Christian Laettner, Duke University basketball legend is facing bankruptcy. Several creditors filed an involuntary Chapter 7 petition against him alleging he owes $14 million. The nature of Laettner’s debts was not described in the petition. However, according to The Wall Street Journal Mr. Laettner and his business partner in several real estate deals faced civil lawsuits seeking repayment of loans valued at about $30 million, including to sports celebrities like former Chicago Bull, Scottie Pippen. The two played on the 1992 Olympic men’s basketball team together.
Laettner, who made the famous game-winning shot against Kentucky in the 1992 NCAA Tournament East Region finals, has 21 days to respond to the involuntary petition.
Laennter’s attorney said the involuntary bankruptcy is related to the West Village real estate development in Durham, N.C., a downtown project that crumbled during the economic recession. The involuntary petition stems from two creditors who are fighting to recover money from the project and that Mr. Laettner plans to negotiate a deal that will lead the chapter 7 filing to be dismissed, he said.
Laettner led the Duke University Blue Devils to two NCAA championship titles in the early 1990s. He also played in the NBA for more than a dozen seasons.
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Related Resources: http://www.kentucky.com/sports/college/mens-basketball/article87366522.html