June 29, 2010
If you've read any of the numerous books about the Chicago Bulls of the 1990s then you know that Scottie Pippen is kind of funny about money. Raised in a poor household, Pippen jumped at the chance to sign a long-term contract prior to the 1991-92 season, choosing the security of a long deal over being paid what he was worth. Throughout his career, Pippen would endorse anything and everything, assuring that the money kept flowing in. Following the end of his playing career, Pippen was involved in a number of bad business deals that left him nearly broke.
One of the notable money mistakes that Pippen made was the purchase of a $4 million Gulfstream jet in 2002. Due to a missed inspection, the jet's engine needed $1 million worth of repairs shortly after the purchase. Rather than paying that, the jet was grounded, making it the world's most expensive paper weight. Pippen sued his attorney for the missed inspection and Monday was awarded a settlement of $2 million. He was pretty happy about it. From the Chicago Sun-Times' Lisa Donovan:
One-time Chicago Bulls star Scottie Pippen dissolved in tears Monday and gasped as a Cook County jury awarded him a $2 million verdict in a jet deal that went south.
Pippen had sued two attorneys at the Chicago law firm Pedersen & Houpt for malpractice, alleging they failed to closely monitor his purchase of the jet, which was grounded only months after the 2002 purchase. [...]
"I don't want to really say anything, I'm just exhausted and tired," a red-eyed but smiling Pippen said before leaving the courthouse with wife Larsa Pippen.
You know how they say you can't have your multimillion dollar jet and eat it too? Well, tell them that they're wrong. And also that that is a weird saying.
But really, this is good news. Yeah, it's kind of hard to feel bad for a guy filing lawsuits because he didn't get to use his super expensive airplane, but with all the 1990s basketball players that have been going broke these days, it's nice that something good actually happened for one of them.
That being said, I think we've all learned a valuable lesson here. Whenever you spend $4 million on a jet, make sure it works first.