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Jack Johnson files for bankruptcy thanks to parents’ loans against contract
I'm not a hockey fan, I have no idea who Mr. Johnson is but this article made me audibly exhale with shock at what I read.
Jack Johnson files for bankruptcy thanks to parents’ loans against contract
...
Aaron Portzline of the Columbus Dispatch reported on Thursday that Johnson filed for bankruptcy on Oct. 7, claiming assets of less than $50,000 and debts of more than $10 million. Sources tell Portzline that his debts could be closer to $15 million.
According to Cap Geek, Johnson’s made $20.9 million in his career on three NHL contracts; that money’s all but gone. His current one runs through 2018, and has him making $5 million a season; much of those future earnings have been ear-marked for repayment of loans. He’s had wages garnished from his paycheck from the Blue Jackets for last two seasons in order to settle one of three lawsuits he’s participated in.
The catalysts for this financial calamity are his parents, Jack Sr. and Tina Johnson. According to the paper, Johnson signed away his power of attorney to his mother after signing a 7-year deal with the Los Angeles Kings in 2011, three years after parting ways with super agent Pat Brisson.
She went on to borrow about $15 million in Johnson’s name via ridiculously high-interest loans.
http://news.yahoo.com/blogs/nhl-puck-daddy/jack-johnson-files-for-bankruptcy-thanks-to-parents--loans-against-contract-154348457.html
...
Aaron Portzline of the Columbus Dispatch reported on Thursday that Johnson filed for bankruptcy on Oct. 7, claiming assets of less than $50,000 and debts of more than $10 million. Sources tell Portzline that his debts could be closer to $15 million.
According to Cap Geek, Johnson’s made $20.9 million in his career on three NHL contracts; that money’s all but gone. His current one runs through 2018, and has him making $5 million a season; much of those future earnings have been ear-marked for repayment of loans. He’s had wages garnished from his paycheck from the Blue Jackets for last two seasons in order to settle one of three lawsuits he’s participated in.
The catalysts for this financial calamity are his parents, Jack Sr. and Tina Johnson. According to the paper, Johnson signed away his power of attorney to his mother after signing a 7-year deal with the Los Angeles Kings in 2011, three years after parting ways with super agent Pat Brisson.
She went on to borrow about $15 million in Johnson’s name via ridiculously high-interest loans.
http://news.yahoo.com/blogs/nhl-puck-daddy/jack-johnson-files-for-bankruptcy-thanks-to-parents--loans-against-contract-154348457.html
And it gets worse, if you can believe it.
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