Former NBA Star Derrick Coleman Filing Chapter 7 Bankruptcy
A former basketball star is experiencing his own brand of March Madness.
Derrick Coleman, the former No. 1 overall draft pick in the NBA, is filing Chapter 7 bankruptcy in Detroit, Michigan, his current home.
Coleman ended his 15-year professional basketball career in Detroit with the Pistons. He then settled there and became well known as a local business investor.
But in 2009 his high-end restaurant Sweet Georgia Brown was shut down when property owners, claiming they hadn’t received rent in several months, took eviction action and cleared out the restaurant.
Now, Local 4 is reporting he owes more than 55 creditors more than $2 million. Unable to pay, he is filing Chapter 7 bankruptcy.
Among Coleman’s creditors are local businesses, as well as Detroit Mayor Dave Bing. He also owes money to several telecommunications companies, credit card companies and Nike.
Coleman grew up in Alabama and became a college basketball star while playing for Syracuse. He was drafted by the New Jersey Nets with high expectations. Although he didn’t become the all-time great as some projected, he did have a long and successful career.