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Old 08-22-2007, 10:48 AM   #1
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Default One reason Spree couldnt feed his kids
Sprewell yacht repossessed

Former NBA star has defaulted on mortgage loan, bank says

Milwaukee Journal Sentinel -

Former professional basketball star Latrell Sprewell, who three years ago rejected a $21 million contract offer, calling it insulting and saying he had a family to feed, had his 70-foot, $1.5 million, Italian-built yacht repossessed Tuesday.

Armed with an order from U.S. Magistrate Judge William E. Callahan Jr., a federal marshal seized the vessel in Manitowoc, where it sat in storage.

Callahan is presiding in a court case filed by a New York bank that claims the yacht's owner, a company run by Sprewell, has defaulted on a mortgage loan.

The firm, LSF Marine Holdings, hasn't made monthly payments of $10,322 on time and hasn't maintained the necessary insurance on the vessel, North Fork Bank alleges.

It wants the yacht, "Milwaukee's Best," sold to pay off the $1.3 million it says is remaining on the loan. Sprewell has guaranteed the loan personally, a contract filed with the court shows. He could not be reached for comment on the repossession.
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Old 08-22-2007, 01:54 PM   #2
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Spree now lives in his houseboat floating down the St. Croix river
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Old 08-22-2007, 02:08 PM   #3
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I wonder if he can still play
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Old 08-22-2007, 02:09 PM   #4
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Originally Posted by alby
I wonder if he can still play
Sources say that Spree thinks he can help the Magic
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Old 08-22-2007, 02:11 PM   #5
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Old 08-22-2007, 02:13 PM   #6
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with all these has-beens signing or wanting to make a comeback, Spree's name is bound to come up
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Old 08-22-2007, 02:57 PM   #7
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He can still play..I am sure...I mean he averaged like 18 a game...but its his attitude

I sa we just wait another year or w/e it is and just sign Fin. again
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Old 08-22-2007, 04:06 PM   #8
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Originally Posted by AxdemxO
He can still play..I am sure...I mean he averaged like 18 a game...but its his attitude

I sa we just wait another year or w/e it is and just sign Fin. again
Fin would only want to sign with contenders though

ha ha just kidding

Dallas is legitimate, definitely a top 10 team in the NBA
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Old 08-22-2007, 06:22 PM   #9
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I think I'm going to name my yacht "Busch Light"
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Old 08-22-2007, 06:25 PM   #10
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Originally Posted by EricaLubarsky
Sources say that Spree thinks he can help the Magic
LMAO..You stop that !!!!!!

I heard the source was "Jack.Kerr" of the Dallas Mavs forum.
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Old 08-22-2007, 06:26 PM   #11
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he could be a pretty good 6th man off the bench for the Magic if he is somewhere close to where he was a couple years ago.
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Old 08-22-2007, 10:03 PM   #12
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Originally Posted by EricaLubarsky
Sprewell yacht repossessed

Former NBA star has defaulted on mortgage loan, bank says

Milwaukee Journal Sentinel -

Former professional basketball star Latrell Sprewell, who three years ago rejected a $21 million contract offer, calling it insulting and saying he had a family to feed, had his 70-foot, $1.5 million, Italian-built yacht repossessed Tuesday.

Armed with an order from U.S. Magistrate Judge William E. Callahan Jr., a federal marshal seized the vessel in Manitowoc, where it sat in storage.

Callahan is presiding in a court case filed by a New York bank that claims the yacht's owner, a company run by Sprewell, has defaulted on a mortgage loan.

The firm, LSF Marine Holdings, hasn't made monthly payments of $10,322 on time and hasn't maintained the necessary insurance on the vessel, North Fork Bank alleges.

It wants the yacht, "Milwaukee's Best," sold to pay off the $1.3 million it says is remaining on the loan. Sprewell has guaranteed the loan personally, a contract filed with the court shows. He could not be reached for comment on the repossession.

damn you! you stole my idea. Even though you posted your thread like 3 hours before mine...you're making me look like a dumbass! Damn you!
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Old 02-12-2008, 12:59 AM   #13
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Sprewell's Yacht Sells At Auction, House Could Be Foreclosed
February 11, 2008 - 7:35 pm
MSNBC -
Latrell Sprewell's yacht sold at auction on Monday and his home could be foreclosed in order to pay the $1.3 million he owes on the yacht.

In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest on his house.

Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January 2008, the documents said.
Last edited by EricaLubarsky; 02-12-2008 at 12:59 AM.
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Old 02-12-2008, 01:10 AM   #14
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He's working hard to put food on his family.
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Old 02-12-2008, 02:07 AM   #15
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It boggles the mind. I hope he dies of the Bubonic Plague or Anton Chigurh.
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Old 02-12-2008, 08:03 AM   #16
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Poor Spree. I guess $100 million just doesn't go as far as it used to.
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Old 02-12-2008, 11:51 AM   #17
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Lets just hope Randy Galloway doesn't have to go bail him out of jail.
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Old 02-12-2008, 01:52 PM   #18
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ididot.
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Old 02-12-2008, 04:12 PM   #19
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I heard he had harsh words for the last team that approached him to come back and play.
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Old 02-12-2008, 04:14 PM   #20
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Ha, nice picture
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Old 02-12-2008, 04:17 PM   #21
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Milwaukee's Best hahahah
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Old 02-12-2008, 04:20 PM   #22
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Milwaukee's Best hahahah
Only Milwaukee player i like is YI
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Old 02-12-2008, 04:32 PM   #23
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Only Milwaukee player i like is YI
....


lol
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Old 02-12-2008, 04:36 PM   #24
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lol
y? u dont?
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Old 02-12-2008, 04:40 PM   #25
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y? u dont?
Yi sucks..just like yao
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Old 02-12-2008, 04:46 PM   #26
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Yi sucks..just like yao
alright, u really dont know any thing about NBA!!!!
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Old 02-12-2008, 05:51 PM   #27
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alright, u really dont know any thing about NBA!!!!

yeah okay. Like i give a rats ass about yao...or Yi..or you.

you see that!?? Alliteration. boo ya.
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Old 02-12-2008, 06:08 PM   #28
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Originally Posted by AxdemxO
He can still play..I am sure...I mean he averaged like 18 a game...but its his attitude

I sa we just wait another year or w/e it is and just sign Fin. again
Why would you want fin again? I mean i really like the dude but don't we already have devean george, eddie jones,JET, j-ho, stack all jacking up threes?
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Old 02-12-2008, 07:57 PM   #29
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Originally Posted by EricaLubarsky
Sources say that Spree thinks he can help the Magic
That source was probably Spree's bankruptcy trustee.
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