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Allen Iverson's friend(s)

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Krazy Ivan

Post subject: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 11:12 am

Joined: Thu Mar 30, 2006 1:42 pm
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Report: Allen Iverson is not broke because a friend was smart
Kurt Helin
Mar 2, 2012, 1:11 PM EDT

Someone in Allen Iverson’s inner circle was a true friend to the man.

We reported recently on a judge ordering Iverson to pay more than $850,000 to a jewelry store for goods received, and the judge needing to go into his bank account and get what they could.

If that happened to you or me, it’s a sign that we’re broke. There have been a lot of reports Iverson is busted. That is why he is willing to play in Puerto Rico or the D-League.

But like I said above — and as Peter Vecsey laid out in detail in the New York Post — someone in Iverson’s inner circle was a true friend. Someone recognized if just given the money he would burn through it, so…

A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.

At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).

If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
Now, living with in those means may be a challenge for Iverson. But someone had the foresight to protect the man from himself, and that is going to save him. That is what a true friend does

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Krazy Ivan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 11:22 am

Joined: Thu Mar 30, 2006 1:42 pm
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Yep. He would be flat out broke if it weren't for this guy or guys. I do find it disturbing that he can;t figure out how to make a Mil a year work for him. He doesn't have to play Turkish basketball, doesn't have to go to the D-League, but his dumb ass is still living beyond his means I guess...

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Big Chicagoan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 11:23 am

Joined: Sat Aug 21, 2010 5:02 pm
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Frank Coztansa

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 11:24 am

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Krazy Ivan wrote:

I do find it disturbing that he can;t figure out how to make a Mil a year work for him.

That is fucking terrible. Even his $8,000 pension gets him $96K a year. That is more than a lot of people make in 2 or 3 years. Anybody who can't figure out how to live within those means, I guess they deserve whatever happens to them.

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badrogue17

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 11:57 am

Joined: Mon Jun 14, 2010 4:29 pm
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Think there was an Esquire magazine article a couple months back detailing this, essentially putting it on the league to institute a plan to save these guys from themselves citing the 60% bankruptcy rate within 5 years of retirement. Don't know how its the leagues responsibility or how well it would go over with the players being told by the league that you need to give us X % of your salary that we will hold in trust for you that you can't touch until X amount of years after you're done playing and you can only withdraw a certain % per year from it.

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rogers park bryan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 1:56 pm

Joined: Wed Sep 24, 2008 12:16 pm
Posts: 81625

badrogue17 wrote:

. Don't know how its the leagues responsibility or how well it would go over with the players being told by the league that you need to give us X % of your salary that we will hold in trust for you that you can't touch until X amount of years after you're done playing and you can only withdraw a certain % per year from it.

Maybe do more at the rookie workshop and show them that this type of account it available. But cant be holding playa's or player's monies.

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:00 pm

Joined: Sun Jan 30, 2011 10:15 am
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good to hear..that is what friends are for, look out for each other..antoine walker needed a guy like this in his corner

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Spaulding

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:00 pm

Joined: Thu Jun 22, 2006 6:46 pm
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badrogue17 wrote:

They could offer it but not mandate it. Good thing his friend did. So many times it's the other way around.

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Krazy Ivan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:01 pm

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312player wrote:

good to hear..that is what friends are for, look out for each other..antoine walker needed a guy like this in his corner

He just sold his 2006 Championship ring...

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Bagels

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:04 pm

Joined: Wed Nov 01, 2006 1:10 pm
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rogers park bryan wrote:

badrogue17 wrote:

Maybe do more at the rookie workshop and show them that this type of account it available. But cant be holding playa's or player's monies.

yeah look what happened to Gary Coleman

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:05 pm

Joined: Sun Jan 30, 2011 10:15 am
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sad to see someone make 100 million dollars and end up broke..have met him a few times before i was kicked out of mt carmel..he is a good guy just not real smart

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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rogers park bryan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:06 pm

Joined: Wed Sep 24, 2008 12:16 pm
Posts: 81625

312player wrote:

i was kicked out of mt carmel..

the plot thickens

how old are you?

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:07 pm

Joined: Sun Jan 30, 2011 10:15 am
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gettin kinda personal eh...2 years younger than walker..but we had a class together :lol:

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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rogers park bryan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:08 pm

Joined: Wed Sep 24, 2008 12:16 pm
Posts: 81625

312player wrote:

gettin kinda personal eh...2 years younger than walker..but we had a class together :lol:

ok, if youre really that old you arent the guy i know

they kick a lot of people out

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badrogue17

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:11 pm

Joined: Mon Jun 14, 2010 4:29 pm
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pizza_Place: Lou Malnatis

rogers park bryan wrote:

badrogue17 wrote:

Maybe do more at the rookie workshop and show them that this type of account it available. But cant be holding playa's or player's monies.

