Bank after Marbury to repay $16-million loan for Starbury line
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.
HoopsVibe’s Very Quick Call: The train wreck is back.
The American bank, Wachovia, is after the controversial Stephon Marbury to pay back a $16-million loan he personally guaranteed for his Starbury athletic line.
Apparently, the affordable sneaker company has gone the way of its owner’s playing career: bust. This is unfortunate as Marbury, to his credit, partnered with various charities.
Now he’s on the hook for the loan.
Hopefully, Marbury saved enough of the $151 million he earned as a player to cover these losses. Nothing surprises me with the self-proclaimed king of Coney Island, New York.
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