Did the Grizz dodge a major bullet there or what?

http://espn.go.com/mens-college-basketba...bankruptcy

Five creditors, who say that they are among those owed more than $14 million by former Duke star Christian Laettner, filed papers last week to try to get him to voluntarily file for Chapter 7 bankruptcy.

Laettner has until July 19 to respond. If he doesn't pay the debt or make some negotiated arrangement, the creditors could take possession of his property for their benefit.


Christian Laettner owes creditors more than $14 million and has been asked to voluntarily file for Chapter 7 bankruptcy. AP Photo/John Bazemore
One of Laettner's lawyers, Hassan Zavareei, told ESPN.com on Wednesday that a recent payday of approximately $10 million to Laettner's real estate firm, Blue Devil Ventures, could potentially be directed to satisfy those creditors.

Some of the largest creditors are pro athletes, including Carolina Panthers running back Jonathan Stewart, owed $3.62 million and former NFL linebacker Ernest Sims, who is owed $1.48 million.

Laettner and former Duke teammate and roommate Brian Davis founded Blue Devil Ventures in 1995. In December 2005, the company bought seven buildings in Durham to start a downtown mixed use revitalization project. The project was expected to cost $160 million, but Blue Devil Ventures sold most of the project to two developers by 2013 before it was flipped this February for $187 million. They still had an interest worth about $10 million when the sale went through.

In the past, Laettner's real estate firm was ordered by the courts to pay back $3.7 million to former NFL defensive end Shawne Merriman for a property investment gone bad. Davis and Laettner also were ordered to pay former Chicago Bulls star Scottie Pippen $2.5 million as a result of failure to repay a loan Pippen made to them in their futile attempt to buy the Memphis Grizzlies. The two also were forced to pay back former Duke player and current Stanford coach Johnny Dawkins in the amount of $671,309.

After leading Duke to two championships in 1991 and 1992, Laettner made $61.5 million in his NBA career. He was served with a notice of foreclosure on his house in Ponte Vedra Beach, Florida, in March of last year, and the house was sold in October, records show.

Apparently that degree from Duke was not in Finance?

Gotta be an idiot to loan a guy like that millions if you're a pro athlete, too.

Think how lucky we are that he was not able to buy Grizzlies.

(07-08-2016 06:59 AM)holyterror Wrote:  Gotta be an idiot to loan a guy like that millions if you're a pro athlete, too.

their sales pitch when they came here was:

"We're from Duke"

I thought it was odd, apparently it worked on some investors.....


considering his arrogance, I really have only one thing to say.

'His best friend' is broke too.

(07-07-2016 11:11 PM)mapdude Wrote:  Apparently that degree from Duke was not in Finance?

LOL

(07-08-2016 07:16 AM)ncrdbl1 Wrote:  Think how lucky we are that he was not able to buy Grizzlies.

that's what I thought when I read that

(07-08-2016 09:48 AM)EarthBoundMisfit Wrote:  

(07-08-2016 07:16 AM)ncrdbl1 Wrote:  Think how lucky we are that he was not able to buy Grizzlies.

that's what I thought when I read that

The NBA discovered his shell game 10 years ago when they vetted him and Brian Davis for potential owners and discovered 'you guys don't have near the money and backing you claim to have'.
That was all she wrote.

It was obvious from day one they didn't have the wherewithal. It was just a ploy by Mike Heisley to get the local investors to match their price.

Brian Davis was a joke.