Toine says he didn't lose his money through gambling

[PSquared]

"I think a lot of people think I lost my money gambling," he said. "That's not the case. I went out into the real estate market and I personally guaranteed for seven companies, seven different banks. And I put basically my livelihood, my financial portfolio on the line. And like everybody else, I got caught in the recession. And the banks callled for all the loans, and I kept myself $12-$13 million in debt. And having to pay to get out of this debt. It was a terrible decision on my part. It's nobody else's fault but mine...


http://www.nba.com/2010/news/features/david_aldridge/09/27/morning-tip-antione-walker/index.html?ls=iref:nbahpt1



Sorry for making another toine thread but I felt this had to have its own 'cause of the misconception that Antoine gambled it all away when it really wasn't true....

[hwangjini_1]

Thanks for the link. While I am "toined out" by most threads this one is informative.

I wish him luck.... And everyone else who is hurting financially.

[Roy H.]

Well, he certainly lost a lot of money gambling based upon his criminal charges out of Vegas.

[BballTim]

"I think a lot of people think I lost my money gambling," he said. "That's not the case. I went out into the real estate market and I personally guaranteed for seven companies, seven different banks. And I put basically my livelihood, my financial portfolio on the line. And like everybody else, I got caught in the recession. And the banks callled for all the loans, and I kept myself $12-$13 million in debt. And having to pay to get out of this debt. It was a terrible decision on my part. It's nobody else's fault but mine...


http://www.nba.com/2010/news/features/david_aldridge/09/27/morning-tip-antione-walker/index.html?ls=iref:nbahpt1



Sorry for making another toine thread but I felt this had to have its own 'cause of the misconception that Antoine gambled it all away when it really wasn't true....

  Well, different kind of gambling...

[GreenFaith1819]

lol....there are TWO active threads in the list right now for Antoine.....

I would not be surprised at all if he somehow ends up back in Green in the future.....somehow.

You never know.

That would make for THREE return trips for him.

[CelticHooligan3]

lol....there are TWO active threads in the list right now for Antoine.....

I would not be surprised at all if he somehow ends up back in Green in the future.....somehow.

You never know.

That would make for THREE return trips for him.

Please NO.. And as Mr. Hobbs stated above I'm pretty sure his charges from Vegas tell a different story. And it wasn't exactly like he owed pocket change. Even for a million dollar athlete.

[PSquared]

Well, he certainly lost a lot of money gambling based upon his criminal charges out of Vegas.

Did you even read the full article, Roy?

He even touches on the gambling aspect along with everything else....Very interesting article.

And Very informative on what exactly happened.  Straight from the Shimmy-master's mouth.

Now could he be glossing over some things? Probably but until this article, all the information we got was from news reports and columns from so-called NBA insiders.   This is straight from Toine himself so it has to hold slightly more credibility, wouldn't you say?  



EDIT : Toine never said that Gambling didn't play a role in his current situation, just that the majority of his problems was because of the Real Estate disaster.  The Gambling issues just made an awful situation WORSE(especially with his going to trial and stuff)

[clover]

"I think a lot of people think I lost my money gambling," he said. "That's not the case. I went out into the real estate market and I personally guaranteed for seven companies, seven different banks. And I put basically my livelihood, my financial portfolio on the line. And like everybody else, I got caught in the recession. And the banks callled for all the loans, and I kept myself $12-$13 million in debt. And having to pay to get out of this debt. It was a terrible decision on my part. It's nobody else's fault but mine...


http://www.nba.com/2010/news/features/david_aldridge/09/27/morning-tip-antione-walker/index.html?ls=iref:nbahpt1



Sorry for making another toine thread but I felt this had to have its own 'cause of the misconception that Antoine gambled it all away when it really wasn't true....

  Well, different kind of gambling...

Surely he gambled some of it away in casinos and some, as Toine and the poster note, in other venues.

[Roy H.]

Well, he certainly lost a lot of money gambling based upon his criminal charges out of Vegas.

Did you even read the full article, Roy?

He even touches on the gambling aspect along with everything else....Very interesting article.

And Very informative on what exactly happened.  Straight from the Shimmy-master's mouth.

The article says that Antoine lost "millions" of dollars gambling.  It also says that he exhibits typical problem-gambler behavior, by chasing losing streaks by throwing more money at them.  The Vegas episode is the one that is documented, but I'm skeptical that he only lost large quantities of money once.

By Antoine's admission, he's down to about $4.7 million in assets, with over $12 million in liabilities.  Let's say that he earned around $80 million in his career after taxes.  That means he blew about $87 million that has disappeared.  Obviously, nobody loses that much just due to gambling; Antoine demonstrated a range of stupid behaviors, including bad investments, surrounding himself by losers, and yes, by throwing his money away gambling.

[PSquared]

Well, he certainly lost a lot of money gambling based upon his criminal charges out of Vegas.

Did you even read the full article, Roy?

He even touches on the gambling aspect along with everything else....Very interesting article.

And Very informative on what exactly happened.  Straight from the Shimmy-master's mouth.

The article says that Antoine lost "millions" of dollars gambling.  It also says that he exhibits typical problem-gambler behavior, by chasing losing streaks by throwing more money at them.  The Vegas episode is the one that is documented, but I'm skeptical that he only lost large quantities of money once.

By Antoine's admission, he's down to about $4.7 million in assets, with over $12 million in liabilities.  Let's say that he earned around $80 million in his career after taxes.  That means he blew about $87 million that has disappeared.  Obviously, nobody loses that much just due to gambling; Antoine demonstrated a range of stupid behaviors, including bad investments, surrounding himself by losers, and yes, by throwing his money away gambling.

so the question is : Is Toine an inherently-Stupid person or was he simply Naive in his thinking that the roads were paved in gold, figuratively speaking?

[Roy H.]

Well, he certainly lost a lot of money gambling based upon his criminal charges out of Vegas.

Did you even read the full article, Roy?

He even touches on the gambling aspect along with everything else....Very interesting article.

And Very informative on what exactly happened.  Straight from the Shimmy-master's mouth.

The article says that Antoine lost "millions" of dollars gambling.  It also says that he exhibits typical problem-gambler behavior, by chasing losing streaks by throwing more money at them.  The Vegas episode is the one that is documented, but I'm skeptical that he only lost large quantities of money once.

By Antoine's admission, he's down to about $4.7 million in assets, with over $12 million in liabilities.  Let's say that he earned around $80 million in his career after taxes.  That means he blew about $87 million that has disappeared.  Obviously, nobody loses that much just due to gambling; Antoine demonstrated a range of stupid behaviors, including bad investments, surrounding himself by losers, and yes, by throwing his money away gambling.

so the question is : Is Toine an inherently-Stupid person or was he simply Naive in his thinking that the roads were paved in gold, figuratively speaking?

Probably a bit of both.  The naivete might be an excuse early on -- a lot of people don't see bad investments coming -- but he was pretty stupid with a lot of his actions, as well, including the gambling, not monitoring his investments, etc., etc.

Antoine isn't unique in this regard; a lot of people who come from little who suddenly have money make stupid decisions.  It doesn't make him a terrible person, just an extremely irresponsible one.

[Greenbean]

Looks like he is still in the denial stage which tells me he has not turned the corner.

He put his entire financial portfolio on the line. These are his own words. How is that NOT gambling?

He was just terrible with money. He's not alone but there are certain steps that need to be taken to get better. I dont think he is taking those steps if this is his line of thinking.

[mgent]

Maybe he was gambling to get out of debt.