Jack Johnson Files for Bankruptcy

[CarolinaBlueJacket]

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.

At least she would only take half. Seriously though it's horrible that his parents did this to him. If you can't trust your parents who can you trust? Good but difficult lesson for him and other players to keep an eye on their finances. The good news is that he is young enough to make it back and retire a multimillionaire as long as he can keep it together mentally and physically.
Now imagine how pissed he was when he was suspended and lost 3 games worth of pay. Tough times for Jack but he will get through it.
Jack has nothing to feel emberrased about but his parents on the other hand should be begging for forgiveness.

 

[WannabeFinn]

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.

Logic has no place here in times like these!

 

[Socks]

Just reread the article. I feel so bad for Jack. I'm 33 and I still rely on my parents for a ton of things, financial advice included. If they were to pull the same type of shenanigans on me that his parents did on him I would be heartbroken. Other people can worry about whether he should hold some blame or not, my heart is just going out to him in such an awful situation.

 

[Tulipunaruusu*]

...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.

The story painted out that the third Johnson was already from year 2008 without proper financial adviser before that big deal in 2011 started out rather unfortunate chain of events. Others pursued their dream of home, family life and all that goes with it. Everyone bought a car. Nothing wrong with that in my mind when there's big pay day looming ahead.

I just can't see how his parents apparently used his good naive will to their gain as money was lost with bad execution and none of the sides made out of it richer than they could be now. Put amateurs on the job and you can only blame yourself. Collectively. As a family.

Bizarre financial decisions (made in haste) make one side appear like it was their intention to lose the money. According to biased media. While dollars break another family as neither side cannot admit mistakes made on their behalf.

Did his parents overall even make more money out of it than his new team of financial advisers will earn in the upcoming years...

 

[CBJSlash]

This sucks. I'd wonder if his parents had a bird in his ear to fire his agent to avoid the commission. There's going to be some Dr. Phil couch time in Mom and Dad's future.

Anyone think we could crowdraise the money to buy his car? $1 from each fan. Find someone to store it. #GotYourBackJack !

Will this turn JMFJ to JFMJ?

 

[CarolinaBlueJacket]

Anyone think we could crowdraise the money to buy his car? $1 from each fan. Find someone to store it. #GotYourBackJack !

Uuuhhhh....no.
But if you do I will let you store it at my house.

 

[blahblah]

It's hard to believe that a family would take advantage of their own son in such a manner.

I feel for the guy. I'm surprised, however, that it took this long for him to address the issue(s).

 

[CarolinaBlueJacket]

It's hard to believe that a family would take advantage of their own son in such a manner.

Just watched a program where a mother stabbed her 2 toddlers because they were too expensive and were cramping her lifestyle.
The longer I live the less surprised I am by what people do.

 

[BluejacketNut]

Idiots and a hole thrive in numbers. Lots of numbers out there now

 

[EspenK]

The story painted out that the third Johnson was already from year 2008 without proper financial adviser before that big deal in 2011 started out rather unfortunate chain of events. Others pursued their dream of home, family life and all that goes with it. Everyone bought a car. Nothing wrong with that in my mind when there's big pay day looming ahead.

I just can't see how his parents apparently used his good naive will to their gain as money was lost with bad execution and none of the sides made out of it richer than they could be now. Put amateurs on the job and you can only blame yourself. Collectively. As a family.

Bizarre financial decisions (made in haste) make one side appear like it was their intention to lose the money. According to biased media. While dollars break another family as neither side cannot admit mistakes made on their behalf.

Did his parents overall even make more money out of it than his new team of financial advisers will earn in the upcoming years...

Does this kind of thinking come to you naturally or do you have to work at it?

 

[blahblah]

The story painted out that the third Johnson was already from year 2008 without proper financial adviser before that big deal in 2011 started out rather unfortunate chain of events. Others pursued their dream of home, family life and all that goes with it. Everyone bought a car. Nothing wrong with that in my mind when there's big pay day looming ahead.

