Jack Johnson Files for Bankruptcy

[CBJWerenski8]

This is uh...ugly.

http://bluejacketsxtra.dispatch.com...tml?utm_medium=twitter&utm_source=twitterfeed

http://bluejacketsxtra.dispatch.com...11/20/arace-column-on-jack-johnson-11-20.html

Johnson has earned more than $18 million during his nine-year NHL career, not including the $5 million he will be paid this season by the Blue Jackets.

Almost all of the money is gone, and some of his future earnings have already been promised — which is why Johnson, surrounded by a new team of financial advisers and an attorney, signed his financial surrender.

The scene was nearly four years in the making, after a string of risky loans at high interest rates; defaults on those loans, resulting in huge fees and even higher interest rates; and three lawsuits against Johnson, two of which have been settled and one that’s pending.

“I’d say I picked the wrong people who led me down the wrong path,†Johnson, a 27-year-old defenseman, told The Dispatch last week. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.â€

He has declined to comment further.

But sources close to Johnson have told The Dispatch that his own parents — Jack Sr. and Tina Johnson — are among the “wrong people†who, as Johnson put it, led him astray financially.

Click to read more...

 

[silver89]

Wow.

 

[Socks]

Makes sense now why he closed all his social media accounts if this was coming. What an awful situation.

 

[drspiegel]

"Seven months ago, The Dispatch caught wind of attempts to serve a subpoena on Blue Jackets defenseman Jack Johnson at Nationwide Arena. Johnson tried to evade service, and his teammates were helping by acting as a sort of human shield."

Good luck concentrating on hockey while this is going on in the locker room.

 

[Wendy Clear]

This just sucks, for all kinds of reasons but ultimately it sucks for Jack. Having said that, he's guaranteed some $10 million over the next 4 years (after taxes of course), so hopefully he works something out and gets his life back on track. I can't imagine having to juggle this kind of situation with having to be a pro athlete.

I don't even know what to say as far as it affects the Jackets. Obviously it's a huge distraction for him personally, how much it affects the locker room I couldn't say, but there's no way to spin it as positive. All in all just a very ugly, tough situation. ****.

 

[BluejacketNut]

Its one thing when you've chosen the wrong outside people, but when your parents screw you over, wow. Hard to feel you can trust anyone. Not sure what you would be needing to take out loans for when you have that much money other then for a home maybe. At least its probably easier to get back on your feet after bankruptcy when you make $5m a year

 

[Fro]

its sucks for Jack, but porty's first line made me not feel for him...you have financial problems, but you left the ferrari at home to drive the bmw...oh woe is you...

 

[CBJWerenski8]

its sucks for Jack, but porty's first line made me not feel for him...you have financial problems, but you left the ferrari at home to drive the bmw...oh woe is you...

and later mentions the ferrari is going to be a casualty of the bankruptcy.

 

[Halfboard]

His parents are the lowest of the low, IMO.

 

[JacketFanInFL]

its sucks for Jack, but porty's first line made me not feel for him...you have financial problems, but you left the ferrari at home to drive the bmw...oh woe is you...

His own parents were basically his advisers who contributed for his bankruptcy. Now he has "divorced" them in the words of the article. How can you not feel for that? It's gut wrenching to me that the folks who are supposed to know what's best for you can make such egregious and intentional financial errors.

There is a lot more to wealth and personal finance than what you drive. Most people who drive BMW's are broke.

 

[2ndGenIslander]

Read this this morning and it made me sick. It was foolish of him to ditch his agent and surrender his financial management to his parents and not a professional, but man how can a parent look themselves in the mirror after screwing over their child so badly? Really sickening

 

[SuperGenius]

its sucks for Jack, but porty's first line made me not feel for him...you have financial problems, but you left the ferrari at home to drive the bmw...oh woe is you...

Being one of the few people in the world who can do what he can do, I'd say he earned it. Given it's the only extravagant thing he's done for himself, I would think it would hurt quite a bit to give that up - not because it's a Ferrari, but because it represents a time now long gone.

