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Iverson isn’t ‘broke’ down
By PETER VECSEY
NY Post
Last Updated: 5:18 AM, March 2, 2012
Posted: 12:42 AM, March 2, 2012
Last month, when a Georgia judge seized the bank account of Allen Iverson in order to pay out a substantial debt for an unpaid jewelry bill amounting to $859,896.46, the mass media assumed it meant he was broke. Reports claimed he’d gutted $150 million in earnings over his 14-year career.
From what I’m told, the number is more like $250 million. Let’s not forget A.I’s numerous endorsements, specifically Reebok.
However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his “nothing in moderation’’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.
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.
Busted or “in the chips,’’ it’s distressing we’re driven to dissect Iverson’s fiscal fitness and downright depressing we’re discussing his career in the past tense.
Read more: Allen Iverson not as broke as media reports say - NYPOST.com http://www.nypost.com/p/sports/more_...#ixzz2RyrYzPLz
By PETER VECSEY
NY Post
Last Updated: 5:18 AM, March 2, 2012
Posted: 12:42 AM, March 2, 2012
Last month, when a Georgia judge seized the bank account of Allen Iverson in order to pay out a substantial debt for an unpaid jewelry bill amounting to $859,896.46, the mass media assumed it meant he was broke. Reports claimed he’d gutted $150 million in earnings over his 14-year career.
From what I’m told, the number is more like $250 million. Let’s not forget A.I’s numerous endorsements, specifically Reebok.
However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his “nothing in moderation’’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.
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.
Busted or “in the chips,’’ it’s distressing we’re driven to dissect Iverson’s fiscal fitness and downright depressing we’re discussing his career in the past tense.
Read more: Allen Iverson not as broke as media reports say - NYPOST.com http://www.nypost.com/p/sports/more_...#ixzz2RyrYzPLz
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