Former NBA Star Antoine Walker Files For Bankruptcy
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.
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