What's up everyone. We are doing a contest with T.I. and we are giving away $1200 a day for the next 10 days. Just wanted to give you all a heads up.
https://www.allhiphop.com/ti

Rick Mahorn Too

dc's teflondondc's teflondon Members Posts: 5,895 ✭✭✭✭✭
edited June 2010 in From the Cheap Seats
Apparently it doesn't matter when you played in the NBA, if you were ever a forward in the Eastern Conference there's a good chance you're going to file for bankruptcy. It sucks, but based on Antoine Walker, Derrick Coleman, and now Rick Mahorn it has to be true. Stupid recession.

As I mentioned, the bankruptcy bug has stricken former Piston/Bullet/Net/76er Rick Mahorn. It's your typical tale of investments gone bad, houses going under, and just general bad luck. Take it away, 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.[...]

Mahorn and his wife filed Chapter 7 bankruptcy on Dec. 8, listing $228,603 in assets and $518,688 in liabilities. The case is pending in U.S. Bankruptcy Court in Detroit. A Chapter 7 filing lets individuals discharge certain debts while allowing the court to liquidate nonexempt assets and use the money to help pay creditors.

Public records indicate Mahorn and his wife faced a foreclosure sale in April 2009 because the couple had defaulted on their mortgage and owed more than $539,000. They were later sued in a Rochester Hills district court by U.S. National Bank, which won a judgment for possession in November.

Despite making more than $6 million throughout his playing career and pulling in a six figure salary as a Pistons commentator, Mahorn and his wife had just $1,101 dollars to their name when they filed. The couple also listed three late-model cars and a house that's value had decreased by $300,000. Perhaps saddest of all, Mahorn no longer has his championship ring from his days with the Pistons, telling the Detroit News that "it's gone."

Furthermore, he also owes $55 to a local library, which is kind of like terrible icing on the horrible cake. Good luck, Rick.

Comments

  • Tommy BillfigerTommy Billfiger Banned Users Posts: 3,809 ✭✭
    edited June 2010
    Just shows you how times done changed he made 6 million in his career.🤬 makin 3x that now in one season

    I still dont understand how these cats go broke.I know how to stack dough and I'm nothin.Tough break 🤬
  • Chi-Town BullyChi-Town Bully Members Posts: 29,218 ✭✭✭✭✭
    edited June 2010
    Add scottie pippen to that list
  • DariusDarius Members Posts: 22,649 ✭✭✭✭
    edited June 2010
    wouldn't be surprised if a similar story is written about Larry Johnson
  • rice n gravyrice n gravy Members Posts: 3,324 ✭✭✭
    edited June 2010
    thats why Grant Hill gona play till he 50
  • dc's teflondondc's teflondon Members Posts: 5,895 ✭✭✭✭✭
    edited June 2010
    Matt- wrote: »
    wouldn't be surprised if a similar story is written about Larry Johnson

    my unlv alumni chilling some where
  • kentuckywildcatkentuckywildcat Members Posts: 9,879 ✭✭✭✭✭
    edited June 2010
    Them 🤬 is off Dope!!...🤬 up all that money
  • john2009john2009 Confirm Email Posts: 2,081 ✭✭
    edited June 2010
    damn..rick mahorn ...

    its funny how cats like pierce and nowitzi just opted out of a 21 million dollar pay day couple of days ago...dude was just born in da wrong era
  • DariusDarius Members Posts: 22,649 ✭✭✭✭
    edited June 2010
    john2009 wrote: »
    damn..rick mahorn ...

    its funny how cats like pierce and nowitzi just opted out of a 21 million dollar pay day couple of days ago...dude was just born in da wrong era

    wtf. why? inability to manage money will lead to problems no matter how much you make.
  • dc's teflondondc's teflondon Members Posts: 5,895 ✭✭✭✭✭
    edited June 2010
    dude owes the library money
  • iAMNOVAiAMNOVA Members Posts: 2,493 ✭✭
    edited June 2010
    Just shows you how times done changed he made 6 million in his career.🤬 makin 3x that now in one season

    I still dont understand how these cats go broke.I know how to stack dough and I'm nothin.Tough break 🤬

    exactly...cats that dont even see the floor making that much word to Adam Morrison...dude makes almost 6mil...
  • S2JS2J Members Posts: 28,476 ✭✭✭✭✭
    edited June 2010
    Bankruptcy doesnt necessarily = being broke.

    Donald Trump file for bankruptcy before.
  • radamanradaman Members Posts: 11,912 ✭✭✭
    edited June 2010
    iAMNOVA wrote: »
    exactly...cats that dont even see the floor making that much word to Adam Morrison...dude makes almost 6mil...

    word......

    SalariesGlossary ▪ CSV ▪ PRE
    Season Team Lg Salary
    2006-07 Charlotte Bobcats NBA $3,616,680
    2007-08 Charlotte Bobcats NBA $3,887,880
    2008-09 Los Angeles Lakers NBA $4,159,200
    2009-10 Los Angeles Lakers NBA $5,257,229
    Career (may be incomplete) $16,920,989
  • DariusDarius Members Posts: 22,649 ✭✭✭✭
    edited June 2010
    i bet morrison is still sittin on about 10 million cause he hasn't left his parents house. probably the only thing he splurged on,nh, was them suits for the finals
  • john2009john2009 Confirm Email Posts: 2,081 ✭✭
    edited June 2010
    i am waiting for dennis rodman to announce bankrupcy
  • your flynessyour flyness Members Posts: 1,619 ✭✭✭✭✭
    edited June 2010
    Add scottie pippen to that list

    Yea that Jet 🤬 him over, but he just won a 2 Million Dollar law suite yesterday, so he may have been save from the curse
  • usmarin3usmarin3 Members Posts: 38,013 ✭✭✭✭✭
    edited June 2010
    Alot of these athletes don't take into account they are not gonna be able to maintain the same lifestyle they did when they were playing. Plus alot of these mfs are like rappers, always tryna give off that image they live a certain lifestyle.
  • usmarin3usmarin3 Members Posts: 38,013 ✭✭✭✭✭
    edited June 2010
    s2jepeka wrote: »
    Bankruptcy doesnt necessarily = being broke.

    Donald Trump file for bankruptcy before.



    Yeah, there are different types (7,11,13), some for individuals and businesses. Chapter 7 is the worst 🤬 you can get though.
  • kentuckywildcatkentuckywildcat Members Posts: 9,879 ✭✭✭✭✭
    edited June 2010
    usmarin3 wrote: »
    Yeah, there are different types (7,11,13), some for individuals and businesses. Chapter 7 is the worst 🤬 you can get though.

    Antonie Walker got all 3!
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