Former NBA Star Antoine Walker Files For Bankruptcy

28May10

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. The Chicago native won the 2006 championship with the Miami Heat. Walker’s attorney did not immediately return a message seeking comment.

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.

The petition also lists $646,900 of gambling losses in 2008 and 2009, and shows that Nazr Mohammed, a Chicago native and center with the Charlotte Bobcats, paid $10,000 earlier this year to the law firm now representing Mr. Walker in the bankruptcy.

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.

Mr. Walker’s mother, Diane Walker, was named as a defendant in the foreclosure suit and also couldn’t be reached. A lawyer representing Northern Trust in the matter declines to comment.

LaShonda Matlock is an Entertainment Reporter for “Hollywood 360” on WIND-560AM Chicago and Entertainment Blogger/Reporter for NBC Chicago “Street Team”.

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11 Responses to “Former NBA Star Antoine Walker Files For Bankruptcy”

  1. 1 my2cents

    He looks like my gay uncle! :D No wonder he never married that pretty lady; she was cover up.. I think she knew he was gay and was content with spending his money (well that is..until she realized he was running out of money and wanted to be with a real man..) Just sayin….

  2. 2 John

    She look alright. She seems like a bitch on that show anyway. I guess it won’t be anymore child support payments.

  3. 3 dymond

    i do not understand why so many professional athletes end up going broke ,so much stuff they purchase is not needed ,they buy 2 and 3 homes n can only live n 1 at a time ,3 n 4 cars n can only drive 1 its crazy then all these items loose there value they ball out of controll then they r broke serves them rite if they r not smarter than dat if u came from nunthn and end up wit something who would want to go bac

  4. 4 willette

    Another sad day.Once again a brother failed to take care of business off the court like he did on tbe court and now he’s in court where he will be labeled a failure.

  5. 5 morgan

    yeah well hes still more important and talented than any of you even if he is washed up so shut up. and yeah every pro basketball player and rapper is apparently gay from what i’ve been told on the internet

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