At some point during his mission to restore honor and dignity to the New York Knicks, Stephon Marbury found a second calling. He decided that he would set out to create a new shoe, unlike anything that was put out by “stars” of his caliber before.
This “Starbury” shoe brand became a part of a larger apparel company, and in order to get that company off the ground, Marbury got a $16 million loan from Wachovia.
Cool. No biggie, right? Just standard operating procedure when it comes to opening a business.
Well, according to Deadspin, there’s a problem now. Apparently, in order to get that $16 million loan for his company, Marbury had to offer up some collateral – which in turn only covered a fraction of the loan amount.
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Because things ended up not going exactly as anticipated, Starbury was unable to pay back the loan and Wachovia is now seeking out a way to recoup their money from the brains behind the operation. And, of course, we use the word “brains” extremely loosely.
Theoretically, Marbury should have the dough to pay the piper. ProBasketballTalk recently reported that the NBA underachiever made somewhere in the range of $151 million during his time in the NBA, so there’s that. Plus he had to have made a pretty penny in China at some during his stint as the resident American circus freak.
Either way, Marbury will definitely figure a way out of this whole mess. The guy is smaaaart. I mean, check out marketing genius in the video below and tell me this man isn’t primed to do big things: