Monday, October 26, 2009

because there ain't no fours!

The title of this post is what Antoine Walker (forever known around chez Angus as "big head") answered when a reporter asked him why he took so many three point shots.

As the NBA season starts up, Antoine has no team, no contract and is barely staying out of jail for unpaid debts. Despite earning $110 million dollars in his career and only being 33 years old,  'Toine is busted and the bills are coming due:

And he faces a host of other claims. This summer J.P. Morgan Chase Bank, Wachovia Bank, and American Express Centurion Bank won decisions against Walker. He was ordered to pay J.P. Morgan Chase $1,571,771.47 and Wachovia $1,540,929.14 - both for failing to pay off sizeable promissory notes. From court documents, the loans appear originally related to Walker’s nonbasketball business endeavors.

A default was entered in the American Express case with $53,321.71 in overdue credit card charges at stake, including some that fit the picture of a free-spending star - an $1,843.45 dinner, with a $350 tip, for instance. Or, two nights at the Mandarin Oriental in Miami for $2,198.04. And Walker, remarkably, appears to have authorized five people to make charges on his card, not a strategy most personal finance professionals would recommend. Many of the charges appear to have been rung up by another individual, but Walker is on the hook.

Additionally, in March, an arbitrator ruled that Walker owed his former agent, Mark Bartelstein, more than $450,000 in unpaid fees. Bartelstein declined to comment about the matter.

Antoine liked to live large:

Walker turned the pavement surrounding his home into a virtual luxury car lot - two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches - Rolexes and diamond-encrusted Cartiers.

One person who doesn't think Walker has a problem? His Moms:

“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?’’

“Antoine is doing great,’’ said Diane. “I have my home. He has his home. If he’s doing so bad, then how could we still be here?’’

We at KPC sincerely hope it doesn't come to that, but it's looking like it well might.