Antoine Walker is Bankrupt
MIAMI -- Former NBA all-star Antoine Walker has filed for bankruptcy.
In Chapter 7 documents filed in U.S. Bankruptcy Court in the Southern District of Florida last week, Walker reported having $4.3 million in assets and $12.7 million in liabilities.
Walker's 2006 NBA championship ring, valued at $6,000, is included in a list of assets.
It's not the first time Walker has faced financial trouble. In November 2009, he agreed to pay more than $900,000 to settle bad check charges at three Las Vegas casinos and avoid trial on felony criminal charges.
Walker was a three-time all-star with the Boston Celtics. He won the 2006 championship with the Miami Heat.
Walker's attorney did not immediately return a message seeking comment.
I've been following this story for months now, so I'm not really surprised. This is beyond sad; it's ridiculous.
OJJ, didn't you post the OTL video about Walker. I feel somewhat bad, but I hope he just gets his life corrected.
It's sad that he can't manage and is irresponsible with his money, but I don't feel bad for him... Not at all.
Yeah, I did. I think he can get himself out of this financial mess. He still has enough talent and juice in his legs to make a nice chunk of change overseas.
In case you didn't know, Derrick Coleman is broke as well.
According to the Bankruptcy Beat of the Wall Street Journal, former NBA superstar Derrick Coleman is now filing for bankruptcy. Coleman filed for Chapter 7 bankruptcy last month, owing $4.7 million dollars to his creditors. His current assets are worth about $1 million dollars, including a Bentley and $3,000 dollars in jewelry.
“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” said Coleman’s attorney, Mark Berke. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”
It’s not as if Coleman spent all of his dough on jewelry and cars. He owned a percentage of a Hilton Garden Suites Hotel in downtown Detroit, along with a Tim Horton’s Doughnut Shop and a Hungry Howie’s pizza store.
When I read about Coleman’s financial problems, I first remembered that Coleman went to school at Syracuse University, where I teach in the business school. I wondered if Coleman walked out of the university with an academic degree, which might have given him a greater ability to make sound business decisions. I do know that Antoine Walker, who attended my alma mater, The University of Kentucky, was not educated by Kentucky when he was there. Antoine also went broke just this year, losing over $110 million dollars in career earnings.
I also thought about an intriguing conversation I recently had with Mark Carr, the head of Player Development for the NBA. I explained to Carr that there is a need to ensure that NBA players are getting proper training in financial literacy to manage such vast sums of wealth. Without disrespecting Carr or anyone else with the NBA, we can argue that the experiences of both Coleman and Walker imply that something more adequate might be necessary.
I wish Derrick the best, and while I am not here to be critical of Kentucky, Syracuse or the NBA, the truth is that we’ve got to try a little bit harder.
OJJ, this has nothing to do with the thread. But now that I know you teach at Syracuse University, I must ask if you ever attend Boeheim's summer camp at the Dome?
I wish you guys wouldn't talk about me like I'm not standing right here...
OrangeJuiceJones, consider yourself banned.
Yea I never feel bad for someone who manages to blow ridiculous amounts of money like that. No sympathy for stupidity.
U mad, no money! U maaaaadddd!
I love that video. Utah Jazz jersey.
And stop posting! I told you that you were banned.
Problem with authority, eh?
I'll shake you down! Me and my best friend, tli232!
Go ahead and shake me. I've got my buddy Vinny in the other room, and he's just waiting for you to make one wrong move. This kid is tough. Not only will he never let you get a full night's sleep, but you'll have to damn near kill him to stop him.
Well tli would destroy him with inane chatter about his favorite TV shows... Gossip Girls and Melrose Place.
alll this is old to me all of america and parts of canada know that hes been broke 4 a while
It's frustrating to see players earning money but isn't able to save some for the rainy days... They are taking their earnings for granted and that's not supposed to be it... You have to be smart because money don't grown on trees... I know alot of us would have done smarter and safer things when we earn what Walker earns during his heydays and now, look at him... He's posting a lot of threads on this site with a pedo bear as his prime pic and has suddenly become a Utah Jazz fan...ehem..ehem...
i do not feel sorry for him because he could have bounced back but did not want to get up his lifestyle. he could have sold everything and kept one house one car. he is still good enough or still young enough to go overseas and maybe a couple of million. I don't feel sorry for him because how many chances will he get. this guys can still go overseas or somewhere and make half a million in a year. he will never be in the league again so he can hang that up. The league is too deep now to waste time on paying him and his game is not equipped as a role player.
It made me sick how this dude wanted to act like he was a victim. 120 million plus rookie contract. come on man. He went through that in less than 15 years. If I had 40 millions dollars every generation of my seed would be rich. i would put money in stuff that could not be touched and produce interests just in case someone got stupid. I also would not raise my kids to be spoiled and hopefully they do the same to not raise their kids to be spoiled.
All those flunkies he supported are no where to be found. It is ironic that the bible talks about this kind of situation and the bible dates back in BC times and yet people still dont get it.
I say that after reading so maybe people need to read the bible. I know a lot of different religions is in here but almost ever situation in life is talked about in the bible and it warns you about stuff like this.
He makes black people and not just him other black athletes who screw up. It makes us look real stupid.
i just find it crazy. I mean, dont you ever stop and think "okay where is this money gonna come from when i retire?" I mean, if you spend everything you make, what the hell do you expect to happen? And whats with athletes losing their houses and boats and cars when they cant make the payments? If you are pulling 10 mill a year for 12 years, you shouldnt even be making payments. That stuff should be payed, like my man randy moss would say, "straight cash homey."
The funny thing is some of the guys that people think are stupid have a lot more common sense. Randy Moss for all of what people say about him is not gonna be broke. Iverson may fall into the broke category though. It will be sad when it happens but it could very well happen. People may have jumped on Steven A Smith but i think he was honestly concerned about Iverson and said what he said.
Political correctness goes out the window when you see someone's life becoming a train wreck and you don't do anything to stop it. Everyone else will just be like it isn't my business. I will do my job and move on. I have a lot of hate for some people in the media because they sit back and let some people fall why they watch and then report it.
antoine walker is just the next NBA star to go bankrupt...remember latrell sprewell? he got his 70 foot yacht re-possessed...how tragic!
Must. Find. Way. To. Give. marcusfizer21. More. Points.
I live in Detroit....lol BELIEVE ME Derrick Coleman may have filed for bankruptcy but dude is far from broke......Street Money thats all ima say.