Posted by Sabrina B.Â @gametimegirl
Last month, when a Georgia judge seized the bank account of Allen Iverson in order to pay out a substantial debt for an unpaid jewelry bill amounting to $859,896.46, the mass media assumed it meant he was broke.
Reports claimed heâ€™d gutted $150 million in earnings over his 14-year career.
From what Iâ€™m told, the number is more like $250 million. Letâ€™s not forget A.Iâ€™s numerous endorsements, specifically Reebok.
However, hold the bankruptcy proceedings. He is far from insolvent, at least in the real world, if not in harmony with his â€œnothing in moderationâ€™â€™ 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 whateverâ€™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 heâ€™s 62 or so. At that time, Iâ€™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.
WRITTEN BYÂ Peter Vecsey & Full Story HERE