Terrible situation. I really feel for the guy.

 

[Dr. Fire]

I am not going to sit here and make judgments on JJ. What kind of cars he drives, how rich guys deserve what they get, how much he and his parents suck, etc, etc. Plenty of people in all economic strata get themselves into financial trouble. Listen to the Dave Ramsey show some time.

All I care about is that JJ gets his financial house in order so that he can concentrate on his hockey game. He doesn't need a distraction like this, and neither do the CBJ. This kind of stuff is what keeps you up at night.

 

[Fro]

His own parents were basically his advisers who contributed for his bankruptcy. Now he has "divorced" them in the words of the article. How can you not feel for that? It's gut wrenching to me that the folks who are supposed to know what's best for you can make such egregious and intentional financial errors.

There is a lot more to wealth and personal finance than what you drive. Most people who drive BMW's are broke.

Its more a commentary on how porty wrote it than the situation...yeah it would be terrible to get duped into signing a power of attorney to let your parents ruin your life...but the lead in, took any emotional attachment from it for me...

 

[Tulipunaruusu*]

NHL's star cult is strange...

I can't see how you can blame anyone else than Jack Johnson Junior for this.

His parents didn't even scam the money, just lost it. Maybe it ain't the most ethical thing to buy a million dollar house (relatively cheap still) in secrecy but if the cheapskate of a Ferrari driving son won't do it himself as a gift... even tries to get non-cost financial management from the same people who were always quite involved in his life.

Nothing better in this world than ditching your relatives for a lifetime over pieces of paper, houses build brick by brick and Italian-made cars when everyone made mistakes.

 

[JacketFanInFL]

Its more a commentary on how porty wrote it than the situation...yeah it would be terrible to get duped into signing a power of attorney to let your parents ruin your life...but the lead in, took any emotional attachment from it for me...

Ah I gotcha, I thought that was a bizarre opener too fwiw.

 

[Ar-too]

NHL's star cult is strange...

I can't see how you can blame anyone else than Jack Johnson Junior for this.

His parents didn't even scam the money, just lost it. Maybe it ain't the most ethical thing to buy a million dollar house (relatively cheap still) in secrecy but if the cheapskate of a Ferrari driving son won't do it himself as a gift... even tries to get non-cost financial management from the same people who were always quite involved in his life.

Nothing better in this world than ditching your relatives for a lifetime over pieces of paper, houses build brick by brick and Italian-made cars when everyone made mistakes.

Did you read the article?

 

[JacketsDavid]

Amazing how in today's world there is so little accountability.

Dude is making $5M a year and is flat broke? he was renting one of penthouses downtown last season and yes the ferrari showed up last year before it went into storage (I presume) when the snow came last winter.

But if my parents called me and said "hey let me manage all your money" I know what my answer would be - no. You can advise me (like all parents do), but I'm going to have smart people around me that do their thing that they are trained in.

I feel for Jack - losing a relationship with your parents has got to be bad, but end of the day it was his money and he wasn't very good with it and that's on him. he can blame his parents or whoever else but he decided to let them lose it.

 

[Tulipunaruusu*]

Did you read the article?

For your pleasure twice now.

Johnson Junior set this thing in motion.

Parents then bought themselves some things and got the money for it in rather stupid way? Perhaps if the good son would have granted them a house and couple cars as simple gesture of gratitude they wouldn't have needed to acquire those assets in that shady way.

Or did his parents end up with 15 million of his dollars on top of that? It didn't go with everything else as badly ran finances?

 

[EspenK]

Amazing how in today's world there is so little accountability.

Dude is making $5M a year and is flat broke? he was renting one of penthouses downtown last season and yes the ferrari showed up last year before it went into storage (I presume) when the snow came last winter.

But if my parents called me and said "hey let me manage all your money" I know what my answer would be - no. You can advise me (like all parents do), but I'm going to have smart people around me that do their thing that they are trained in.

