Wednesday, October 26, 2011
DR. J to sell EVERYTHING I mean EVERYTHING
Please read the embedded article I found on yahoo sports this morning regarding Dr. J pretty much going broke and having no choice but to sell everything from his rings to his collectibles to pay the debts. Once you are done with that I want to alter the conversation a bit to tackle a few questions that stem from this article and the unfortunate happenstance of our beloved Dr. and what if anything the community can do about it or to it. ] ARTICLE: by Kelly Dwyer After being sued for $200K, Julius Erving puts his trophy case up for auction By Kelly Dwyer Times are tough for business owners both big and small in 2011, and Basketball Hall of Famer Julius Erving is no exception. The former Philadelphia 76ers legend is being sued for nearly a quarter of a million dollars after an investment in a golf club went belly-up. The Atlanta Journal-Constitution has the breakdown: Erving's company was given a $1 million line of credit in April 2009, which was due the following April, according to the lawsuit obtained by the AJC. Erving used a Gwinnett County home as collateral to secure the loan, the lawsuit states. In August 2010, the line of credit was reduced to $750,000 and the maturity date extended to July 24, the bank stated in the suit. But, an outstanding balance of $205,277.84 has not been paid, despite a demand letter for payment sent Sept. 29. Erving, better known by his nickname Dr. J, moved to the Atlanta area in 2008, about two years after purchasing the Heritage Golf Club, near the Gwinnett-DeKalb county line. The AJC reported in April 2010 that the golf club was in foreclosure. That's just all sorts of unfortunate. Erving has taken in plenty of post-playing work since retiring from the NBA in 1987, including stints as an analyst on NBC and a gig with the Orlando Magic as an advisor. It's not clear what his role in the failed golf club was, but he's certainly on the hook here. In what the AJC is calling an "unrelated" event, a litany of Dr. J's personal memorabilia has gone up for auction, through the SCP Auctions company. It's a pretty significant list of swag, available here: Some of the marquis items from the collection include Dr. J's 1974 and 1976 New York Nets ABA World Championship ring; 1983 Philadelphia 76ers World Championship ring; 1996 NBA's 50 Greatest Players ring; MVP trophies from 1975-76 (ABA) and 1980-81 (NBA); 1977 and 1983 NBA All-Star game MVP trophies; 1979, 1981 and 1985 Eastern Conference All-Star game-worn uniforms, 1982-83 Philadelphia 76ers game-worn road uniform; and his final game-worn jersey from Game 5 of the 1987 Eastern Conference playoffs. That's not just some of his memorabilia -- that's all his memorabilia. Championship rings? MVP trophies? His jersey from his final game as a Sixer? It's a cool stash, but it's also more than a little depressing. Related: Orlando Magic, Philadelphia 76ers NOW two questions come to mind. The first was thrown out for discussion and I want to throw it out to you and the second I want to further develop a theory for and see if it holds any water or is it fiction. !. Should a current player buy the memorabilia and give it back to the good doctor as a token of respect and solidarity given the fact that it was players like Julius who paved the way for today's player to make the money they are making. Now in this statement you see the obvious sentiment that today's players are making more than then players of yester-year did in a season than the legends did in a career and that may be true. But is their some direct duty that was created or was the continuous rise in pay tantamount to natural forces such as inflation, ratio of scale and time? 2. Now I happen to have some insider knowledge of the spending habits of the professional athlete type because of some nameless friends and some old jobs I had that allowed me to see how these folks live and spend their money and even without that we all have read and seen on tv the countless stories of player going broke or losing vast amounts of money - think of employee #8 or Mr. Robinson of Michigan. so my question is this and I will try to put it as straight as possible: Are professional athletes qualified to make the forays into they types of business ventures they do? Presently, Dr. J is buying a golf club. Really? Now I am sure Dr. J was a gifted student and went to a fine institution of higher learning as they all do but really can he run a golf course? of Better yet does he have the deep pockets and investor backing it takes to run a golf course. I mean we hear of the trouble Donald Trump has had with his businesses and even golf courses. And do you really open your first golf course in ATLANTA? don't the guys down there wear high heels and the women work poles all night and are too tired to hit the course at tee time. (I'm Joking) But really ATLANTA? in addition one has to expect that with Dr. J on board and it being in Atlanta their must have been notions of appealing to black patrons right? so again I say Atlanta really? Back to the point and I know there are rich folks of the black persuasion in Atlanta but come on. N ow we have to answer the questions of aren't these athletes in over their heads when they go into outrageous ventures like Oil, hotels, golf courses and other such business that require great study, knowledge and experience? Lets discuss Exercise your right to engage in meaningful discussions - say what's on your mind - leave a comment.