Antoine Walker is Officially Filing for Bankruptcy

by Minority Fortune

Antoine’s bankruptcy is like a loose tooth. You’re not sure when it’s going to happen, but it’s guaranteed to happen. Well, the inevitable has come to pass! Our money-losing extraordinaire has officially filed for bankruptcy. We guess that confidence to pay back all debts owed has finally eroded.

Chicago Business reports that Antoine has a list of liabilities worth $12.74 million while holding assets of $4.28 million. Those assets include his $6,000 2006 NBA championship ring, four properties, two Range Rovers, and a 20-grand designer watch. The liabilities consist of a mixture of secured and unsecured debts, mainly mortgages and gambling debts. It’s the saddest fate of all for a man who once had over $110 million dollars to his name.

What went wrong?

We’ve gone over Antoine Walker’s wrong doings multiple times. While we understand his screw-ups, more importantly we hope that he too understands. Wealth is a state of mind, and for that reason alone Antoine was never wealthy for a number of reasons:

1. Poor Social Circle: Antoine kept people who leeched off his money around him. Instead of surrounding himself with business and money savvy people to inspire him to grow his wealth, he remained around a group of hardly-wealthy people who knew nothing about money. It’s no surprise that his current situation mimics that of his friends and family.
2. Negative Cashflow: How embarrassing that this man’s list of assets only amount to a little over $4 million. This man spent many times over what he earned. So while he may have indeed earned $110 million, he did the impossible and spent $122.74 million. This man knew nothing about assets and spent his cash away on liabilities many times over. Looks like in the end that the liabilities won the war.
3. No Long-term Outlook: Antoine only lived life in the moment. His $110 million could have lasted for generations if he had managed his money efficiently. It could have granted him a lofty retirement. It could have granted him a lifetime of comfort. However, he threw caution to the wind and lived in the moment for 13 years, proving that no amount of money can be safe in the hands of a hardly-wealthy mentality.

The truth is that Antoine could stumble into $200 million dollars tomorrow, and he would lose it again within a decade. He never mastered the art of wealth. Now that he’s past the prime of a high income, he’ll face financial hardships for the rest of his life. It truly is a pity. All of his money returned to the hands of the wealthy. It’s something he’ll have to think about for the rest of his life. May this be your last bankruptcy and the end of your crappy spending habits, Antoine Walker. For now, cheer up. At least you’ve entitled yourself to lifetime notoriety in the Minority Fortune’s Grade F Model Hall of Fame!

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