With the constant rumors that Allen Iverson is broke, a nice thing for anyone remotely concerned with the star to bank on was the fact that he would get his $32 million Reebok trust when he turned 55. It turns out it’s no longer entirely his trust.
Complex.com provided nuggets from the newly released Ken Baab book, Not a Game: The Incredible Rise and Unthinkable Fall of Allen Iverson. It turns out that when Iverson and his wife Tawanna started settling their divorce, the former star, now no longer playing and collecting millions, was desperate to win her back and so agreed to a set of guidelines he had to follow. If he did not, he would lose the trust to Tawanna.
Those conditions, according to Baab, were:
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Can not cheat or have children outside of marriage.
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No physical or verbal abuse.
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Must attend marriage counseling.
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Must speak to therapist about drinking and gambling problems.
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Can never gamble again.
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Must be home by midnight.
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Must discuss any purchases over $5K.
However, despite the initial clause that called for Tawanna to get the entire trust, it turns out she is only going to take half. The other half she will let the fallen star keep, which the Complex post suggests is a gesture of sympathy towards Iverson:
“Babb also claims that A.I. didn't live up to at least one of those items and that, in turn, Tawanna moved ahead with the divorce and finalized it in 2013—taking the entire trust fund with her. For some reason, she did eventually agree to give A.I. half of the Reebok trust back in the divorce, but she kept the other half for herself. It was reportedly a nice gesture on her part, but it's also worth noting that A.I. didn't have to agree to the postnuptial agreement in the first place. So he stands to lose out on a lot of money in 15 years for, well, being a bad husband.”
To keep things in perspective, $16 million is still a more than healthy amount of money to support oneself. The problem is, though, Iverson himself. He needs to first get to age 55, and while doing so, and beyond that age, he needs to be light-years more careful in how he spends his money. As the violated condition demonstrates, he is his own worst enemy.
