OT:Antoine Walker files for bankruptcy


#1

To me, this is one of the saddest things in sports, the unpreparedness of professional athletes in financial matters. Not sure anything can be done about it, but agents seem to have little influence in many cases.

http://www.nba.com/2010/news/05/28/walker.bankrupt.ap/index.html

If you scroll to the bottom of this link, it shows his career earnings. It’s almost incomprehensible that one could go through this amount of money. The evils of debt, and as mentioned, gambling. He played last year. My goodness.

http://www.basketball-reference.com/players/w/walkean02.html


#2

The source of one of my favorite quotes. When asked why he shot so many threes he said:

Because there are no fours

kid, I’m just trying to relate this PSU hoops! ;D


#3

[quote=“kidcoyote, post:1, topic:1196”]To me, this is one of the saddest things in sports, the unpreparedness of professional athletes in financial matters. Not sure anything can be done about it, but agents seem to have little influence in many cases.

http://www.nba.com/2010/news/05/28/walker.bankrupt.ap/index.html

If you scroll to the bottom of this link, it shows his career earnings. It’s almost incomprehensible that one could go through this amount of money. The evils of debt, and as mentioned, gambling. He played last year. My goodness.

http://www.basketball-reference.com/players/w/walkean02.html[/quote]

About 110 million. Wow.


#4

Reminds me of Latrell Spreewell when he turned down 10 million per year because he had a family to feed. Then He didn’t get signed and went bankrupt. Just gotta laugh at these guys.


#5
[quote="kidcoyote, post:1, topic:1196"]To me, this is one of the saddest things in sports, the unpreparedness of professional athletes in financial matters. Not sure anything can be done about it, but agents seem to have little influence in many cases.

http://www.nba.com/2010/news/05/28/walker.bankrupt.ap/index.html

If you scroll to the bottom of this link, it shows his career earnings. It’s almost incomprehensible that one could go through this amount of money. The evils of debt, and as mentioned, gambling. He played last year. My goodness.

http://www.basketball-reference.com/players/w/walkean02.html[/quote]

About 110 million. Wow.

…and that is strictly playing salaries, not endorsements or appearances fees or anything else.


#6

I think the SADDEST thing is the creditors who will get shafted when Walker declares bankruptcy…AND the taxpayers and honest consumers who will pay for Walker’s fun.

I shed NO tears for Walker.


#7

[quote=“tundra, post:6, topic:1196”]I think the SADDEST thing is the creditors who will get shafted when Walker declares bankruptcy…AND the taxpayers and honest consumers who will pay for Walker’s fun.

I shed NO tears for Walker.[/quote]

Creditors should be smarter than that. He has $12 million in liabilities. Did his last lender not do a credit check? No tears for them. They did it with their eyes open. And some were casinos. Would you have lent him $2 million after checking his balance sheet, advancing age and limited future earnings?


#8
[quote="tundra, post:6, topic:1196"]I think the SADDEST thing is the creditors who will get shafted when Walker declares bankruptcy..................AND the taxpayers and honest consumers who will pay for Walker's fun.

I shed NO tears for Walker.[/quote]

Creditors should be smarter than that. He has $12 million in liabilities. Did his last lender not do a credit check? No tears for them. They did it with their eyes open. And some were casinos. Would you have lent him $2 million after checking his balance sheet, advancing age and limited future earnings?

OK, I see your point. I didn’t read the article.


#9

Not sad in the sense where we feel bad for Mr. Walker; sad in the sense that this is pathetic.


#10

I can’t get over how many athletes make millions and end up bankrupt. Seems insane. But, I’ve read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.


#11

It has to do with the phenomenon that Emile Durkheim coined “Anomie.” Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone’s lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.


#12
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
When I do buy a powerball ticket, I always take he annunity option. I read an interview with one of the very early lotter winners from 20 years ago, and one comment they made struck with me... Something to the effect that they were very glad it was spread into 20 annual payments as they went through the 1st one like it was nothing, and would have likely done that with the whole lot if given the whole thing at once. They were very glad they got 19 more chances to "get it right".

#13
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
[b]When I do buy a powerball ticket, I always take he annunity option[/b]. I read an interview with one of the very early lotter winners from 20 years ago, and one comment they made struck with me... Something to the effect that they were very glad it was spread into 20 annual payments as they went through the 1st one like it was nothing, and would have likely done that with the whole lot if given the whole thing at once. They were very glad they got 19 more chances to "get it right".

You must not have gotten one in a while. You no longer ask when you buy the ticket, you decide when you win. Been that way for years.

My office is doing a pool for the current $260M jackpot.

I will buy 1 ticket when the jackpot gets this big. I never check the numbers until months later.


