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Iverson Broke???
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StillaKnicksfan
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11/22/2010  4:59 PM
According to Kate Fagan of The Philadelphia Inquirer, former NBA All-Star Allen Iverson isn't just playing in Turkey for the love of the game and to see a different part of the world, but because he needs the money.

Fagan wrote on Sunday: "A member of one NBA front office, speaking on the condition of anonymity because of the subject matter, said that prior to last season, a member of Iverson's family called to inquire about a contract for Iverson, explaining that Iverson owed that person money and would be unable to pay without a contract. A similar source explained that Iverson is broke, plain and simple. Over his NBA career, including his lucrative deal with Reebok, Iverson made more than $100 million."

Iverson, who signed a two-year, $4 million contract with the Besiktas Cola Turka Black Eagles, only scored two points in his Turkish league debut on Sunday.

-- Nick Borges


Wow, shows how poorly people manage money and how desperate people are.

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TymeLessKnicks
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Sweden
11/22/2010  5:01 PM
doesn't surprise me.
Had enough Melo?
Panos
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11/22/2010  5:01 PM
Come on, son!
martin
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11/22/2010  5:06 PM
Iverson, who has made, what, $100M in the NBA is broke? DAMN

Hung out with that 4 point shooting guy too much

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BigDaddyG
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11/22/2010  5:19 PM    LAST EDITED: 11/22/2010  5:19 PM
Doesn't his Reebok contract still pay him like half a million a year for life?
Always... always remember: Less is less. More is more. More is better and twice as much is good too. Not enough is bad, and too much is never enough except when it's just about right. - The Tick
StillaKnicksfan
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11/22/2010  5:28 PM
http://www.askmen.com/sports/business_100/101b_sports_business.html

After Allen Iverson first signed with the Sixers, he put his signature on a 10-year, $50 million contract with Reebok. In November 2001, he got a lifetime extension on that deal. Terms of this deal weren't disclosed. His signature shoe, "The Answer," was among the top sellers in America. Reebok rebuilt its basketball and clothing lines around him.

Forbes estimates that Iverson made $19 million between June 2002 and June 2003. His 2002-'03 salary was $12.7 million, or about two-thirds of his total income. The initial Reebok deal was worth $5 million a year. Apparently, that annual payout is guaranteed for life. With that in mind, the Reebok check accounts for 26% of his annual pay.

Nalod
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11/22/2010  5:29 PM
Years ago I read a story how his mother needed a ride somewhere and instead of calling a cab or a car service called for the dealership to bring a 50k SUv for her to use.

Taxes and agents are gonna get half easy, a few bad investments in restaurants and real estate with dumb folk on top of an entourage and dumb spending don't just leave you broke, but IN DEBT!!!!!

A few paternaty suits and other lawsuites can cost a lot also.

These guys are basketball players and don't understand money.

Then there are notorious tight guys like Ewing who took care of his money.

I get the impression Marbury looks after his affairs and "gets it". Just my impression.

BasketballJones
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11/22/2010  5:59 PM
Nalod wrote:
I get the impression Marbury looks after his affairs and "gets it". Just my impression.

I think you're right.

https:// It's not so hard.
BasketballJones
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11/22/2010  6:06 PM    LAST EDITED: 11/22/2010  6:06 PM
Link to the article

http://www.philly.com/inquirer/sports/20101121_Iverson_in_Istanbul.html?viewAll=y#ixzz161uAOBPB

https:// It's not so hard.
ToddTT
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11/22/2010  6:14 PM
StillaKnicksfan wrote:... Iverson, who signed a two-year, $4 million contract with the Besiktas Cola Turka Black Eagles, only scored two points in his Turkish league debut on Sunday...

I wonder if he practiced.

Oh good lord... https://www.youtube.com/shorts/XkmGrX7O0lQ
Paladin55
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11/22/2010  11:56 PM
Sad, but never unexpected when an athlete ends up in debt.
No man is happy without a delusion of some kind. Delusions are as necessary to our happiness as realities- C.N. Bovee
Allanfan20
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11/23/2010  12:21 AM
Amazing. You get $500,000 (More than just about everyone STILL) a year for life, and that's struggling and you need a big contract to go with it in order to get through life.

I am absolutely speechless about this stuff.

“Whenever I’m about to do something, I think ‘Would an idiot do that?’ and if they would, I do NOT do that thing.”- Dwight Schrute
tkf
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11/23/2010  12:37 AM
Nalod wrote:Years ago I read a story how his mother needed a ride somewhere and instead of calling a cab or a car service called for the dealership to bring a 50k SUv for her to use.

Taxes and agents are gonna get half easy, a few bad investments in restaurants and real estate with dumb folk on top of an entourage and dumb spending don't just leave you broke, but IN DEBT!!!!!

A few paternaty suits and other lawsuites can cost a lot also.

These guys are basketball players and don't understand money.

Then there are notorious tight guys like Ewing who took care of his money.

I get the impression Marbury looks after his affairs and "gets it". Just my impression.


