Bank Suing Marbury For $16 Million

Stephon Marbury has made around $151 million throughout his basketball playing career. So it should be no problem for him to pay back a loan. Well, it's a problem when it's $16 million dollars.

Marbury is being sued by Wells Fargo/Wachovia for the $16 mill he guaranteed to Starbury the company. Here's an excerpt of the report from CBSSports.com.

The balance due and owing on the Note, as of September 11, 2010, is the principal balance of $16,063,179.49, together with default interest, late charges, sums advanced for the protection of the Property, attorney's fees, and all other sums due under the Note, the Mortgage, and other applicable loan documents.



Essentially, Marbury guaranteed a $16-million loan to Starbury, the company. Starbury the company hasn't paid the loan back, so now Starbury the former Knicks point guard has to. The collateral he put up for the loan only covered a small part of the judgment against him.

You can check out more on Deadspin.com.

I know Marbury wasn't the sharpest tool in the drawer, but I figure since he's still playing in China he's bring in some money to pay this back. Besides he made $151 million there shouldn't be any problem paying this back. Right. Right?

Mr. Marbury goes to China

Stephon Marbury has decided to take his game to China. An odd choice, but considering the bizarre behavior he had during the offseason it comes as no surprise.Marbury turned down offers from the Celtics and a few European teams believing that someone would pay him $8 to $10 million to play.I must say he was quite delusional in thinking that someone would pay him that much.He will reportedly make $25,000 a month.Also,according to reports,he wants to see can he market his Starbury line of shoes and apparel.As a businessman that could turn out to be a smart move.I guess he's not as crazy as his behavior exhibited over the summer.
  Marbury's skills haven't eroded.The man can still play.Thing is,his reputation precedes him.The rep about being a coach killer and selfish have dogged him more than questions about his ability.He might've scored at least a veteran's minimum contract if he didn't put his crazy behavior on display over the summer.He's going to China's Shanxi Zhongyu to resurrect his career.If he can lift that team from 12th place (it's a 17 team league),he could possibly get another shot at the NBA.