OT: 'Toine Walker in financial hell

[Fez Hammersticks]

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.

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.

Walker declined to comment through his agent. His lawyer did not return calls. Walker faces a court hearing this Thursday in Las Vegas on three felony counts of drawing and passing checks without sufficient funds with intent to defraud. As of Friday, a representative for the Clark County district attorney’s office in Las Vegas said, Walker had made no move to pay up or otherwise settle the case. Each of the charges carries a possible one- to four-year prison term.

LINK​

 

[MickZagger]

I wouldn't even know how to spend $110 mil.

 

[BTOWN_HUSTLA]

We should have an Antoine Walker Bailout!

 

[Rodolfo]

I wouldn't even know how to spend $110 mil.

As Patrick Ewing once said during the lockout, "We might make a lot of money but, we also spend a lot of money."

 

[Denny Crane]

When you casually drop $1M+ at casinos, you'll burn through that $110M quick enough.

 

[Fez Hammersticks]

I don't feel sorry for him at all.

He made $110m, more than most people make in a year, he made in one game.

So, I find this hilarious. How does reality taste, 'Toine?

 

[Fawzi83]

I don't feel sorry for him at all.

He made $110m, more than most people make in a year, he made in one game.

So, I find this hilarious. How does reality taste, 'Toine?

WTF?

 

[Shooter]

No wonder he's an idiot. He was apparently raised by one.

Walker’s mother, Diane, said her son does not have a gambling problem. She added that “he doesn’t party any more than the next person’’ and “what you do with your life is your business.’’

“Antoine doesn’t owe anybody any explanation,’’ said Diane Walker. “He’s not out here hurting anybody. He’s trying to live his life peacefully. That’s all he’s doing . . . My son is young. Why can’t he just enjoy life, go where he wants to go?’’

 

[TehChad]

That's impressive but also kind of sad. I mean hes pretty much fucked for life now unless he gets some job as an assistant coach or radio analyst or something...and even then, it's welcome back to the world of everyone else with planned budgets, car and mortgage payments, and monthly paychecks. And to think he had the opportunity to help his entire family be (more than) financially secure for 100 years, if not more...on second thought, I don't feel bad for him at all. What a short-sighted idiot.

 

[alex42083]

I'm sure this won't be the last of these types of stories as those players who played in the 90's when teams started giving out those big-money contracts, are finally seeing their careers come to an end. While I'm sure some were financially responsible, there are a whole lot of them who probably enjoyed the NBA life a little too much and didn't consider their life after basketball.

 

[THE HCP]

Sprewell is looking for a roommate I heard!

 

[alex42083]

Sprewell is looking for a roommate I heard!

Doesn't he have a family to feed? Why's he need a roommate?

 

[PtldPlatypus]

I don't feel sorry for him at all.

He made $110m, more than most people make in a year, he made in one game.

So, I find this hilarious. How does reality taste, 'Toine?

WTF?

Better structure and punctuation would have helped. Try it this way.

"He made $110m. He made more in one game ($144K average between '99-'05) than most people make in a year."

Better?

 

[BLAZER PROPHET]

He not only made $110,000,000.00, but made probably 1/4 to 3/4 that much in endorsements as well. So his career take was probably close to $150,000,000.00.

Unbeleivable.

 

[speeds]

He made more in a day ($43,000) than most people make in a year between 99-05!

 

[speeds]

He not only made $110,000,000.00, but made probably 1/4 to 3/4 that much in endorsements as well. So his career take was probably close to $150,000,000.00.

Unbeleivable.

Probably paid what, 40% tax, tho?

 

[maxiep]

Perhaps he can work off his gambling debts by doing his shimmy dance on stage at the Spearmint Rhino.

 

[maxiep]

Probably paid what, 40% tax, tho?

Yeah, it's the IRS' fault!

 

[mook]

Made me think of this episode of This American Life, one of my favorite programs on NPR:
http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1235

Act Two. Show Me the Annuity.
This American Life producer Alex Blumberg talks with Ed Ugel, who had a very unusual dream job: he bought jackpots from lottery winners. When you win the lottery, your prize is often paid out in yearly installments. And Ed would offer winners a lump sum in exchange for their yearly checks. He's talked with thousands of lottery winners, and the vast majority, he says, wish they'd never won. Ed is writing a book about his years in the "lump sum industry" called Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions. It comes out in September 2007.

Here's a short article I enjoyed while searching for that program:
http://articles.moneycentral.msn.co...otteryWinnersWhoLostTheirMillions.aspx?page=1

 

[BLAZER PROPHET]

Probably paid what, 40% tax, tho?

Or even 50%.

Still, a huge chunk of change to blow thru so fast.

 

[oldmangrouch]

Doesn't he have a family to feed? Why's he need a roommate?

To feed to the family. Duh!

 

[Charcoal Filtered]

What makes this story more shocking is how quick the money disappeared. Usually hear this kind of story years after a player comes off that big contract.

 

[Further]

sounds to me like he has a real gambling addiction. You can call him an idiot, which he might be, but he is likely dealing with a massive addiction.

 

[The_Lillard_King]

Or even 50%.

Still, a huge chunk of change to blow thru so fast.

Let's not forget the 10% to the agent . . .

 

[hasoos]

Doesn't he have a family to feed? Why's he need a roommate?

At least he isn't like Shawn Kemp, who has 17+ families to feed.

 

[oldmangrouch]

At least he isn't like Shawn Kemp, who has 17+ families to feed.

Good old Shawn!

How dumb do you have to be to not be able to figure out how a condom works? Too many moving parts for ya' big guy?

 

[PapaG]

Let's not forget the 10% to the agent . . .

It's more like 3-5%. Still a good chunk of change, though.

 

[BLAZER PROPHET]

Good old Shawn!

How dumb do you have to be to not be able to figure out how a condom works? Too many moving parts for ya' big guy?

 

[LittleAlex]

I think Walker heard the phrase "Too Big to Fail" and thought it was about rich fat people.