I am not suprised... I read somewhere that someone who knows his finances, said he lived NBA check to NBA check... I saw him in atlanta a couple of years ago.. He shows up at Atlantic station with his posse in a rolls royce... just a group of guys with their hands in his pocket.... these guys spend as much as they make.... they have no idea that 100 mil is what you make.. Not what you bring home over the years... plus he had some very bad and very expensive gambling habbits...

Anyone who sits around and waits for the lottery to better themselves, either in real life or in sports, Is a Loser............... TKF
jrodmc
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11/23/2010  9:41 AM
Paladin55 wrote:Sad, but never unexpected when an athlete ends up in debt.

Could be due to the sheer amount of times it happens.

Anybody wonder why this is in the NY KNICKS forum and not the NBA forum? Cmon martin, I thought you were administering an orderly site. I think I'm going to start interviewing site owner replacements...let's see, Bipster J. Shootfirst, no discernible computer skills, terrible grammatical exposition...over 10 years experience as grumpy site intern....

knicks1248
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11/23/2010  10:08 AM
tkf wrote:
Nalod wrote:Years ago I read a story how his mother needed a ride somewhere and instead of calling a cab or a car service called for the dealership to bring a 50k SUv for her to use.

Taxes and agents are gonna get half easy, a few bad investments in restaurants and real estate with dumb folk on top of an entourage and dumb spending don't just leave you broke, but IN DEBT!!!!!

A few paternaty suits and other lawsuites can cost a lot also.

These guys are basketball players and don't understand money.

Then there are notorious tight guys like Ewing who took care of his money.

I get the impression Marbury looks after his affairs and "gets it". Just my impression.


I am not suprised... I read somewhere that someone who knows his finances, said he lived NBA check to NBA check... I saw him in atlanta a couple of years ago.. He shows up at Atlantic station with his posse in a rolls royce... just a group of guys with their hands in his pocket.... these guys spend as much as they make.... they have no idea that 100 mil is what you make.. Not what you bring home over the years... plus he had some very bad and very expensive gambling habbits...

Most people live beyond there means, so this is absolutely not surprising. I'm sure the player union is urging players to save there $ and invest wisely, especially with an sure nuff lockout loomng.

An avereage person making 40k bumbs up to 80k, is not going to continue to live a 40k life style

ES
Bippity10
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11/23/2010  10:53 AM
Every year, there are stories like this and every year there is another athlete that doesn't learn from it.
I just hope that people will like me
jrodmc
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11/23/2010  2:43 PM
For $13 million Lotto winner Rhoda Toth, who, along with her second husband, Alex, picked winning Lotto numbers, the good luck spiraled into full blown misery.

The winnings accelerated a downward trajectory for the Hudson couple, ending in allegations of infidelity, gambling losses, estrangement, death and prison.

The money sparked enough strife within the Toth family to spark a lawsuit pitting mother against daughter.

Now 30, Tifany Diehl, the daughter, lives in Indiana and is largely estranged from Rhoda Toth, her on-again, off-again mother. Only recently has she begun speaking to her and then, only sparingly via e-mail and telephone conversations to the federal lockup that her mother calls home.

"I hurt every day inside not having a mother in my life," Diehl said.

The winnings didn't make a monster out of her mom, but it didn't help, either, Diehl said. Rhoda Toth abandoned her first husband and her two children long before she won the lottery.

"There is a piece of my heart that hates that woman," Diehl said in a recent interview. After she hit the Lotto, Toth tried to woo her children back into her life, but it didn't work.

"She was busy gambling and running with men and living the high life," Diehl said, and within two years of the windfall, the Toths were borrowing money to pay bills.

The Toths found themselves living in a trailer in Pasco County, drawing electricity from a device hooked up to a running car engine. The 25-year marriage, which had been in trouble for years, crumbled amid allegations of infidelity and that was before the Internal Revenue Service came knocking, looking for $1.1 million it says the Toths owed in back taxes.

Alex Toth died in 2008, several months before his trial on tax fraud charges and last year, a federal judge ordered Rhoda Toth to serve two years in prison.

The 52-year-old ex-multimillionaire pleaded guilty to filing false tax returns over several years.
Rhoda Toth is in the Federal Medical Center Carswell in Fort Worth, Texas. She is scheduled to be released in April and she's counting the days, she said in a recent telephone interview.

She's well known among the inmates there because of her Lotto history, she said. They call her Martha Stewart.

"I'm struggling," she said. "It's very hard, depressing. I have no family left. It seems like it's been a curse on the family from day-one. When we found out we had the winning ticket, I was in shock. I told him [her husband, Alex] I wanted to give it back, I was not happy."

The money flew out of the accounts, she said. Gambling and living large took a lot of it. Giving it away took the rest, she said.

"We were trying to please everybody," Toth said. "We were buying cars and homes and taking people on vacation and doing things with them they have never gotten to do. Our friends, they didn't have anything. We were paying their bills and buying them clothes. We didn't want them running around like we were running around before."

She has some advice to lottery winners.

"I would go get financial counseling," she said. "I'd make sure I'd get a proper attorney and two accountants who knew what they were doing, who specialized in this kind of thing. I would go get some type of counseling myself to make sure I was able to control and handle all this."

That winning ticket, she said, ruined her life.

