Former Duke Basketball Star Narrowly Avoids Bankruptcy
Posted on Thursday, October 20th, 2016 at 6:58 pm
Christian Laettner, former NBA star and Duke player, has recently reached an agreement using thoughtful business maneuvers that could save him from filing bankruptcy.
Laettner’s business ventures have been all but easy going, leading to millions in debt from fellow professional athletes such as Jonathan Stewart, Ernest Sims III, and Andrew Kline. The deal that his attorney is helping coordinate entails the sale of property owned by Laettner that’s expected to raise 10 million dollars that will be divided among creditors.
The property in question is Phase II of the West Village in downtown Durham. The project was sold nearly a year ago for over 180 million dollars, which Laettner was a listed partner for a participating development firm. The three phase project led by Laettner and several other former professional athletes includes over 600 apartments and 100,000 square feet of commercial space.
Debt negotiation is a difficult endeavor but if done properly, a debtor may be able to narrowly avoid bankruptcy and other financial disasters. If you or someone you know is facing the possibility of bankruptcy, contact the Raleigh debt negotiation attorneys of Bradford Law Offices, PLLC at (919) 758-8879 today.