Posted On: December 14, 2009
Another Athlete Makes a Bad Investment
Did Bobby Hurley consult his sports agent before making this investment? Bobby Hurley is being sued over his horse racing investment. Hurley, a basketball star at Duke who had his NBA career cut short due to a car accident, is alleged to owe a Lexington, Kentucky, bank $946,962.
The suit further states that the borrowers executed a loan and security agreement granting the bank a security interest in all of its then-owned or thereafter-acquired shares and fractional interests in the stallion Songandaprayer. It also seeks any income stemming from the Songandaprayer shares, identified as shares 1 through 12, owned by Hurley and his operations.
This type of investment default could happen to anyone, but because a former pro athlete is involved, it garners additional scrutiny in the media. It’s also yet another cautionary tale, proving once again that athletes should consult qualified investment professionals, to help manage their money.
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