"I have a trailer with no power," she said. "I have no husband. He gave up. He didn't want to live anymore. He hated life in general. He hated the way the money took us down."

When she gets out, she plans to move back to Florida where a widow's pension and a disability check amounting to nearly $1,100 a month will have to do. Out of that, she has to pay $100 a month to the IRS, which has placed a lien on her home and all her property, she said.

"It's like a curse," she said. "I will never get out from underneath the IRS for as long as I live. And when I die it will still be there."

It not relegated to just athletes.

Bippity10
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11/23/2010  3:10 PM
jrodmc wrote:For $13 million Lotto winner Rhoda Toth, who, along with her second husband, Alex, picked winning Lotto numbers, the good luck spiraled into full blown misery.

The winnings accelerated a downward trajectory for the Hudson couple, ending in allegations of infidelity, gambling losses, estrangement, death and prison.

The money sparked enough strife within the Toth family to spark a lawsuit pitting mother against daughter.

Now 30, Tifany Diehl, the daughter, lives in Indiana and is largely estranged from Rhoda Toth, her on-again, off-again mother. Only recently has she begun speaking to her and then, only sparingly via e-mail and telephone conversations to the federal lockup that her mother calls home.

"I hurt every day inside not having a mother in my life," Diehl said.

The winnings didn't make a monster out of her mom, but it didn't help, either, Diehl said. Rhoda Toth abandoned her first husband and her two children long before she won the lottery.

"There is a piece of my heart that hates that woman," Diehl said in a recent interview. After she hit the Lotto, Toth tried to woo her children back into her life, but it didn't work.

"She was busy gambling and running with men and living the high life," Diehl said, and within two years of the windfall, the Toths were borrowing money to pay bills.

The Toths found themselves living in a trailer in Pasco County, drawing electricity from a device hooked up to a running car engine. The 25-year marriage, which had been in trouble for years, crumbled amid allegations of infidelity and that was before the Internal Revenue Service came knocking, looking for $1.1 million it says the Toths owed in back taxes.

Alex Toth died in 2008, several months before his trial on tax fraud charges and last year, a federal judge ordered Rhoda Toth to serve two years in prison.

The 52-year-old ex-multimillionaire pleaded guilty to filing false tax returns over several years.
Rhoda Toth is in the Federal Medical Center Carswell in Fort Worth, Texas. She is scheduled to be released in April and she's counting the days, she said in a recent telephone interview.

She's well known among the inmates there because of her Lotto history, she said. They call her Martha Stewart.

"I'm struggling," she said. "It's very hard, depressing. I have no family left. It seems like it's been a curse on the family from day-one. When we found out we had the winning ticket, I was in shock. I told him [her husband, Alex] I wanted to give it back, I was not happy."

The money flew out of the accounts, she said. Gambling and living large took a lot of it. Giving it away took the rest, she said.

"We were trying to please everybody," Toth said. "We were buying cars and homes and taking people on vacation and doing things with them they have never gotten to do. Our friends, they didn't have anything. We were paying their bills and buying them clothes. We didn't want them running around like we were running around before."

She has some advice to lottery winners.

"I would go get financial counseling," she said. "I'd make sure I'd get a proper attorney and two accountants who knew what they were doing, who specialized in this kind of thing. I would go get some type of counseling myself to make sure I was able to control and handle all this."

That winning ticket, she said, ruined her life.

"I have a trailer with no power," she said. "I have no husband. He gave up. He didn't want to live anymore. He hated life in general. He hated the way the money took us down."

When she gets out, she plans to move back to Florida where a widow's pension and a disability check amounting to nearly $1,100 a month will have to do. Out of that, she has to pay $100 a month to the IRS, which has placed a lien on her home and all her property, she said.

"It's like a curse," she said. "I will never get out from underneath the IRS for as long as I live. And when I die it will still be there."

It not relegated to just athletes.

Not sure anyone said it was just athletes.

I just hope that people will like me
Papabear
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11/23/2010  5:57 PM
Papabear Says

Your boyz can bring you down. I remember my first big hit record I brought a brand new gold Cadilac. the guys i produced were my boyz from high school. The money kept coming in and we let it go to our heads. My group left me and signed with another company and I was very upset. How could they do this to me. I made them. Well my money went dry and I had writers block because I couldn't get over what happened to me from being loaded with money to being broke and all my friends who helped me spend my money was gone. I began to pray every night and one day this man in the music business took me under his wings and taught me the business. I bounced back and produced more hits and the one thing I learned was that you must keep it a business and stay away from those money suckers who will hang around you with there hand always out. Iverson right now can live a great life if he would just cut off his boyz and tell them to get a real job. That child support thing can kill you. Those young guys better learn how to put on a rubber. When you make the kind of money Iverson made you have no friends. A real friend would not come running to you with their hand out and wanting you to support them. A real friend would go out and try and get his own.

Papabear
TheGame
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11/23/2010  7:10 PM
Just cannot beLieve this guy blew through $100 mil. That is just crazy. I could turn $10 mill into enough investments to generate $1 mil a year for the rest of my life without even trying. How this guy is broke is beyond belief.
Trust the Process
Iverson Broke???

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