local/article102254247.html

Here is an article from his hometown newspaper. Looks like Darius is going to have to get a real job. Can you imagine what it'd be like to go from living the NBA lifestyle to being a janitor or working at Walmart?
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PostPosted: Sun Jun 11, 2017 2:53 pm    Post subject:

http://www.totalprosports.com/2017/06/11/along-with-losing-66m-ex-nba-player-darius-miles-loses-everything-in-bankruptcy-sale-lebron-jersey-guns-vhs-players/

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Along With Losing $66M, Ex-NBA Player Darius Miles Loses Everything In Bankruptcy Sale, LeBron Jersey, Guns & VHS Players


It was reported last September that former NBA player Darius Miles, who last played in the league with the Memphis Grizzlies during the 2008-2009 season, made upwards of $66 million during his career, but lost absolutely everything and filed for bankruptcy.

Months after, his bad investments left him asking the court to allow him to sell off his assets to pay creditors. Miles listed $460,385 in assets and $1.57-million in liabilities.

“Miles listed a $282,041 debt to the Internal Revenue Service. He also said that most of his debts aren’t consumer debts, but business debts. Miles owns a single-family home in Belleville with a value of $241,000. His car is a 2011 Chevrolet Camaro, valued at $20,000.

In addition to his Belleville home, he listed 12 other properties he owns, all in East St. Louis. He has a Deutsche Bank account with $49,000 and his son’s college fund with $84,900. He also listed ownership of various collectibles with unknown value, including trophies and signed jerseys, and jewelry.

Miles listed a $20,000 child support debt in his bankruptcy. He lost more than $100,000 in 2008 in a California real estate deal. Another real estate deal — with fellow investors former NFL Rams player Marshall Faulk and rapper Nelly — was mired in lawsuits over a Laclede’s Landing property. Newspaper stories wrote about Miles rewarding himself with diamond jewelry.”

He was ordered to sell off his stuff to pay back creditors. The sale went down recently in Illinois. Here’s a breakdown of everything he sold and what he got for it.

– LeBron James signed jersey ($1,500)

– Larry Bird signed jersey ($100)

– AR15 firearm ($500)

– Beretta Cx4 Storm gun ($400)

– Self-contained karaoke machine ($75)

– Dirk Nowitzki signed shoe ($375)

– Lamar Odom signed shoe ($225)

– 5 VHS players (total of $21.50)

They even sold his toaster for $2.00

There was a lot more stuff — and in total, Miles got $12,780 from the sale.
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PostPosted: Sun Jun 11, 2017 4:26 pm    Post subject:

Only $100 for a signed Larry Bird jersey?
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lakersken80
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PostPosted: Sun Jun 11, 2017 4:49 pm    Post subject:

66 million and lost it all....damn sometimes its just best to stick a majority of it into a bank account so you don't lose it from dumb investments.
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PostPosted: Sun Jun 11, 2017 4:58 pm    Post subject:

CandyCanes wrote:
Only $100 for a signed Larry Bird jersey?


That stood out to me as well.
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PostPosted: Sun Jun 11, 2017 6:10 pm    Post subject:

TDRock wrote:
CandyCanes wrote:
Only $100 for a signed Larry Bird jersey?


That stood out to me as well.


While an Odom shoe is $225
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PostPosted: Sun Jun 11, 2017 7:50 pm    Post subject:

audioaxes wrote:
all he had to do is just stash 10million of that cash away in a solid interest bearing vehicle and he would be set for life. A 5 percent yearly return would give him 500K salary


You can get even better rollups guaranteed on a lifetime income annuity. He could have taken say $2,000,000 of his income and rolled it up for 15 years and been set for life.

It is a travesty that this continues to happen, I feel bad for the guy because anyone that has ever been to East St Louis knows that it pretty much the end of the line. To make $65 million coming from that and declaring bankruptcy at 34 is disturbing.
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PostPosted: Sun Jun 11, 2017 7:55 pm    Post subject:

encina1 wrote:
TDRock wrote:
CandyCanes wrote:
Only $100 for a signed Larry Bird jersey?


That stood out to me as well.


While an Odom shoe is $225

99% sure it was a typo and it went for $1000. No way a signed Larry Bird jersey goes for $100 while a signed Lamar Odom shoe goes for $225
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PostPosted: Sun Jun 11, 2017 8:05 pm    Post subject:

AY2043 wrote:
encina1 wrote:
TDRock wrote:
CandyCanes wrote:
Only $100 for a signed Larry Bird jersey?


That stood out to me as well.


While an Odom shoe is $225

99% sure it was a typo and it went for $1000. No way a signed Larry Bird jersey goes for $100 while a signed Lamar Odom shoe goes for $225


I strangely think its possible yeah Larry was a big deal in the 80s but honestly after he retired he was quickly forgotten as far as media hype was concerned. You had Jordan and Magic who were way more charismatic and marketable.

Lamar was on the Lakers and married a Kardashian so yeah I could believe this.
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PostPosted: Sun Jun 11, 2017 8:40 pm    Post subject:

AI would probably be in the same situation if it wasn't for a trust one of his true friends set him up with that keeps him away from touching a large amount of money from his shoe deals.

http://nba.nbcsports.com/2012/03/02/report-allen-iverson-is-not-broke-because-a-friend-was-smart/
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PostPosted: Sun Jun 11, 2017 9:23 pm    Post subject:

How will he feed his family?
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PostPosted: Mon Jun 12, 2017 12:29 am    Post subject:

unleasHell wrote:
How will he feed his family?


That was Latrell Spreewell(also broke)
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PostPosted: Mon Jun 12, 2017 4:55 am    Post subject:

He was doomed the moment the Clips drafted him. He was good clay, but they didn't want to spend the money to develop players, it was just never important to them. He cashed in on a big free agent contract, but his questionable attitude, poor work ethic and stench of Clipper "professionalism" pretty much doomed him in Portland. He went from one bad culture to another, as Portland was still struggling with a hangover in the Jailblazer era. Then came the serious knee injury, followed by microfracture surgery.

I feel like I'm writing an obituary.

Anyway, too much money, too little judgement leads many of these ex-players to bankruptcy. I'd feel a tad more sympathy if he toiled away in Europe or China.
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PostPosted: Mon Jun 12, 2017 3:18 pm    Post subject:

At least he doesn't have student loan debt ...
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PostPosted: Mon Jun 12, 2017 4:09 pm    Post subject:

Conker wrote:
At least he doesn't have student loan debt ...


No he has a child support one

Apparently it didn't dawn on him that a box of condoms is cheaper than child support.
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