Mayor Bee
Registered User
- Dec 29, 2008
- 18,087
- 535
The bolded is apparently true, only because Jack Johnson the player is III and his father (named here) is Jr.
Jack Johnson Files for Bankruptcy
- Thread starter CBJWerenski8
- Start date
The bolded is apparently true, only because Jack Johnson the player is III and his father (named here) is Jr.
The other interesting thing is this type of bankruptcy (i believe if any bankruptcy attornies are here feel free to correct) has a 5 year payment plan (meaning his wages going forward can be garnished for another 5 years but interest/penalties will be frozen). With him being 27 he won't come out of this with much, unless he can either pay off all the debt (likely takes a new revenue stream, like recovery of dollars lost) or unless he can sign another big contract after the 5 years.
Where this is Jacks fault is he didnt follow his money. With the internet these days, its EASY to check what your money is doing. Maybe he always took it for granted, but regardless if I chose my parents to manage my money, i'd still be watching how they managed it, theyre not THAT busy.
Ar-too
Zealous Scrub
The reason, for me, that Jack Johnson, the player, is mostly absolved in this situation is because this started when he was very young. If the advice he was getting was from all, apparently, bad sources, then how was he to know what he was supposed to be paying attention to? He participated in it, obviously. But how could any of us expect him not to?
There are a lot of hot, steaming, wet, and smelly takes in this thread.
Hoping for the best for Jack. That's an ultimate level of betrayal that some of the armchair psychologists here frankly don't quite understand.
Hoping for the best for Jack. That's an ultimate level of betrayal that some of the armchair psychologists here frankly don't quite understand.
We Want Ten
Johnny Gaudreau
No way JJ should be held accountable. If you can't trust your parents, who can you trust?
I know I would in a second trust my parents to have my best interests and not scam me before anyone other than my wife.
I know I would in a second trust my parents to have my best interests and not scam me before anyone other than my wife.
My prayers are for Jack and his family, that his finances get straightened out and that one day he and his family can be reconciled
Double-Shift Lasse
Just post better
Bobcat110
Registered User
Wow...trying to grasp this entitlement to steal and waste someone else's money viewpoint.
His parents scammed him into signing a paper that gave them right to basically do "Payday" check advances against his contract. If you're in North America, think of all those "Check into Cash" advanced payment stores that charge higher interest rates than credit cards. Anyone with even the slightest common sense avoids these joints like the plague and would've gotten a normal mortgage. Yet, it's OK and they were entitled to do this because their son (who again, had not yet earned this money), was a cheapskate.
Deception and reckless wasting of someone else's money are now excusable for family members and the victim deserved it because he bought himself a nice car.
Although, I know statistically, around 50% of all people who come into large sums of money (inherit, lottery, professional sports, etc.) do end up in bankruptcy. I still feel horrible for JJ, he put faith in people he should be able to trust and they abused that trust. So wish this team could have some good news come from it once in awhile.
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What's worse is that its public knowledge now, so on top of losing the millions, its a public embarrassment for him. It is a life lesson to all the sports athletes out there, watch your money....greed/money changes people and just cause theyre your parents, doesnt mean they should be managing your money, short of them being financial experts
Ar-too
Zealous Scrub
Hopefully, now that the story's out, it can be a catharsis of sorts. Seems to have been a bit of an open secret based on the fact that his teammates (good on them, btw) were trying to protect him from some of the more embarrassing aspects of it.
JacketFanInFL
Brick by Brick
There are some unprecedented "Lambo leaps" being made by a couple posters. Supergenius nailed it with this:
JacketsFanWest
Registered User
When I hear that Prospect X has decided with his parents to do something like forgo college and sign an NHL contract with a large signing bonus, I wonder how much the $$ has to do with it. Or phrases like "earning potential" and theories about how quickly his entry-level deal will be over rather than the prospect's well-being. Young hockey players count on their parents to help them decide contract issues, yet they can get terrible advice if their parents just see a huge payday for them.
