Dr. J Auctioning Off His Memorabilia to pay for Lawsuit

[Conley]

Julius Erving, nicknamed Dr. J and one of the greatest NBA players to take the court, is now going to a court of a different kind. The Atlanta Journal Constitution is reporting that Erving owes over $200,000 on a loan from the Georgia Primary Bank and a lawsuit has been filed in the Fulton Superior Court.

Erving's company was loaned $1 million in the form of a line of credit in spring 2009 and were given a year to pay it off. As of Sept. 29, 2011 there was still an outstanding balance of over $200K and a demand letter for payment was sent. Erving has 30 days to respond to the lawsuit, which was filed Oct. 18.

In other news, Erving is auctioning off a absolute ton of his memorabilia from his days in the NBA. Items include multiple MVP trophies, multiple NBA/ABA championship rings and his final game-worn jersey, which are some big ticket items.

http://blog.zap2it.com/pop2it/2011/10/julius-erving-aka-dr-j-faces-lawsuit-and-is-auctioning-off-memorabilia.html

Hope it is just a coincidence and not because he needs the money. So many of these athletes confuse having money with being businessmen, but Dr. J isn't the first nor will he be the last to get fleeced by the real estate bubble.

[MMC]

What I find amazing is all the money they amass. Yet don't own their homes and land outright. Which could be secured once they gain that contract. Hell even two or 3 homes. Just in case a divorce comes along.

Guys that were on Superbowl Teams or World Series and selling their rings. Work 10-20 years to gain a Championship Ring. Only to go out and pawn it or sell it. All that they worked so hard to accomplished thrown away.

http://ts2.mm.bing.net/images/thumbnail.aspx?q=1334959092913&id=9080abd6c39d3ebf7cbced03956c85bc&url=http%3a%2f%2ffarm1.static.flickr.com%2f17%2f20 039865_84aec0d05f.jpg

Before there was Michael Jordan.....There was Dr. J.

(I think that is the Good Dr. dunking over the Bulls 7ft Artis Gilmore and number 8 Shelton there.)

[Conley]

Some guys do great but others (most) crash and burn. It seems like Magic Johnson has been very successful. Jordan is part owner now, but he probably still makes a lot of money from royalties, endorsements, etc. He'll never be at risk for going bust even with his gambling habits imo.