I feel for Jack - losing a relationship with your parents has got to be bad, but end of the day it was his money and he wasn't very good with it and that's on him. he can blame his parents or whoever else but he decided to let them lose it.

For your pleasure twice now.

Johnson Junior set this thing in motion.

Parents then bought themselves some things and got the money for it in rather stupid way? Perhaps if the good son would have granted them a house and couple cars as simple gesture of gratitude they wouldn't have needed to acquire those assets in that shady way.

Or did his parents end up with 15 million of his dollars on top of that? It didn't go with everything else as badly ran finances?

 

[SuperGenius]

For your pleasure twice now.

Johnson Junior set this thing in motion.

Parents then bought themselves some things and got the money for it in rather stupid way? Perhaps if the good son would have granted them a house and couple cars as simple gesture of gratitude they wouldn't have needed to acquire those assets in that shady way.

Or did his parents end up with 15 million of his dollars on top of that? It didn't go with everything else as badly ran finances?

Wow. Helluva take. So, essentially you've interpreted somehow that he didn't want to give them anything on his own and that because of this, they were forced to steal it for themselves...and that's ok, because it's Jack's fault for not doing it himself.

Holy jumpin'!

I get that Jack shares the blame here, but...wow. Try reading it a third time, I guess?

 

[Jaxs]

This is terrible for Jack. I can't imagine what he is thinking to himself on a daily basis. His parents are stupid or they're crooks. How the hell he can concentrate on playing hockey is beside me also.


Jack isn't completely without fault here also. To claim that he has no idea his money is being bilked by his parents, is hard to believe.

This does present a problem for the team. Did the rest of the Jackets find out about this, this morning? I am sure they will all be understanding and consoling, but it has to be a distraction that this team sure doesn't need at this point.

 

[jackets4life]

I feel for the guy, but I can't help but think JJ was more than a little naive signing over everything with a POA to his parents. I just don't understand it. Understand he trusted them, but common sense is another thing. Hire an attorney, a good financial advisor, a good CPA, educate yourself along the way. It's not that I wouldn't take care of my parents if I was in his shoes, I just wouldn't choose to sign my life away to them. The only one you can trust at the end of the day with finances is yourself, so if you don't bother educating yourself things can end up very badly for you.

 

[SuperGenius]

Amazing how in today's world there is so little accountability.

Dude is making $5M a year and is flat broke? he was renting one of penthouses downtown last season and yes the ferrari showed up last year before it went into storage (I presume) when the snow came last winter.

But if my parents called me and said "hey let me manage all your money" I know what my answer would be - no. You can advise me (like all parents do), but I'm going to have smart people around me that do their thing that they are trained in.

I feel for Jack - losing a relationship with your parents has got to be bad, but end of the day it was his money and he wasn't very good with it and that's on him. he can blame his parents or whoever else but he decided to let them lose it.

You're certainly wise to think this way, but clearly he didn't. He shares the blame, but while we're assigning accountability let's not forget to assign some to the parents too - considering they're the ones that convinced him to do it. There are many, many, many people in this world who would listen to their parents at the cost of common sense or logic.

Speaking of the $5M a year, you do realize that he doesn't see all of that, right? More like $2.8M - and yes, I know that's a lot of money, but it isn't as much as you might think. No amount of salary can cover for borrowing against the future the way his parents did.

 

[LSnow]

For your pleasure twice now.

Johnson Junior set this thing in motion.

Parents then bought themselves some things and got the money for it in rather stupid way? Perhaps if the good son would have granted them a house and couple cars as simple gesture of gratitude they wouldn't have needed to acquire those assets in that shady way.

Or did his parents end up with 15 million of his dollars on top of that? It didn't go with everything else as badly ran finances?

So you dont think its the parents fault, when they are complete Pejorative Slurs and take over 15% interest loans of millions and millions of dollars his son doesnt even have, only to spend it on themselfs? Like no-one is that incredibly stupid at finances, so i think they had some sinister motive behind them, possibly it was a way to get loans without MFJJ knowing it.