This sucks for Jack and I wonder if he'll end up being one of those guys trying to play hockey until age 45 in some second tier league in Europe just to replay all these debts.
This sucks for Jack and I wonder if he'll end up being one of those guys trying to play hockey until age 45 in some second tier league in Europe just to replay all these debts.
Iron Balls McGinty
Registered User
- Aug 5, 2005
- 9,164
- 7,247
Its funny how many comments I read here from people saying it's Jacks fault only and he should have known better.
Pro athletes are targets for people because of the amount of money they make. He probably shouldn't have trusted his parents with someone independently advising him. The POA given to his mother is definitely questionable when he is capable and has no medical reason his mother should have gotten that. However, his parents pretty blatantly were using his money for their own benefit.
Pro athletes grow up only knowing how to do 1 thing. Play sports. Unfortunately they aren't educated enough in handling their finances so they have no choice but to surround themselves with people to help take care of their finances. Sometimes those people have their own interests in mind and not the person they are working for and parents should most certainly not look at their kids as a bank account.
Pro athletes are targets for people because of the amount of money they make. He probably shouldn't have trusted his parents with someone independently advising him. The POA given to his mother is definitely questionable when he is capable and has no medical reason his mother should have gotten that. However, his parents pretty blatantly were using his money for their own benefit.
Pro athletes grow up only knowing how to do 1 thing. Play sports. Unfortunately they aren't educated enough in handling their finances so they have no choice but to surround themselves with people to help take care of their finances. Sometimes those people have their own interests in mind and not the person they are working for and parents should most certainly not look at their kids as a bank account.
EspenK
Registered User
- Sep 25, 2011
- 15,842
- 4,446
Not an attorney but my understanding is in a Chapter 11 the court will allow him to keep an amount to live on. The rest will go towards paying off his debts. The plan is for 5 years and whatever isn't paid is forgiven. I'm not sure how his next contract will be treated in this deal because I think he comes up again in 4 years. Creditors will probably ask for an amended agreement to cover year 5 but after that whatever he earns he should be able to keep it all.
Bobcat110
Registered User
It'd be cool if when his Ferrari goes to auction, his teammates pool together to buy it back for him. I'm sure they could set it up in a way (3rd party owner/trust ownership) to avoid being reclaimed. This team needs some good Mojo of some type.
Not sure how you could, as a parent, wake up and look at yourself in the mirror after taking advantage of your son like they did. I was guilty of not fully reading the details before i made criticizing comments, so i was in the wrong there. But like i said in another post, these athletes need to look over their finances more. This is not the first time an athlete has been taken by their parents (Bernie Kosar had it happen as well), or an adviser, money brings out the worst in people, even the ones you thought you could trust.
And wow, its on every news outlet now, from the Dispatch, to Puck Daddy to CNBC
And wow, its on every news outlet now, from the Dispatch, to Puck Daddy to CNBC
Matthew
OK Boomer
From what the article implies, he didn't figure it out until May of this year. Perhaps it explains his play this season though.
God knows I would be distracted. And couple that with the suspension he's had a ****** few months. No wonder he was so pissed. If he truly felt that he did nothing suspendable (regardless of what anyone else thinks) that was money out of his pocket that as it turns out he really needs.
WannabeFinn
Beloved One
I don't feel (as) bad about him losing the money (that sucks, it really does).. but what's really tragic about all of this is the damage this will do to the relationship he has/had with his parents. That isn't as easily fixable as his future financial situation. More money will come JJ's way, and JJ will have the advisors to help him do what needs to be done. The parents can't so easily be replaced.
Bobcat110
Registered User
Oh wow...yeah...good point...already having most of his pay garnished, then having a 3 game suspension without pay....
To everyone complaining about the Ferrari, if you were a 27 year old professional athlete that had made 18 million dollars, can you honestly say you would not have bought some type of car like that? What if it was a cheaper Ferrari, let's say 150k, that's a lot lower percentage of his income than I bet most of you have spent on your cars. I have a Honda Accord that is pretty close to half of my income.
