The judge in the Lenny Dykstra bankruptcy case put off until Sept. 1st a decision on whether to take control of the Chapter 11 bankruptcy away from Dykstra, or perhaps convert it to a Chapter 7 liquidation. Judge Geraldine Mund told the baseball legend's attorney, "He's gotta show me where some money's going to come from."

Today's hearing was brought by one of Dykstra's creditors who claims the former Mets star does not have insurance on his multi-million dollar mansion, and that he lied on a court document claiming it was insured.

There were conflicting accounts over whether the home is insured, so Judge Mund wants proof of insurance brought to court by Sept. 1. She also wants proof that Dykstra has listed the home for sale by then, along with another home he owns worth anywhere from $5 million to $8 million. That second home, also inside Sherwood Country Club, has been vacant for months as Dykstra has battled insurer Fireman's Fund to clean up a mold problem.

Most importantly, the judge says she wants proof that Dykstra has an income plan next time she sees him. His own attorney says Dykstra has no income, and his entire Major League Baseball pension is going to his estranged wife by court order. "I guess she should be paying part of the mortgage," Judge Mund said, "or at least the insurance."

Dykstra claims he is about to relaunch the Players Club Magazine, and his attorney told the court a major investor should soon be lined up. "It'll be extremely valuable," attorney Jon Hayes said. Hayes also told the judge that Dykstra believes he can regain control of his former car wash business.

"I want an outline of what's going to happen in this case," Judge Mund said in requiring Dykstra to appear in court Sept. 1st with a financial plan. "If there's a potential investor in Players Club Magazine...I want to know it's for real." Otherwise, Dykstra could lose his Chapter 11 status and end up having the case converted into a forced liquidation. "If there's nothing here," Judge Mund said, "I'd convert it."

Here is my brief interview with Dykstra outside court, where he talks about problems listing his two homes and his potential new business ventures, including a reality TV show.

On CNBC.com now

• Slideshow: Fallen Stars: Celebrity Foreclosures
• Slideshow: Biggest US Welfare States

Questions? Comments? Funny Stories? Email