Allen Iverson Isn’t Actually ‘Broke’

When a Georgia judge took control of Allen Iverson’s bank account to repay a jeweler, fans and pundits speculated The Answer was broke. Well, that’s not really the case. From the NY Post: “However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his ‘nothing in moderation’ lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate. A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually. At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10). If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per. Busted or ‘in the chips,’ it’s distressing we’re driven to dissect Iverson’s fiscal fitness and downright depressing we’re discussing his career in the past tense. Was Iverson really that bad an hombre for the whole NBA to turn its back on such a crowd-pleasing talent? I can name 10 teams without exhaling that would be better off with Iverson starting or subbing. What’s more, their fan bases would get a whole more entertainment bang for their misspent buck.”