Dr. Billy Cannon had lost a $122,000 condominium because he couldn't keep up the payments and was under court order to pay $246,000 on promissory notes when he was arrested on a counterfeiting charge, court records show.

Records checked today revealed Cannon, the Heisman Trophy winner in 1959 while at Louisiana State and later a star in the American Football League, had paid only $60,000 on the Jefferson Parish condominium when it was seized for a sheriff's sale.

Records in the East Baton Rouge clerk of court's office also showed Cannon was ordered March 25 to pay about $246,925 on four promissory notes to First Progressive Bank in Jefferson Parish.

A woman who answered Cannon's home telephone today said he would not comment.

Cannon was arrested Saturday. He was arraigned that evening on a charge that he conspired to possess and deal in counterfeit $100 bills.

He tried to plead guilty, but U.S. District Judge Frank Polozola refused to accept the plea and gave him until Friday to reconsider.

U.S. Attorney Stanford O. Bard-well said more than $5 million in the bills has been seized--including $2 million last Friday night, when agents arrested two codefendants, and $3 million more after Cannon was arrested and told agents where to dig it up.

Late today, Bill Glasscock, president of Magnum Oil in Pensacola, Fla., was arrested and charged with conspiring to manufacture, possess and conceal $2.5 million in bogus bills. Also arrested was Eric Kramer of Brownsville, Texas, described as an accomplice in the Cannon case. Kramer was arrested in connection with a gold smuggling charge, too.

"We've got smuggling, we've got drugs," said Assistant U.S. Attorney Randall Miller. "But Cannon's involvement is strictly counterfeiting."

Officials of the National Football Foundation said a decision to induct Cannon into the College Football Hall of Fame was on hold pending the outcome of the allegations against him. He was to be inducted Dec. 6.