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Thread: Oh Scottie Did You Really Need to Buy a Jet?

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    Raptors Republic All-Star Hotshot's Avatar
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    Default Oh Scottie Did You Really Need to Buy a Jet?

    I think there should be a mandatory course for all NBA players to take on how to manage your millions without going broke.

    http://sports.yahoo.com/nba/blog/bal...rn=nba,252310\



    Scottie Pippen is a little less broke these days
    By Trey Kerby


    If you've read any of the numerous books about the Chicago Bulls of the 1990s then you know that Scottie Pippen is kind of funny about money. Raised in a poor household, Pippen jumped at the chance to sign a long-term contract prior to the 1991-92 season, choosing the security of a long deal over being paid what he was worth. Throughout his career, Pippen would endorse anything and everything, assuring that the money kept flowing in. Following the end of his playing career, Pippen was involved in a number of bad business deals that left him nearly broke.

    One of the notable money mistakes that Pippen made was the purchase of a $4 million Gulfstream jet in 2002. Due to a missed inspection, the jet's engine needed $1 million worth of repairs shortly after the purchase. Rather than paying that, the jet was grounded, making it the world's most expensive paper weight. Pippen sued his attorney for the missed inspection and Monday was awarded a settlement of $2 million. He was pretty happy about it. From the Chicago Sun-Times' Lisa Donovan:

    One-time Chicago Bulls star Scottie Pippen dissolved in tears Monday and gasped as a Cook County jury awarded him a $2 million verdict in a jet deal that went south.

    Pippen had sued two attorneys at the Chicago law firm Pedersen & Houpt for malpractice, alleging they failed to closely monitor his purchase of the jet, which was grounded only months after the 2002 purchase. [...]

    "I don't want to really say anything, I'm just exhausted and tired," a red-eyed but smiling Pippen said before leaving the courthouse with wife Larsa Pippen.

    You know how they say you can't have your multimillion dollar jet and eat it to? Well, tell them that they're wrong. And also that that is a weird saying.

    But really, this is good news. Yeah, it's kind of hard to feel bad for a guy filing lawsuits because he didn't get to use his super expensive airplane, but with all the 1990s basketball players that have been going broke these days, it's nice that something good actually happened for one of them.

    That being said, I think we've all learned a valuable lesson here. Whenever you spend $4 million on a jet, make sure it works first.

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    Raptors Republic All-Star hateslosing's Avatar
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    I miss the days when NBA layers would stay in school long enough to get their degrees. You look back a decade or so and guys getting picked in the draft before their senior year was very rare. The NBA needs to find a way to go back to that so layers will start coming into the league with not only fundamentals, but an educations so that when their careers eventually end, they will have something to fall back on. Not that Pippen is a good example of this, but you made me think of it.
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    Raptors Republic Veteran Buddahfan's Avatar
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    Quote Hotshot wrote: View Post
    I think there should be a mandatory course for all NBA players to take on how to manage your millions without going broke.

    http://sports.yahoo.com/nba/blog/bal...rn=nba,252310\
    Schools should teach all kids how to manage their money starting in grade school and on through college. These courses should be required.
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    Raptors Republic Starter blaze89's Avatar
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    a $4 million jet? come on scottie there are two things you got to take into account before you acquiry a luxury such as that: 1) make sure by all accounts that the thing works and 2) HAVE THE DAMN MONEY TO PAY FOR IT! god i know that these guys didnt take any financial courses but seriously thats a major screw up

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    Raptors Republic Starter Mess's Avatar
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    Quote Hotshot wrote: View Post
    I think there should be a mandatory course for all NBA players to take on how to manage your millions without going broke.
    The NBA does do that now but I don't think they had that implemented in Pippen's day (maybe when he retired). The salaries weren't nearly as exorbitant as they are now.

    I would say it's just common sense, but toss me in that lifestyle and who knows what would happen. I'd be up for trying though.

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    Raptors Republic All-Star Hotshot's Avatar
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    Quote Mess wrote: View Post
    The NBA does do that now but I don't think they had that implemented in Pippen's day (maybe when he retired). The salaries weren't nearly as exorbitant as they are now..
    Even with the knowledge majority of NBA players are very immature and overspend more then they make. Its not just a thing of the past, there was an article on Eddy Curry not too long ago about having financial difficulties even though he is still making millions in the NBA.

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