#14
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

#15
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

It’s never these people’s faults. As long as there’s an expert to coin a “condition”, we never have to blame ourselves.


#16
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

It’s never these people’s faults. As long as there’s an expert to coin a “condition”, we never have to blame ourselves.

Why accept responsibility? If you can blame someone or something else, why not? That’s why we bail out every friggin’ company that can’t manage their own financial mess. It’s the American way. (all sarcasm, if you couldn’t tell).


#17
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

Of course there are many smart ones. But Walker was actually very successful. $108 mill for a career maybe not among leaders (Garnett is at $251 million and counting), but it’s still amazing. I saw a show on the NFL that within 4 years of leaving the NFL over 70% of players are bankrupt or near bankrupt. That’s a different issue, I think. Many of these guys just play a few years and aren’t prepared for civilian life.


#18
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

Of course there are many smart ones. But Walker was actually very successful. $108 mill for a career maybe not among leaders (Garnett is at $251 million and counting), but it’s still amazing. I saw a show on the NFL that within 4 years of leaving the NFL over 70% of players are bankrupt or near bankrupt. That’s a different issue, I think. Many of these guys just play a few years and aren’t prepared for civilian life.

70%?! I can’t believe that. Do you have a link on that stat?


#19
[quote="mjg, post:10, topic:1196"]But, I've read / seen / heard that many big lottery winners end up the same way. Must have something to do with not knowing how to handle so much money in a way that guarantees it never runs out.[/quote] It has to do with the phenomenon that Emile Durkheim coined "Anomie." Anomie is a state of normlessness/rulessness that can be created by a sudden dramatic change in someone's lifestyle. That is the case with lotto winners. The rules that they once lived their life by (financial rules, in this example) dissolve and they lose track of what to do. This anomie leads to vast increases in spending by these winners and, eventually, bankruptcy in many cases.
I have heard this also.................BUT I wonder if this is just "psyco" B.S. talk for just plain old "foolishness!" I think there are many big "fast buck" athletes who DON'T blow their money. But, years later you don't see their names in headlines for bankrupcy.

Of course there are many smart ones. But Walker was actually very successful. $108 mill for a career maybe not among leaders (Garnett is at $251 million and counting), but it’s still amazing. I saw a show on the NFL that within 4 years of leaving the NFL over 70% of players are bankrupt or near bankrupt. That’s a different issue, I think. Many of these guys just play a few years and aren’t prepared for civilian life.

70%?! I can’t believe that. Do you have a link on that stat?

Actually, the number is 78%. Pretty bad. And it’s within two years after leaving, not four. Before looking it up, I was being conservative.

http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Why-do-so-many-NFL-players-go-bankrupt-?urn=nfl,190555

It’s not just athletes. Did you see the story about Kevin Costner and his “project” to deal with oil spills which he offered to BP? He, working with his brother, spent $26 million of his own money developing a product to separate oil and water in the case of spills. Been funding it for 10-15 years. I don’t think BP took him up on it. Lotta dough down the drain. Maybe now he’ll quit funding it. If they can’t use it now, when will they use it?

This is the real story, it’s the link in above link. SI story. Amazing.

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm

Things like this don’t help.

• Numerous retired MLB players have been similarly ruined, and the current economic crisis is taking a toll on some active players as well. Last month 10 current and former big leaguers—including outfielders Johnny Damon of the Yankees and Jacoby Ellsbury of the Red Sox and pitchers Mike Pelfrey of the Mets and Scott Eyre of the Phillies—discovered that at least some of their money is tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. Pelfrey told the New York Post that 99% of his fortune is frozen; Eyre admitted last month that he was broke, and the team quickly agreed to advance a portion of his $2 million salary.

I think this could be the epitome of “putting your foot down.” Wow.

In 1994, when NBA center Dikembe Mutombo was engaged to Michelle Roberts, a med student, Roberts refused to sign a premarital contract the day before the wedding. Five hundred guests—including a large party from Mutombo’s native Democratic Republic of Congo—had begun flying in to Washington. “[Roberts] never signed,” Falk says, “and Mutombo never married the girl.” Calling off the nuptials reportedly cost him $250,000.

Now here’s one which could have been avoided by Torey Hunter. Sound like something Ralph Kramden would go for.

About five years ago, Hunter says, he invested almost $70,000 in an invention: an inflatable raft that would sit under furniture. The pitch was that when high-rainfall areas were flooded, consumers could pump up the device, allowing a sofa to float and remain dry. “The guy I invested with came back and wanted me to put in more, about $500,000,” Hunter says. “Then I met [Butowsky], who just said, Hell no! I wound up never seeing that guy—or any of my money—again.”


#20

Hunter - Wow…I wonder if he wants to invest in my “electric fork” idea? ::slight_smile: It keeps the food warm between the plate and your yap.