OT: Former Celtic Walker really in debt

[campybatman]

Talk about falling on hard times. Amazing... He's only thirty-three... What happened to you?

It seems as if since Walker won a NBA championship with Miami, things began to go bad for his image.

The first strike I recall was when his body fat percentage was over the required number by Riley. You'd the benching in Minnesota, and the "suspicion of drunken driving" incident.

I guess Walker must first admit to himself that he needs help. It sounds as if his mentality for the moment is: It's all good.

Near the cabaret bar, the deputies spotted the former Celtics all-star forward, chatting with a group of friends. Harrah’s security officials moved in, discreetly escorting him into an office where the deputies bound the 6-foot-9-inch, 245-pound Walker’s hands behind his back with two pairs of handcuffs and placed him under arrest on an outstanding warrant.

The charge: writing 10 bad checks for casino markers totaling $1 million in Las Vegas.

When Walker’s high school coach Mike Curta learned of the arrest, he called his former player in disbelief and asked whether there was anything he could do.

“Everything’s under control,’’ Walker replied, as Curta recalls it.

It wasn’t true then, and it hadn’t been for some time. “Under control’’ has never really described Antoine Walker, on the court or off it.

And now he is truly feeling the press. A Globe review found that, during the last seven months, Walker has been pursued by multiple financial institutions for unpaid debts totaling more than $4 million. Court documents filed in Illinois and Florida reveal Walker was named a defendant in three recent debt-related civil cases, in addition to the ongoing check-kiting case. His former agent is also after him, citing a heap of unpaid fees.

Several National Basketball Association sources, among them friends and former teammates of Walker’s, said the 33-year-old player may well have squandered much of his $110 million-plus in career earnings. Without a team or contract as the new NBA season begins Tuesday, they’ve heard that Walker is casting about for cash to pay off his debts and is looking to catch on with a team, perhaps even overseas.

http://www.boston.com/sports/basketball ... _vanishes/

[Hemingway]

He should still be able to cash in off his name in some capacity. I mean how much debt could he e in? If he made 100 mil or so, I'd bet he is in no more than 10 mil in the hole. He could still play a few years in Europe and go to the highest payer. He could probably sell some of the stuff he has laying around and there are always random odd jobs posted on craigslist he could take advantage of.

Of course the easiest way to get out of debt is to just go double or nothing on roulette writing bad checks to cover yourself until you break even. If you find a place that will let you gamble via checks based on your clebrity, in my legal opinion, you should exploit the situation.

[GuyClinch]

He had better get in shape and play in Europe ASAP. These athletes its amazing the money they burn through. The NBA should hold onto say 10% of a guys salary and dole it out over the rest of their lives (with interest) so guys don't end up flat broke. its ridiculous.

[AlCelticFan]

People just lose perspective. Many of these guys come from very poor backgrounds, and I wish they would remind themselves every once in a while how much value those millions of dollars have for a lot of their family or neighborhood where they grew up etc...

[GuyClinch]

Sure. But they have proven over and over again they can't handle it. I have read some shocking figures about how many guys are broke just a few years after they are done playing..

The league should step in and fix it.

Pete

[AlCelticFan]

They should have some kind of money management training.

[bostonfan34]

He should consolidate his assets immediately - he can still live rich, but liquidate the excess. Cut off his friends. This will earn some cash now and stop the bleeding, in a way. Then, he should get in the best shape possible and play here or overseas.

[spf211]

There's some research out there about wealth and interesting statistics. On average when you ask someone what salary they'd need to live comfortably it's twice what they currently make -- doesn't matter if you make $20,000 or $20 million a year. It all depends on your peer group.

Antoine thought he was a max salary player and probably hangs in crowds where people are worth twice as much as he is. When you're buying multiple homes at $10 million and all kinds of other luxuries, not even starting on gambling, shooting through $100 million can be easily done.

In the end I am sure he will be OK -- even if OK means he has to settle on living for a few hundred thousand dollars a year (imagine) -- but as others pointed out, it's going to take a rough wake-up call first.

[Wolves2011]

He had better get in shape and play in Europe ASAP. These athletes its amazing the money they burn through. The NBA should hold onto say 10% of a guys salary and dole it out over the rest of their lives (with interest) so guys don't end up flat broke. its ridiculous.

Do you think the players union would accept this?

Thats ignoring whather its right to penalize all players because a few can't handle their money.

Some guys like Ray Allen, and KG seem to handle their money very responsibly.

There are many players who have invested wisely, spent modestly [for their wealth] and live quite well....

don't tar all players because of a few bad apples.

The same can said about families with great wealth, where some of the children "blow it" on bad investments, gambling, drugs and what not.

Now if the union had a mandatory 401k, that players weren't allowed to tap until retirement age, that could help. But what happens to the guys who blow their money by 40 and have to wait till 62 to get at the 401K?

[Fencer reregistered]

It's tough to have a strong reaction beyond "I hope he comes out OK." A lot of the money seems to have gone in very admirable directions, while a lot of the rest (probably the majority) seems to have gone into ridiculous show-offy excess.

[AlCelticFan]

It's life. Even if he lost every cent he'd just be ... like the rest of us ...not so bad, really.

[canman1971]

I have no sympathy for those who have everything, then blow it all, especially when it involves gambling.

[SonicYouth34]

Damn 'Toine...

[Andrew McCeltic]

Congratulations, Celtics board, a whole Antoine Walker thread which doesn't once mention bringing him back to Boston. I'm proud of you

[shortodom]

They should have some kind of money management training.

i could be wrong but i think they do, when your a rookie they try and teach you how to manage your money but i guess most guys don't listen, idiots

[GuyClinch]

Do you think the players union would accept this?

Thats ignoring whather its right to penalize all players because a few can't handle their money.

it's not a few - and I am not saying guys shouldn't get their money just that it should be doled out like social security. I have heard estimates of 60%.

http://www.thestar.com/Sports/article/299119

"Sixty per cent is a ballpark. But we've seen a lot of guys who've really come into hard times five years after they leave the league," said Roy Hinson, the former NBA forward who's a representative for the players' association. "The problems are, for a lot of guys, they have a lot of cars, they have multiple houses, they're taking care of their parents. They're taking care of a whole host of issues. And the cheques aren't coming in anymore."

Listen these guys make more then enough money so the "hit" to them wouldn't be so bad. it actually would be GOOD for them because their 'friends" won't be able to hit them up for as much money in the short term..

Yes its protectionist but the truth is we are talking about young and sometimes poor guys coming into more money then they know what to do with. History shows that it just doesn't work out well. Its even good for the fans. I don't want to hear about my childhood heroes begging for coins on the street..

This is something that should be adding to the CBA next go round - and the league should consider some kind of fund being built for pensions for "qualified" old timers as well.

Pete

[TOMSPY77]

^^ That is an interesting article, thanks for sharing. Sorry to her about AW, he used to be one of my favorite players...

[Hemingway]

We still don't have a team mascot. That job pays like 100k a year right?

[SonicYouth34]

Because this thread wouldn't be proper if it didn't mention this...

LET'S BRING HIM BACK!!! That way he can pay his debts with the vet minimum.

[captain green]

Because this thread wouldn't be proper if it didn't mention this...

LET'S BRING HIM BACK!!! That way he can pay his debts with the vet minimum.

Pure poetry times two, danny sign him, lol ( he use to be my fav too )
That being said 100 mil and he squandered it no sympathy here.