Christian Laettner Forced By Creditors into Bankruptcy

by San Antonio Attorney

Christian Laettner, basketball legend of Duke University, faces bankruptcy as the creditors he owes a total of $14 million, filed a Chapter 7 petition against him.

The filed petition, which was processed last Tuesday through the United States Bankruptcy court in Durham, contained eight pages.

Laettner was involved in several real estate loans with civil lawsuits that sought repayment of debts, estimated at a value of $30 million, according to the Wall Street Journal.

Some of these loans were linked to famous basketball players such as former Chicago bull star Scottie Pippen.  Pippen was Laettner’s former team mate at the 1992 Olympics- Men’s Basketball Division, according to an article in the Wall Street Journal.

The article elucidated that Brian Davis, Laettner’s former business partner and team mate, pointed out the real cause of the basketball star’s financial problems were related to impulsive decisions and economic decline.

Following the rules of the bankruptcy court, Laettner is given 21 days to respond to the filed involuntary petition against him.

Hassan Zavareei, Laettner’s legal representative, said that the involuntary bankruptcy petition is directly related to his investments in real estate development in the West Village, Durham, North Carolina.

The involuntary petition was based from two creditors who are embroiled in a legal battle to retrieve invested money from the real estate project.

Laettner’s primary objective is to enable an agreement, which will dismiss the Chapter 7 case.

Zavareei stated that Laettner has tried all means to repay his co-investors.

Laettner played in the Duke University Blue Devils in the early part of 1990s.  He earned two NCAA championship titles before being drafted into NBA.

Laettner’s association with Duke University may give him the impression of an elitist but the 46-year-old basketball retiree has worked his way to his career since college.  Some fans say Laettner can get by with this financial malady.

Leave a Comment

Previous post:

Next post: