Tuesday, June 4, 2013

About That $150 Million Allan Iverson Earned While Playing in the NBA: GONE

The Sentinel and Enterprise reports:
For the past three years, as Iverson chased an NBA comeback, his marriage fell apart and much of his fortune -- he earned more than $150 million in salary alone during his career -- dissolved.[...] Iverson stood during a divorce proceeding in Atlanta in 2012 and pulled out his pants pockets. "I don't even have money for a cheeseburger," he shouted toward his estranged wife, Tawanna, who then handed him $61.[...]Iverson kept living as if another contract was imminent, and Tawanna struggled to curb his spending. According to a bank statement submitted in the divorce, the couple's checking account was overdrawn by more than $23,000 in July 2011. In a single day, $23,255.36 was deducted -- at a diamond store, a hat shop, a steakhouse and a hotel.

Tawanna testified that her checks bounced that month when she paid for housing and electricity. She sold jewelry and Tiaura's car to pay for household expenses, including school clothes and supplies.

Before their home in Denver was foreclosed, Tawanna testified, she sold more jewelry at a pawn shop to pay toward debt. Iverson owed thousands to a Georgia home builder, was hit with tax liens, and his wages were garnished to settle a nearly $860,000 balance with a jeweler
.Sounds like Reebok tried to protect Iverson from himself, more from SE:
A person close to Iverson, who spoke on condition of anonymity, said that half of the Reebok trust, established as Iverson's rainy-day fund, was transferred to Tawanna as part of their divorce settlement.

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