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Filings: Derrick Coleman Owes $4.6M

Ex-NBA Player Has Estimated Worth Of $1 Million

POSTED: Wednesday, March 17, 2010
UPDATED: 7:25 pm EDT April 8, 2010

New bankruptcy filings for a former Detroit Piston and local businessman are shedding new light on how much he's worth, and how much he owes.

According to financial documents obtained by Local 4, Derrick Coleman lists assets just over $1 million and has an estimated debt of $4.6 million.

He filed for Chapter 7 in March.

Watch: Ex-Piston Files For Chapter 7 Bankruptcy
Download: Coleman Bankruptcy Documents

Coleman owes between 50 and 99 creditors, including Detroit Mayor Dave Bing, American Express, Comerica, Sprint, Verizon, Hungry Howie's Pizza and Nike.

According to the documents, Coleman owes the state of Michigan $106,730 and the Detroit Economic Growth Corp. $204,800. He also owes $1,007,412 on a Highland Michigan property.

His personal property listed in the bankruptcy filing include a $50,000 Bentley, five fur coats valued at $15,000 and $3,000 in jewelry -- which includes a wedding band.

Rich Kassa owns XL Autobody and Paint in Warren, and said Coleman owes him money for work he's done on his cars.

"I know Derrick Coleman well. I've done several vehicles for him and some other NBC players," Kassa said. "It's just an unfortunate situation."

Kassa said Coleman brought in a 1957 Buick two years ago, hoping to get it into shape. But that the car is still sitting in his garage because Coleman hasn't paid the bill.

"He's given me some money and I'm working it out with his attorneys. I don't know if they're going to auction the vehicle, or what," Kassa said.

Coleman was not available for comment last month after the bankruptcy announcement, but his attorney, Mark Berke, issued the following statement: "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained. Attempts were made to remedy the circumstances. However, Mr. Coleman's efforts were unsuccessful. Mr. Coleman still has faith in, and is dedicated to, the city of Detroit. We are hopeful that this process will be amicable and cooperative for all parties involved."

Coleman also owned the Detroit restaurant Sweet Georgia Brown, which closed last year.

Coleman was born in Alabama but grew up in Detroit and went to college at Syracuse University. He was selected first overall in the 1990 NBA draft by the New Jersey Nets. He played for the Detroit Pistons from 2004-2005.

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