I think the author made it sound like its the leagues responsibility to do more for the players as far as money management goes and they aren't doing enough to advise these guys what to do with their money. I think thats a bit of a crock myself,but you would think even the players union would look at a 60 % bankruptcy rate and say hey we need to help these guys out a little more. I don't know how you're going to tell a 25 yr old kid making 9 million a year that they can't have all their money when they want it though.

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Last edited by badrogue17 on Tue Mar 20, 2012 2:14 pm, edited 1 time in total.

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Douchebag

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:12 pm

Joined: Tue Aug 19, 2008 3:03 pm
Posts: 43790

immessedup17 wrote:

I would believe it if 312player = Antoine Walker. Things would make so much sense.

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rogers park bryan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:12 pm

Joined: Wed Sep 24, 2008 12:16 pm
Posts: 81625

Man, I forgot he wasnt always fat

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:13 pm

Joined: Sun Jan 30, 2011 10:15 am
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pizza_Place: nick n vito's

don't know any bryans with a Y...... yeah i have like 8 or 9 friends who got bounced too..and i would never piss away that kinda money..if i had a hundred million i would turn it into half a billion...but good for ai..i thought he was broke

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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Frank Coztansa

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:20 pm

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312player wrote:

don't know any bryans with a Y

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:26 pm

Joined: Sun Jan 30, 2011 10:15 am
Posts: 27591
pizza_Place: nick n vito's

on a side note..mrs mcnabb is one of the nicest people i have ever met..sweetheart of a lady

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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Big Chicagoan

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:28 pm

Joined: Sat Aug 21, 2010 5:02 pm
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312player wrote:

on a side note..mrs mcnabb is one of the nicest people i have ever met..sweetheart of a lady

Was she always handing out soup?

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Phil McCracken

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:28 pm

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312player wrote:

on a side note..mrs mcnabb is one of the nicest people i have ever met..sweetheart of a lady

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Hank Scorpio

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 2:31 pm

Joined: Tue Aug 24, 2010 10:16 am
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312player wrote:

on a side note..mrs mcnabb is one of the nicest people i have ever met..sweetheart of a lady

She heats up Chunky soup like none other.

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good dolphin

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 5:29 pm

Joined: Thu Feb 17, 2005 2:35 pm
Posts: 82861

312player wrote:

before i was kicked out of mt carmel..he is a good guy just not real smart

You were expelled from Mt. Carmel but feel comfortable judging someone else's intelligence?

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 7:21 pm

Joined: Sun Jan 30, 2011 10:15 am
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almost did not respond to this...but i will say one last thing...i am a private person and don't want any attention ..i don't really care what any net strangers think but ...there is different kinds of smart..book/street and i am not dummy but i also know i am no rocket scientist..but you can be bounced from any school for many reasons..and if you are 2 years older than me and we are in the same class than yes..you are a dumbass..because like i said i am no rocket scientist...this is about iverson not me so i am done with the thread.

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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conns7901

Post subject: Re: Allen Iverson's friend(s)

Posted: Tue Mar 20, 2012 8:15 pm

Joined: Wed Nov 30, 2005 11:36 pm
Posts: 19568

312player wrote:

So was it Dave or Foster who bounced you?

I'm guessing it was a foreign language class? Possibly an elective. MC (back in the day) routinely put juniors in Spanish I that came in with low reading scores as Freshmen since those kids took a reading class on top of English their Fr and Soph year.

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good dolphin

Post subject: Re: Allen Iverson's friend(s)

Posted: Wed Mar 21, 2012 8:28 am

Joined: Thu Feb 17, 2005 2:35 pm
Posts: 82861

312player wrote:

there is different kinds of smart..book/street .

the victory cry of low achievers

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good dolphin

Post subject: Re: Allen Iverson's friend(s)

Posted: Wed Mar 21, 2012 8:31 am

Joined: Thu Feb 17, 2005 2:35 pm
Posts: 82861

I'm not a market expert but shouldn't $35 million be kicking off more than $1 million per year

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FavreFan

Post subject: Re: Allen Iverson's friend(s)

Posted: Wed Mar 21, 2012 8:33 am

Joined: Fri Jun 29, 2007 11:17 am
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312player wrote:

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312player

Post subject: Re: Allen Iverson's friend(s)

Posted: Wed Mar 21, 2012 8:45 am

Joined: Sun Jan 30, 2011 10:15 am
Posts: 27591
pizza_Place: nick n vito's

was not expelled for grades, nobody is ever as far as i know

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The Original Kid Cairo wrote:

Laurence Holmes is a fucking weirdo, a nerd in denial, and a wannabe. Not a very good radio host either.

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