HoopsHype Julius Erving rumors

October 27, 2011 Updates

The total sale was announced as making $455,641, and Cousy said a later sale pushed the gross total to about $500,000. He said the auction house got 12 percent and the tax man about 20 percent, which led to him giving his two daughters about $160,000 apiece. “I have two daughters who are in education,’’ Cousy said of why he sold the items and referring to daughters Marie Collette Cousy and Mary Patricia Cousy not making high salaries. “And I’ve never been a yesterday person. I don’t dwell in the past. . . . Most of this stuff was just sitting in the cellar.’’ Still, Cousy admits it was a bit tough parting with his MVP trophy. “Yeah, that was,’’ Cousy said. “I was the first point guard to win the MVP. The MVP trophy was my favorite. . . . But if somebody had told me back then that all of this stuff (Cousy sold) was one day going to be worth all this money, I would have said, ‘Take him away. He’s loony.’’’ FOXSports Florida

October 26, 2011 Updates

Julius Erving has denied an upcoming auction of his personal basketball memorabilia collection is tied to a lawsuit filed against him by a Georgia bank. Known on the hardwood as Dr. J, Erving tells The Associated Press on Wednesday he's never been a "hoarder or collector," and plans to donate a portion of the auction proceeds to the Salvation Army. Erving's auction collection includes his 1983 NBA championship ring with the Philadelphia 76ers, a pair of ABA championship rings with the New Jersey Nets, and MVP trophies from each league. Houston Chronicle

Tuesday afternoon an interesting e-mail caught my attention because the heading read “Dr. J's Personal Memorabilia at Auction." I could not open the email fast enough. To my surprise here was the list of items Dr. J is parting ways with: - Dr. J’s 1974 and 1976 New York Nets ABA World Championship ring - 1983 Philadelphia 76ers World Championship ring - 1996 NBA’s 50 Greatest Players ring - MVP trophies from 1975-76 (ABA) and 1980-81 (NBA) - 1977 and 1983 NBA All-Star game MVP trophies - 1979, 1981 and 1985 Eastern Conference All-Star game-worn uniforms - 1982-83 Philadelphia 76ers game-worn road uniform - His final game-worn jersey from Game 5 of the 1987 Eastern Conference playoffs. CSNPhilly.com

In a press release the 16 time All-Star issued the following statement. “I am very excited to work with SCP Auctions to offer my personal collection of memorabilia to collectors and fans,” said Erving. “It is my hope that the buyers of these items will derive much pleasure from their ownership. I also hope these treasures initiate much discussion inside and outside of basketball circles that help to preserve my legacy. It pleases me to support my lifelong charity, the Salvation Army, with a portion of the proceeds. My family and I thank all of the fans for their continued support throughout the years.” “It is the biggest one player pro basketball collection to hit the market,” David Kohler, President and CEO of SPC Auctions said. “It’s fantastic.” CSNPhilly.com

October 25, 2011 Updates

In an unrelated matter, many of Erving's basketball memorabilia items, including his 1983 Philadelphia 76ers World Championship ring, will be up for bidding Friday, SCP Auctions said Tuesday. Other items on the auction block include Erving's ABA championship rings from 1974 and 1976 with the New York Nets, MVP trophies from both the NBA and the ABA, and jerseys. The minimum bid is $25,000 for the NBA championship ring, and $20,000 for each ABA title ring and the NBA MVP trophy, the auction house said. In a statement released by the auction house, Erving said he plans to donate a portion of the auction proceeds to the Salvation Army. Atlanta Journal-Constitution

A bank is suing former pro basketball star Julius Erving, claiming he owes more than $200,000. Georgia Primary Bank filed the lawsuit in Fulton Superior Court on Oct. 18 against the 61-year-old Erving and his corporation, The Erving Group Inc. of Atlanta. The Atlanta Journal-Constitution reports ( http://bit.ly/rYivYx) the lawsuit says Erving's company was given a $1 million line of credit in April 2009, which was due the following April. It says a balance of $205,277.84 has not been paid. Ledger-Enquirer

May 12, 2011 Updates

An autographed Virginia Squires ABA road jersey game worn in 1972-73 by the great Julius “Dr. J” Erving smashed through the existing record for a basketball jersey at auction in Grey Flannel’s May 11, 2011 sale with a final bid of $190,414 (all prices quoted include 20% buyer’s premium). In total, the event took in $2.4 million, the highest auction gross ever achieved by Grey Flannel. Finishing as the auction’s top lot, the Dr. J jersey was a rare style in use for only one year in the ABA. “We had never even seen a common jersey of this type, let alone a Dr. J game-worn example. We knew it had an excellent chance of making $100,000 at auction. It did that and much more,” said Richard E. Russek, president of Grey Flannel Auctions. LiveAuctioneers.com

April 1, 2011 Updates
March 21, 2011 Updates

The NBA employs so many former stars like Julius Erving, using them as glad-handers who tsk-tsk on today’s players. “Most people may not realize that Dr. J works for the league, that they parade him around the country,” Hunter says. “They should’ve asked Dr. J for his income tax statements, and see how much he got from the NBA last year.” The league “has got to play hardball,” Julius Erving told ESPN.com at ESPN the Weekend in Orlando. “When I played, the owners had the power. The prisoners are running the prison now, not the warden. The warden is strong and he has say-so but, the balance of power is definitely with the players.” Yahoo! Sports

February 21, 2011 Updates

But Dr. J, after judging the All-Star Slam-Dunk contest won Saturday night by Blake Griffin, told The Post he thought Carmelo Anthony can do wonders to lift the Nets’ brand. “They’ve had success making the [NBA] Finals twice, but they haven’t gotten over the hurdle or established themselves, still in the shadow of the Knicks,” Erving said. “Carmelo can change that. I think the new owner will be very instrumental in changing that. He’s got deep pockets and looks like he’s willing to spend.” New York Post

February 5, 2011 Updates

This isn't the kind of "steal" that made Dr. J a star. Legendary basketball player Julius Erving is being sued for allegedly cheating a wealthy Manhattan woman out of more than $420,000 in a deal with crooked money manager Kenneth Starr. Mary Gilbert's suit -- which charges Erving with breach of contract and fiduciary duty -- seeks payment of all her lost profits, along with "prejudgment interest" and punitive damages. Gilbert, 71, says she met the Hall of Fame hoopster in 1990 through Starr, who hooked her while amassing a roster of clients that included such celebs as Uma Thurman, Martin Scorsese and Sylvester Stallone. New York Post

Gilbert claims Erving, 60, and Starr convinced her to invest in a "lucrative" limited partnership called Commonwealth Investors, in which the formerly high-flying forward was a partner. They also told her "that Erving was facing a capital call from the partnership and that if Gilbert would finance a portion of this capital call, Erving would assign to her a percentage of his interest in the partnership," her Manhattan federal court filing says. In exchange for nearly $257,000 in cash, Erving allegedly promised Gilbert 33 percent of all his Commonwealth distributions until she was paid back and 30 percent of his returns after that. The deal turned out to be another slam dunk for Erving, who raked in more than $2.9 million from Commonwealth between 1995 and 2010, court papers say. New York Post

December 15, 2010 Updates

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