Ball Player Eddie Curry Nearing Bankruptcy

by Minority Fortune

eddiecurryEddie Curry has inherited the gift of basketball playing and losing money. Despite his $10.5 million in earnings with a possible renewable $11 million contract, the man just cannot keep his finances in order. He has been taken to court over a $570,000 debt that he can’t seem to be able to handle. However, the reasons cited by NY Daily News as to why he can’t pay his debts back are laughable:

Curry went to Allstar in 2008 and took out the five-month personal loan at an 85% interest rate – legal only in Las Vegas.

Knicks scrub Eddy Curry is having trouble paying back a $570,000 personal loan because he’s got so many bills.
Like the personal chef, the Rolls-Royce, the private school tuition and $650 a month on cable TV.

Not to mention the $350,000 he owes NBA star Juwan Howard and the unpaid mortgage on his mansion.
Those are just some of the expenses Curry detailed in court papers to explain why he couldn’t afford to pay back Allstar Capital.

Everyone has their basic needs of food, clothing, shelter, and water. However, Eddie is going to have a hard time explaining why he MUST have over tens of thousands allocated to these basic needs on a monthly basis. Luckily, the judge doesn’t seem to be buying it either and has ordered him to fork over two 2009 Range Rovers and a Phantom convertible.

Eddie Curry doesn’t seem to be getting any wiser in terms of managing his money. His list of bad money choices is much longer:

He spends $17,000 a month on rent and another $30,000 on “household expenses” – and that apparently doesn’t include $425 on satellite TV.

His parents, sister and father-in-law get another $16,000 a month. And relatives have driven away with some of the 12 cars he’s purchased.
“Mr. Curry appears to be a very, very generous man,” David said. “He appears to have taken it upon himself to support every person named Curry on the East Coast.”

Even before Allstar, the troubled jock – who has an $11 million option on his contract for the 2010-11 season – had been sued for being a deadbeat.

Casual Male Retail Group filed papers over a $46,000 bill, and his home in suburban Chicago fell into foreclosure.
He already has more than $207,000 garnished from his paychecks each month, according to court documents.

As the Daily News reported last year, Curry asked the Knicks for an $8 million advance to help him escape his financial black hole, but the team only fronted him $2 million.

Dear Eddie Curry,

If you have bills that encompass more than six figures monthly, you have a serious problem regardless of the money that you’re bringing in. Now that you’re being held accountable for your spending choices, you’d better wake up and smell the debt. You’d better take some notes from Greece and start making some serious budget cuts. We’ll help you out by suggesting that you start with the chef, household expenses, and rent.

Can you see what we see? A life stuck in a two bedroom apartment with a bus pass and ramen noodles. That’s where you’re headed if you keep up your poor financial choices. You cannot afford your lifestyle, and no amount of borrowing will compensate it. You need to earn more than you spend. It seems that you have gotten it all wrong. Ask Antoine Walker as he is proficient in the language of poor cash flow.

Before you can help anyone else, you need to help yourself. You have a non-existant understanding of money. It seems that you’re blaming your financial woes on your agent, claiming that your money wasn’t managed properly. It seems to be managed just fine as you employed a chef commanding an annual salary of $72,000. It seemed to be managed well as you forked over a million dollars in cars. It seemed to be managed well as you handed over $16,000 to your family and friends. Furthermore, you didn’t bat an eyelid as you had to borrow a $2 million advance from your team. So, who’s really to blame here?

It seems that you’ve already spent the majority of your future earnings as well, and it doesn’t look like your career in the sports arena will last much longer. So, what are you doing? And why on God’s green earth did you accept a loan with an 85% interest rate?! Please lie and say that you thought there was a decimal point between the eight and the five. Please. You’d better get well acquainted with the loan sharks that are harassing you for their money. It seems you guys are bound for a lifetime relationship with each other. We can’t feel sorry for you.

Buy a Clue,

Minority Fortune

*Image courtesy of Urban Sports Talk.
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