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Derrick (Rick) Allen Mahorn, the former NBA Detroit Piston's "baddest bad boy of them all" is badly broke. Mahorn and his wife filed Chapter 7 bankruptcy, and they're stating that their financial failures are due to bad investments.

It was widely reported that Mahorn also lost his Rochester Hills, Mich., home, valued at $500,000. He also owes Uncle Sam an estimated $200,000. The Detroit News reported that portions of the 6'10" ex-baller's paychecks were being seized by the feds in an effort to pay back delinquent taxes. The couple allegedly also has outstanding balances on nine credit cards, and a $55 debt that has not been paid to a public library.

A Chapter 7 filing lets folks discharge certain debts while allowing the court to liquidate nonexempt assets and use the money to help pay creditors. A bankruptcy trustee was, however, a little perturbed last week at the former Piston/Bullet/Net/76er for failing to account for certain assets, like his championship rings (with the Pistons and two with the WNBA's Detroit Shock as a coach) and NBA pension. Mahorn claims, that the Pistons 1989 championship ring has mysteriously disappeared. "It's gone," he said in an interview with The Detroit News. The 51-year-old also told the paper, that he does intend on filing updated paperwork in bankruptcy court to reflect other pieces of jewelry and additional documents that the trustee is requesting.
 

Mahorn, who had been a ball player for over 18 years, earned more than $6.8 million during his career.

Public records indicate Mahorn and his wife faced a foreclosure sale in April 2009 because the couple had defaulted on their mortgage and owed more than $539,000. They were later sued in a Rochester Hills district court by U.S. National Bank, which won a judgment for possession in November.

Last month Mahorn had to surrender his home to a mortgage company and is now renting an apartment in the Detroit area.


Over the last few years, Mahorn has worked as a coach for the Detroit Shock and as a radio commentator. He earned over $160,000 year. Although the former power forward and center netted over $6,000 per month, his expenses averaged $12,763 a month, far exceeding what he brought home.

Mahorn has joined the ranks of a few of his fellow ballers, who, as of late, have claimed financial troubles, like former Detroit Lion Luther Elliss, former Red Wings Darren McCarty and Sergei Fedorov.


"Like any normal American, I'm trying to find a job to better myself," Mahorn laments. "I'm doing everything possible."



http://www.bvonsports.com/2010...9/rick-mahorn-broke/
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