Creditors Hate Christian Laettner

He's $14 million in the hole over a bad real-estate deal.

Christian Laettner, former Duke basketball player, faces involuntary bankruptcy

Among the creditors is Panthers running back Jonathan Stewart, who says Laettner owes him $3.6M.

 

They really need to teach finance to the Duke basketball players.

 

Before I click the link, I am wagering $10 (but am taking no action from anyone) that the phrase "limited partnership" appears somewhere in that story.

EDIT: Oh well, I owe myself $10. Usually you read about these professional athletes getting mixed up in limited partnerships that turn out to not be so limited. That's what happened to Mark Brunell, I think.

 

Does this combo validate your bet?

The creditors and the amounts they say they are owed are:

_National Servicing & Administration, a limited liability corporation based in Minnesota, where Laettner played for the Timberwolves in the NBA: $7,321,230

...

The three-phase project was developed by a partnership that was led by Laettner, his former Duke teammate Brian Davis, and Tom Niemann, a Duke business school graduate.

 

Maybe, maybe not. Can't tell whether Laettner was, or thought he was, the limited partner or not.

The athletes I was thinking of, usually they go in thinking they're limited partners but then find out they're not nearly as limited as they thought. Like, maybe, they signed on to be $25M limited partners but were required to pony up only $5M only to later profess shock that they're still on the hook for $20M. Then there are those limited partnerships that, surprise, surprise, surprise, turn out to NOT be limited partnerships.

 

Laettner has long been a sucker for a bad investment:

Christian Laettner's Real-Estate Brick
Merriman seeking money from former Duke hoop stars