Former Miami Heat Star’s Debt Slashed
Ex-NBA star Antoine Walker will finally be able to breathe a little easier.
The one time baller’s five year bankruptcy case finally coming to a close, which is good news for him, but bad news for the creditors who are going to be screwed out of $5.2 million he owed them.
Walker filed for bankruptcy back in 2010, claiming he was $12.7 million in debt and had only $4 million in assets – despite making over 110 million in his NBA career.
He was discharged from his debt back in March 2012, but the bankruptcy continued on with the trustee trying to work out the remaining issues and pay off as much of the $12.7 million dollars in debt that he could.
Walker lost his championship ring during the course of the case, with it being sold off for a total of $21,500 to the highest bidder a couple years back.
Then on November 6th, Walker’s bankruptcy trustee filed his final account and distribution report in the case. He explained that the case has been pending for the last five years, and a total of $5.2 million dollars of Walker’s debt have been discharged and the creditors owed from that money will not be paid.
The docs show that a Walker used $4.2 million in assets to pay off the remaining debts.
The report said that none of Walker’s mega-mansions were taken as part of the case, due to them not having any value to the estate.
The trustee sold off designer watches, furs and the 2004 Miami Heat championship ting for a combined total of $47,500. He also settled a lawsuit as part of the bankruptcy with Basketball Wives star Evelyn Lozada – the NBA star’s ex-finance – for a total of $40,000 that she had to pay the estate back for funds that Walker paid her prior to filing for bankruptcy.
A casino that Walker had a $500,000 debt with will only be paid $15,000 of their claim. Wells Fargo, which Walker owed more than $1 million, will only see $50,000, and another casino where Walker racked up a debt of half a million dollars is only being paid out $16,000 and a law firm owed $388,000 is being handed over a mere $12,000. The majority of Walker’s creditors were out of luck and won’t be paid a dime of the debt the NBA star owed them.
The trustee is requesting the judge close the case since he has finished all he can do with the bankruptcy, bringing the dark chapter in Walker’s life to an end after five years.