Marbury is being sued by Wells Fargo/Wachovia for the $16 mill he guaranteed to Starbury the company. Here's an excerpt of the report from CBSSports.com.
The balance due and owing on the Note, as of September 11, 2010, is the principal balance of $16,063,179.49, together with default interest, late charges, sums advanced for the protection of the Property, attorney's fees, and all other sums due under the Note, the Mortgage, and other applicable loan documents.
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.
You can check out more on Deadspin.com.
I know Marbury wasn't the sharpest tool in the drawer, but I figure since he's still playing in China he's bring in some money to pay this back. Besides he made $151 million there shouldn't be any problem paying this back. Right. Right?
