European Stars And Stripes (Newspaper) - March 26, 1987, Darmstadt, Hesse                                Sports Abdul Jabbar up to his neck in Money woes by Michak Goodwin wild Sam Colda Pir new York times dear Tom the loiter began. Ain it pm inc. Desires to obtain your advice counsel and direction in the management of is financial  the idler a Lavurl nov. 15,1080, set into motion what is perhaps the most unusual financial Saga in the history of multimillionaire sports stars ind their agents. The entanglements Are still being sorted out. There Haw already been personal and Legal disputes among same of whom list prominent payers in the National basketball association. Millions of dollars in investments apparently have been Tost As business partnerships and friendships have deteriorated into a series of lawsuits the signature on the dear Tom Feller was that of Kareem Abdul Jabbar the sole stockholder Tinct employee of air eem a Delaware corporation. Abdul Tab bar is the leading scorer in Iho history of the Aba. The Leller was a  agreement in which Abdul a abbr turned Over to his agent Tom Collins virtually Complete control of his finances. Abdul Jabbar s contract with the los Angeles lakers  $2 million a year. Collins used the Money to make investments for Abdul Labhart in real estate and other businesses around the country. Some of the investments ice crime profitable but Many went sour resulting in Large losses. About Sabbar is suing Collins and about 30 other a people and corporations involved in the deals with fraud negligence and malpractice. The lawsuit says that Cillins s business dealings Cost Abdul la bar More than $ million it asks for $50 million in damages. Collins has closed his los Angeles office and moved to ,1 ranch in Culm ado. He and the others deny the charges. Collins has charged in a  Ihal Abdul Jabbar owes him More than $300,000 in fees and commissions. The Case through extensive court documents and interviews offers a rare View of the usually secret financial dealings of wealthy athletes. The projects in which Collins invested Abdul fab bar s Money for example included a rib restaurant in Texas a hotel in Alabama two hotels and a restaurant in California an exercise rope a sports club a limousine service a commodities brokerage and 3 cattle feed business. Some of the businesses folded or were foreclosed on others were sold. Some ire still functioning. Tin.1 court documents filed in California state court Tell of routine transactions involving tens of thousands of dollars from player accounts for jewelry Acar and other personal expenses of  forms that were filed years in ii ind schedule and of vast sums of Money that Fannet be accounted for. Besides Abdul Jabbar the players involved include Ralph Sampson of the Houston rockets Terry Cummin Josof the Milwaukee Bucks Alex English of the Denver nuggets and Brad Davis of the Dallas Mavericks. Collins  both negotiating agent and financial manager for them. I invested their Money in  of tin same deals he put Abdul la bar s Money in. The players after lifting luge sums Kive ended their business agreements with Collins. Ii is even Muesli Onnic whether Collins is a registered agent it Siuse i i Check fur his a k registration fee in Ilie players association mounted Lair assist Iii to Saiti , English  sued Abdill Al Jar    owes him and Davis $75, 00  b ii just Collins used Money Roitt their us mints to cover Abdul Tii Buir s expenses. Oiler players have retained  tit decide when her to file suits , the takers Veir  the oldest  in the , Learned of English s Suil against him list Mmith when he was served a ii papa of. In the it thing Linker Noin in Denver. I lie  were scan  , i i � nth in i l Iris in a vrho Viii Hal   his Riel and that he did t  the Suil i ill i. 11 lie of my. Which the lakers inn. Kareem about Jabbar Sayi he was taken for a ride. When the teams met later in California Abdul Jabbar the lakers Captain refused to go to censer court for the pre game handshake with English the Denver Captain. Later in the game English was served with papers As he sat on the nuggets Bench including him in Abdul Jabbar s suit against Collins. Cummings also faulted about la bar. Interviewed recently the Bucks Power Forward said the invest merits were Good but when Kareem backed out the Banks got scared and wanted their Money. The camaraderie just  Phillip Stem Cummings s lawyer said no decision Hart been made about whether la sue anybody. As far As the investments Are concerned most Are disasters Stem . He said that Cumming is like most of Collins 5 clients had invested in the two hotels in California which mortgage holders have foreclosed on and a restaurant which has not opened after failing to obtain a liquor License Sampson has hired a lawyer to review his dealings Wilh Collins which he said turned up a few  in the Suil Abdul in boor s lawyer say Collins Cuit  it to  $9 million. They say inc figure could change because Lluy do not have Complete records. In some of the deals urge Cash investments made by Abdul labour and the others have been lost but guaranties signed for Banks and other lenders involving millions of dollars Are still unresolved. Despite his financial problems there is no indication that Abdul  fates a i i Krupyt y. Abdul Labhart was required his lawyers ch.irgi1, to sinn la , making him liable for Ihu entire i Lik Lions of scum. Projects even Ulici Iiah he Slind la Imin Only i  of any profits. Ii look us 1cx pages just to Tell  we  kno a and we re still in the prox Essof Ilist r said .  til   i. Ii will i Ike us  in find nut All there in a withdrawal , Hord Vihlo  s Suil was Rei pm Laid As being for clip Ryl s write  he Money Annot in Uco tiled for inc sin .  More than $ i my involved in the t in har Mil Sale of a Caf. Raski Thili Tiki is  uni has Aboul 31 rooms and the  restaurant alone were said to have cos the players and the Oil Irr investors nearly s12 million. One investor estimated the players lost Aboul  million on those three properties. The players were limited partners with each h put i ing up various inn Iris in Fin Nam ,1 porn Iii of the initial purchases and renovations. The Prnjai is Wen to be run by others usually the general partners who also put up funds. Among the players  Jar usually put up the most f to contributed Sld i Yjih for the a i Bufi i $15.1,000 for the Bank restaurant $27s,Iki for la Redmun. $  Fri Len l.agun.1, f 0. Khz i tribe Spork club and w5. X i Kir Tony  s. I ording to his suit. In addition he made Loam him signed  and Liitt Slor Nii Willun million Lor , his suit says   uni of ii  if Emily been milk d by tin it Uit i Milt Elf. Uijun Rizik  pay in a Eis