I just can't see how his parents apparently used his good naive will to their gain as money was lost with bad execution and none of the sides made out of it richer than they could be now. Put amateurs on the job and you can only blame yourself. Collectively. As a family.

Bizarre financial decisions (made in haste) make one side appear like it was their intention to lose the money. According to biased media. While dollars break another family as neither side cannot admit mistakes made on their behalf.

Did his parents overall even make more money out of it than his new team of financial advisers will earn in the upcoming years...

They took out loans that were unpayable and resulted in defaults, not to mention a few other high interest loans. Where did that money go? Who knows how much they "skimmed" from his accounts along the way.

Your post almost makes me as sad as what they did to JJ. It was very immoral, what they did.

As someone that was taken advantage of, in the past, by friends and family in financial matters (not to this extent obviously); I don't think you realize what this type of betrayal can do to you.

 

[Bobcat110]

The story painted out that the third Johnson was already from year 2008 without proper financial adviser before that big deal in 2011 started out rather unfortunate chain of events. Others pursued their dream of home, family life and all that goes with it. Everyone bought a car. Nothing wrong with that in my mind when there's big pay day looming ahead.

I just can't see how his parents apparently used his good naive will to their gain as money was lost with bad execution and none of the sides made out of it richer than they could be now. Put amateurs on the job and you can only blame yourself. Collectively. As a family.

Bizarre financial decisions (made in haste) make one side appear like it was their intention to lose the money. According to biased media. While dollars break another family as neither side cannot admit mistakes made on their behalf.

Did his parents overall even make more money out of it than his new team of financial advisers will earn in the upcoming years...

Lol. Taking $15 million in loans from loan sharks against your son's future income is just an amateur naive bad financial decision. Well played man

 

[Ar-too]

It's the lack of compassion that astonishes me. He's a person. I'm not saying this in a "their just like us!!!", People magazine reader, kind of way. I mean, when you read a story like this, your reflex should be one of compassion towards a human being who is going through something that is excruciatingly complex, and simultaneously terribly simple: he has an overwhelming financial situation involving numerous creditors who he can't pay and is in default to them on a variety of different things, some of value, some not. On the other hand, people who he's supposed to be able to implicitly trust foisted this situation on him. Should he have been more aware? Probably. That does not make this all his fault, or something he deserves.

Are there people in the world in worse, less deserved financial situations? Sure. Those people are less newsworthy than a professional athlete in our world, unfortunately. But this story is about Jack Johnson, and the level of ill will on display pointed in his direction is disgusting.

 

[Socks]

It's the lack of compassion that astonishes me. He's a person. I'm not saying this in a "their just like us!!!", People magazine reader, kind of way. I mean, when you read a story like this, your reflex should be one of compassion towards a human being who is going through something that is excruciatingly complex, and simultaneously terribly simple: he has an overwhelming financial situation involving numerous creditors who he can't pay and is in default to them on a variety of different things, some of value, some not. On the other hand, people who he's supposed to be able to implicitly trust foisted this situation on him. Should he have been more aware? Probably. That does not make this all his fault, or something he deserves.

Are there people in the world in worse, less deserved financial situations? Sure. Those people are less newsworthy than a professional athlete in our world, unfortunately. But this story is about Jack Johnson, and the level of ill will on display pointed in his direction is disgusting.

This. This times 1000. Everything we know about Jack points to him being one of the really good guys. And I don't care if this story involves a stranger on the street, JJ, or a friend my first reaction would be (and was when I read the story this morning) extreme compassion. My first thought would never be "well he completely deserves it heh heh heh." People amaze me.

 

[Crede777]

I feel bad for Johnson. Kind of weird that he doesn't have an agent or a professional financial consultant who works for him, though.

That said, nobody should have their parents mismanage their funds in such an egregious way, even if they're adults.

The CBJ have their prospects take a class on financial management and offer those services during the prospects camp. They literally lecture the youngsters on how to manage their money. Hopefully the team is helping out Johnson (both management and his teammates) so he can focus on the game.

