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Stephon Marbury sued

According to RichmondBizSense.com, former NBA All-Star Stephon Marbury was sued in a Virginia Court last week for defaulting on loans relating to investment properties. U.S.Banks, servicing an abundance of loans on behalf of Wachovia, is suing Marbury and several of his business entities for approximately $3 million: “The suit contends that, through the entities, Marbury bought industrial and office properties across the county, including one on Poplar Drive in Petersburg that was leased to the US. General Services Administration for use by the Social Security Administration. Marbury also had investment property in Ohio and Colorado, the suit claims. Wachovia lent $1.4 million to Marbury in 2007. In August 2011, U.S. Bank foreclosed on the Petersburg property and sold it for $1.31 million, according to the suit. The bank alleges that it is still owed $1 million by Marbury, which includes unpaid interest and legal fees. Marbury — who the suit claims personally guaranteed the loans — also lost a Los Angeles home to foreclosure, according to a story on the gossip site TMZ. Marbury owed $3.1 million on the 8,000-square-foot home.

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Posted by on August 30, 2012. Filed under Breaking News,NBA,USA. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

2 Responses to Stephon Marbury sued

  1. Paul Hooks Reply

    August 30, 2012 at 23:24

    Hang in there Stephon!!!

    • SRN Reply

      August 31, 2012 at 17:16

      Hang in there?
      Stephon is an idiot. Not because he squandered all his money but just because he is an idiot in many many aspects of life and decision making that determines whether you are or are not (an idiot).

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