Robert Snell of the Detroit News reports:
Former Detroit Pistons “Bad Boy” Rick Mahorn, a member of the 1989 NBA championship team and the franchise’s radio analyst, has filed bankruptcy and lost his $500,000 home, records show.
Mahorn, 51, and his wife filed Chapter 7 bankruptcy because of failed investments, the plummeting value of their Rochester Hills home, and the burden of repaying more than $200,000 to the IRS, he said. Portions of his paychecks have been seized to satisfy delinquent federal taxes, records show. Along with Derrick Coleman, Mahorn is the second retired Pistons star to file bankruptcy in recent months.
Last week, the trustee overseeing Mahorn’s Chapter 7 filing accused him of failing to account for several assets, including his NBA pension and championship rings: one with the Pistons and two as a coach of the WNBA’s Detroit Shock.
