Maclean's: Sonny Weems pays back US$23,500 cash loan

polo007 · Post #1 » by **polo007** » Mon May 30, 2011 5:43 pm

http://www2.macleans.ca/2011/05/30/a-di ... urt-press/

As Maclean’s reported last year, Weems quietly took advantage of a lucrative but little-known enterprise: companies that loan wads of cash to elite college athletes, on the condition that the money be repaid (with interest) as soon as the client inks a pro contract. In his case, the lender was Felix Wright, a one-time Hamilton Tiger-Cat who went on to play nine seasons in the NFL before dabbling in the financial services industry. Back in 2008, after a standout senior season at the University of Arkansas, Weems and Wright signed a contract of their own: a cash loan worth US$23,500 (at eight per cent interest) plus the use of a Ford Taurus—“all of which,” according to court documents, “was to be repaid and returned respectively when the said defendant was selected as a draft pick on a National Basketball Association team.”

That didn’t happen. After draft day, Weems reneged, forcing Felix Wright to file lawsuits on both sides of the border to recoup his dough. Only now, three full seasons into his NBA career, has Weems settled the account. “He made $900,000 last year,” says Morton Adelson, Wright’s Toronto lawyer. “Why he didn’t deal with this sooner, I don’t know.”

Weems spent his rookie campaign with the Denver Nuggets, and his stats (1.6 points per game, 0.3 rebounds) were as unimpressive as his debt repayment plan. He did return the Taurus—dented and scratched—but not the loan. In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Wright won a default judgment, including an order that compelled the Nuggets to garnishee Weems’s wages. But by the time the paperwork was filed, he had been traded again—first to Milwaukee, then to Toronto. Wright, who lives in Ohio, had no choice but to hire a Canadian lawyer and file a fresh lawsuit, this one demanding nearly US$35,000 in damages ($29,745 for the loan, plus interest; $2,250 for the car repairs; and $2,500 in legal fees). Again, Weems didn’t bother mounting a defence—and again, a default judgment was registered against him (the court settled on a figure close to US$26,000).

dacrusha · Post #2 » by **dacrusha** » Mon May 30, 2011 5:46 pm

In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

RoleModel · Post #3 » by **RoleModel** » Mon May 30, 2011 5:48 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

Relentless88 · Post #4 » by **Relentless88** » Mon May 30, 2011 5:50 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

Anyways I hope the Raptors don't bring back Sonny Weems.

DreamTeam09 · Post #5 » by **DreamTeam09** » Mon May 30, 2011 5:54 pm

lol dudes an idiot but shout out to sonny. I hope he carries on with us.

HighOctane · Post #6 » by **HighOctane** » Mon May 30, 2011 5:55 pm

I'll bring him back for 1 mill and change. Lol at Sonny what a dummy.

Bankai · Post #7 » by **Bankai** » Mon May 30, 2011 5:55 pm

With 8% interest? How much would 3 years add up?

EDIT: Wait I just read more, im a Sonny.

Hypz · Post #8 » by **Hypz** » Mon May 30, 2011 5:59 pm

Soon to be No-Money Weems.

Strategist1 · Post #9 » by **Strategist1** » Mon May 30, 2011 6:04 pm

Many of these pros just don't have business sense and lack accountability on the business side of things and/or have poor advisors/associations around them.

In Sonny's case, perhaps, a bit of both.

Either way, Sonny was good enough to get an NBA contract (900k?) ...Sadly, most people won't make that working 10 years straight.

Sonny will get another contract too.

JN · Post #10 » by JN » Mon May 30, 2011 6:05 pm

That's a pretty risky loan for only 8% - the guy must have only dabbled in the industry for a little while. There was no guarantee that Sonny would even make the NBA when it was issued.

James_Raptors · Post #11 » by **James_Raptors** » Mon May 30, 2011 6:22 pm

People make mistakes.
Heck, I've made a ton of them over my life span so far.
It's not that big of a deal.

Mr. Perfect · Post #12 » by **Mr. Perfect** » Mon May 30, 2011 6:23 pm

shiietttt sonny i hope you weren't driving around one of these #swag

Hypz · Post #13 » by **Hypz** » Mon May 30, 2011 6:35 pm

JN wrote:That's a pretty risky loan for only 8% - the guy must have only dabbled in the industry for a little while.

Either that or Sonny's a hell of a negotiator.

RocLaFamilia · Post #14 » by **RocLaFamilia** » Mon May 30, 2011 6:52 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

Hope you don't mind, but this needed to be sig'ed :lol:

bigdirty · Post #15 » by **bigdirty** » Mon May 30, 2011 6:57 pm

He was too busy feeding his family to deal with it.

Raps in 4 · Post #16 » by **Raps in 4** » Mon May 30, 2011 7:15 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

Sig worthy.

Jay240 · Post #17 » by **Jay240** » Mon May 30, 2011 7:20 pm

No-Money Weems,
Sonny Schemes,
Clearance Weems,
this next one's a stretch Loan-Me Weems.

dTox · Post #18 » by **dTox** » Mon May 30, 2011 8:05 pm

Money Weems has gone broke!......hardly but....is having trouble paying money back!

arbsn · Post #19 » by **arbsn** » Mon May 30, 2011 8:08 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

TorontoBaller · Post #20 » by **TorontoBaller** » Mon May 30, 2011 8:17 pm

dacrusha wrote:
In 2009, when Wright asked a Colorado judge to intervene, Weems didn’t even bother sending a lawyer to court.

Since when does Weems bring any kind of defense to the court anyway?

FALKING HILARIOUS! :rofl:

dacrusha gets an A+ in funny