Antoine Walker Named In Foreclosure Lawsuit, Files Bankruptcy | BlackSportsOnline

Antoine Walker Named In Foreclosure Lawsuit, Files Bankruptcy

by BSO Staff | Posted on Tuesday, June 1st, 2010
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Looks like the storm clouds haven’t passed from over his head quite yet.  Former NBA player Antoine Walker is facing a foreclosure lawsuit over the mansion he bought his mom in heartier financial times.  After being carjacked, robbed numerous times, and facing criminal charges for floating checks in casinos, it wouldn’t seem that it could be much worse for Walker.  Then they came for Mama’s House.

According to Crain’s Chicago Business, Walker is claiming liabilities of over $12 million vs. assets totaling just over $4 million.  Crain’s continues:

In the bankruptcy petition, Mr. Walker says he is unemployed and without any monthly income. He retired from the NBA in 2008 and briefly played professional basketball this year for Puerto Rico’s Guaynabo Mets.

Mr. Walker owns four properties: a $2.34-million home in Miami; two South Side apartment buildings each worth $190,000, and the Tinley Park home, valued at $1.4 million, according to the bankruptcy filing.

Mr. Walker’s personal property includes two Range Rovers, a $20,000 designer watch and the NBA championship ring he won with the Miami Heat.

Secured creditors, owed $5.9 million, include Chicago-based Northern Trust Co., the lender on the Tinley Park mansion, and Atlanta-based SunTrust Bank, which has a first mortgage on Mr. Walker’s Miami home.

Unsecured creditors are owed about $6.9 million. Mr. Walker’s former agent, Chicago-based Mark Bartelstein, is listed among the unsecured creditors and is owed more than $458,000, according to the petition. Gambling losses include $770,000 owed to Harrah’s in Las Vegas and $500,000 owed to Ameristar Casino in East Chicago, Ind.

In Chicago, Northern Trust filed a foreclosure lawsuit May 13 in Cook County Circuit Court alleging that Mr. Walker defaulted on a $2.33-million mortgage for the 13,144-square-foot home in Tinley Park. The foreclosure suit alleges that Mr. Walker hasn’t made the monthly mortgage payment for more than three months, and that the bank is owed more than $2.28 million in unpaid principal, interest and fees on the 2005 loan.

Yet another cautionary tale for up-and-coming athletes, and anyone who plans on using currency, really.  When you’re making money hand over fist, you’re not really thinking about the day when the money slows; you’re living in the moment.  You need to be smart enough to hire an accountant to handle your monetary affairs, because there’s gonna be endless things vying for your attention.  Also, I’m guessing he can’t call his buddies and ask for the cars/jewelry/miscellany back now, because they disappeared when the money did.

I’m reminded of a story I heard about Manny Ramirez, who notoriously stashed paychecks in his glovebox and never cashed them.  Everyone recognizes Manny as this free-spirit of sorts, and there’s a sneaking suspicion that he’s not a very bright individual.  One night, David Ortiz fell into possession of Manny’s Black Card, and Manny was aware of it.  A few of the players (and a couple nohos) went out for a night on the town that Ortiz bragged was “on Manny.”  Fast-foward to the arrival of the check, which as you might imagine was pretty sizable.  David Ortiz, probably smiling ear to ear, pulls out Manny’s AMEX and slaps it on the bill.  Manny picks his card up, puts it in his pocket, and laughs, all while saying, “Ohhhh noooo.  I’m not paying for this.  Not me.”

It’s too late for Toine to pull his card out of the mix now, but here’s to hoping he’s learned a bit about living within his means.  Maybe someone else will get the message.

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