Good news is he has put people in position to "solve" this matter. I think he'll weather the storm, although his credit obviously will be in the dumpster. He knew about the issue last May and still was a beast in the playoffs, so hopefully he can overcome. Provided he doesn't suffer a career ending injury, I think he'll rebound.

 

[CBJWerenski8]

It's the lack of compassion that astonishes me. He's a person. I'm not saying this in a "their just like us!!!", People magazine reader, kind of way. I mean, when you read a story like this, your reflex should be one of compassion towards a human being who is going through something that is excruciatingly complex, and simultaneously terribly simple: he has an overwhelming financial situation involving numerous creditors who he can't pay and is in default to them on a variety of different things, some of value, some not. On the other hand, people who he's supposed to be able to implicitly trust foisted this situation on him. Should he have been more aware? Probably. That does not make this all his fault, or something he deserves.

Are there people in the world in worse, less deserved financial situations? Sure. Those people are less newsworthy than a professional athlete in our world, unfortunately. But this story is about Jack Johnson, and the level of ill will on display pointed in his direction is disgusting.

This. This times 1000. Everything we know about Jack points to him being one of the really good guys. And I don't care if this story involves a stranger on the street, JJ, or a friend my first reaction would be (and was when I read the story this morning) extreme compassion. My first thought would never be "well he completely deserves it heh heh heh." People amaze me.

These x1000. Just because Jack made a bad decision to trust his parents (who wouldn't) doesn't mean he doesn't deserve sympathy. It's not like he was the one spending recklessly.

 

[cbj21]

My God thats bad parenting. Can't even trust his own parents. They should rot in ....!

 

[Mehar]

Very unfortunate to read, since your parents are usually two people that you think you can trust. When it comes to money, sometimes you cannot even trust your family. Sad statement but true.

 

[markrander87]

I wonder if players from other team would be low enough to chirp him about it on the ice.

 

[Seedtype]

Wow, I think I would be super depressed and hurt if my parents did that to me.

At least he should get it fixed now, I hope some positive motivation can be found in this.

 

[Gentle Ben Ken0bi]

Did his parents regularly go to the games? I imagine that they will stay clear away from any home games. I feel for his brother as he is stuck in the middle.

 

[Canadian Game]

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.

Wow...
First, I should start by mentioning that the purpose of Power of Attorney is to hand over the responsibility of managing finances because the person handing them over is unable to do so, whether it be due to a disability, poor financial management (Jack's case), or whatever.

A few questions:
1. If Jack's parents had Power of Attorney of Jack's finances, should his parents have done what's in the best interest of Jack and put their own interests aside?
2. Would it be wrong if his parents did whatever they please with his money?
3. Did his parents neglect Jack's best interests and trust?
4. If they were overwhelmed with handling his money or, like Jack, were unfit to properly handle his assets, should they have relinquished the Power of Attorney and had Jack assign a different person who is capable?

The answer to all of these questions is "Yes". Based on the article, did the parents follow any of these, no.

Yes, Jack made mistakes and created debts but he tried fixing it and his parents ended up taking advantage of him. I fail to see how the overall problem is Jack's fault when he tried taking care of his debts, sought help to fix his own problem, and put his trust in those who he agreed to having Power of Attorney. It sounds like the debts he created are nothing close to the ones his parents piled on him. Therefore, the bigger issue is his parents who took advantage of him when he was most vulnerable.

 

[Jive Pawnbroker]

What happened to Jack I would not wish upon my worst enemy.

My heart sank as I read this news as I cannot even begin to imagine all the emotions he's had to go through and will be going through as this process begins. This is beyond awful.

 

[landy92mack29]

his parents are completely at fault. you'd think you could trust them

 

[TaketheCannoli]

I'm a parent. When I read this article, I was dumbfounded that any parent could do the things the Johnson's did to their son. It's heartbreaking.