Allen Iverson isn’t broke

Despite losing a $860,000 lawsuit to a jewelry store, his ex-wife claiming he’s hiding money and other monetary issues, people are rejoicing, as news that Allen Iverson isn’t broke has been released. According to Peter Vecsey, someone in his camp was smart enough to set up a trust of some sort worth $32 million that AI can’t touch until he turns 55. Check out the details:

 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.

I can’t believe that I am alone in thinking I never thought AI was destitute (Antoine Walker either) but understanding the way money works, a larger debt to income ratio pretty much equates with being “poor.”

The obvious lesson is that AI has never taken his financial blessings seriously. And he’s extremely lucky that someone in his crew had sense AND his best interest on hand. At some point it’s on YOU to step up and take care of yourself like an adult. It’s not 98 anymore AI.

I make that statement with lots of love to my former favorite player!

photo via Brandon Jennings