I am sorry to hear that former Syracuse Basketball great Derrick Coleman has declared bankruptcy. Coleman was one of the best basketball players in Syracuse history, despite his lackadaisical work habits. I had always thought he would be an NBA All Time, but despite being productive in the NBA, he never reached stardom.
From all accounts, it does not appear that Coleman blew all his money on living “the high life”, though I am sure Coleman spent his share. It appears that Coleman put a lot of money into investment opportunities tied to redevelopment of the Detroit inner city area (see Kurt Helin’s story on NBCSports.com). Detroit is his home time, and it is nice to have seen him try to target efforts in that area.
I am not stating that this was a purely altruistic action by Coleman. I am sure he planned to make a nice profit out of his efforts. But the fact is that it is his hometown, other investors are not eager to revitalize the area, and he did make the effort.
I know there is going to be a ton of Coleman-bashers who insinuate that he is just another dumb jock who blew his money because of his ignorance. Just remember that there are a lot of Harvard and Yale MBA’s who also go bankrupt on their business deals. I am not claiming Coleman is an MBA caliber businessman; but he did graduate from Syracuse with a four year degree (despite the fact that he could have gone pro a year earlier), so I think there was some commitment to education from him. I think this was more a case of a guy looking at his home town with rose tinted glasses, and having his heart interfere with his decisions. It is also possible he was being duped by those who knew of this bias in his judgement.
From all accounts, it does not appear that Coleman blew all his money on living “the high life”, though I am sure Coleman spent his share. It appears that Coleman put a lot of money into investment opportunities tied to redevelopment of the Detroit inner city area (see Kurt Helin’s story on NBCSports.com). Detroit is his home time, and it is nice to have seen him try to target efforts in that area.
I am not stating that this was a purely altruistic action by Coleman. I am sure he planned to make a nice profit out of his efforts. But the fact is that it is his hometown, other investors are not eager to revitalize the area, and he did make the effort.
I know there is going to be a ton of Coleman-bashers who insinuate that he is just another dumb jock who blew his money because of his ignorance. Just remember that there are a lot of Harvard and Yale MBA’s who also go bankrupt on their business deals. I am not claiming Coleman is an MBA caliber businessman; but he did graduate from Syracuse with a four year degree (despite the fact that he could have gone pro a year earlier), so I think there was some commitment to education from him. I think this was more a case of a guy looking at his home town with rose tinted glasses, and having his heart interfere with his decisions. It is also possible he was being duped by those who knew of this bias in his judgement.
Regardless, D.C., I wish you best of luck.
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