DaGreatGazoo Posted November 20, 2014 Share Posted November 20, 2014 I know we hear about these all the time, but man, this is just a sad story. His parents, of all people! http://bluejacketsxtra.dispatch.com/content/stories/2014/11/20/blind-sided.html Link to comment Share on other sites More sharing options...
hf101 Posted November 20, 2014 Share Posted November 20, 2014 According to an article by the Columbus Dispatch Jack Johnson has filed for Bankruptcy. This is after making $18 Million in his career not including the $5M he is to make this year. Almost all the money is gone including his future earnings and his Parents are to blame. Here is just a portion of what went wrong. In 2011, in the weeks leading up to Johnson’s first big contract — a seven-year, $30.5 million deal signed with the Los Angeles Kings, under which he now plays for the Blue Jackets — Johnson signed a power of attorney that granted his mother full control of his finances.Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults.The tangled web is one that The Dispatch has been investigating since the spring, and — according to court documents, NHL sources and sources with knowledge of the situation — involves a U.S. congressman from Iowa, the son of an oil baron in Texas and a former University of Michigan basketball star.Because Johnson’s name is on the loans, he has been sued at least three times for more than $6 million for defaulting, as in the case of the mortgage on a house in Manhattan Beach, Calif. In court documents, Johnson says his parents bought the house with his money but without his knowledge.Johnson’s parents allegedly each bought a car, spent more than $800,000 on upgrades to the Manhattan Beach property and traveled, often to see him play NHL games for the Kings and Blue Jackets.“Jack would ask (his parents) questions: ‘What’s this? What are these guys calling about?’ ” a source said. “And they would tell him not to worry about it, just worry about playing hockey.“These were his parents, right? He trusted them. It wasn’t until last spring or early summer that he understood there was a significant problem.” As parents we help mold our children's future, I'm just proud to help mine get to where they are, if they want to help me out someday, Wonderful. But this is just criminal! Link to comment Share on other sites More sharing options...
off_the_post Posted November 20, 2014 Share Posted November 20, 2014 Thanks for bringing this to my attention. This is a horrible situation. Link to comment Share on other sites More sharing options...
DaGreatGazoo Posted November 20, 2014 Author Share Posted November 20, 2014 Did you see the one loan? $3 million at 24% interest? WTF!?!?! Link to comment Share on other sites More sharing options...
JackStraw Posted November 20, 2014 Share Posted November 20, 2014 Although the results weren't as bad, it looks like Ryan Howard has gone through a similar situation with his family (including his twin brother): http://www.philly.com/philly/sports/phillies/The_family_legal_fight_over_Ryan_Howards_finances.html Link to comment Share on other sites More sharing options...
pilldoc Posted November 20, 2014 Share Posted November 20, 2014 wow is all i can say....just wow........ very sad indeed Link to comment Share on other sites More sharing options...
yave1964 Posted November 20, 2014 Share Posted November 20, 2014 I was just researching this and getting ready to post it, you beat me to it, unbelievable situation. He essentially handed over his finances to his parents who through sheer stupidity managed to bankrupt him. The Jackets have him with a set of financial advisors, looking out for his best interest but it is too little too late. He has three years left on his contract but the vast majority of the money will be going to repay debt, predatory loans that were set up by his parents in his name because he trusted them with power of attorney and they must be appallingly stupid. There is no comment that I have read saying that his parents stole his money, they just lost it for him. Unbelievable. And the people who are charging him anywhere from 12 to 24 percent on predatory loans against future earnings may be sleazeballs but they dotted I's and crossed T's. Johnson supposedly is not speaking to his parents anymore. Sad story, he is young enough to come out of this, I am certain it will work out down the road unless he gets injured over the next year or two he will be in line for a nice contract again in a few years. Here is hoping that he never lets his parents touch the cash again. Link to comment Share on other sites More sharing options...
yave1964 Posted November 20, 2014 Share Posted November 20, 2014 Okay, just read the in depth article about where the money went. Everything I said about the parents just being stupid, I take it back. They flat out stole/lost his money. apalling parents.http://bluejacketsxtra.dispatch.com/content/stories/2014/11/20/blind-sided.html Link to comment Share on other sites More sharing options...
JR Ewing Posted November 20, 2014 Share Posted November 20, 2014 Okay, just read the in depth article about where the money went. Everything I said about the parents just being stupid, I take it back. They flat out stole/lost his money. apalling parents.http://bluejacketsxtra.dispatch.com/content/stories/2014/11/20/blind-sided.html Haha I was just going to respond to your previous post, saying something along the lines of "Nah, they robbed him" but see you got there already. Very sad story. Link to comment Share on other sites More sharing options...
radoran Posted November 20, 2014 Share Posted November 20, 2014 The first rule of doing business with family is Never do business with family. The second rule of doing business with family is Never do business with family. Link to comment Share on other sites More sharing options...
yave1964 Posted November 20, 2014 Share Posted November 20, 2014 The first rule of doing business with family is Never do business with family. The second rule of doing business with family is Never do business with family.I tried to click agree with this one hundred times but it only let me do so once. This may be the wisest thing ever stated in this forum. Link to comment Share on other sites More sharing options...
DaGreatGazoo Posted November 20, 2014 Author Share Posted November 20, 2014 This may be the wisest thing ever stated in this forum. nah, this is: "DaGreatGazoo - You're right. And hockeydb.com is wrong"---Podein25 Link to comment Share on other sites More sharing options...
OccamsRazor Posted November 20, 2014 Share Posted November 20, 2014 I wonder is this a reason why he is playing so bad with it on his mind.He is still looking for his first goal and is like -15....OOoooooch!!!!! Link to comment Share on other sites More sharing options...
J0e Th0rnton Posted November 20, 2014 Share Posted November 20, 2014 This sounds almost like a textbook case of mafia loan sharking and extortion kickbacks. Someone got their hooks into his parents and started milking. Terrible. Link to comment Share on other sites More sharing options...
JR Ewing Posted November 20, 2014 Share Posted November 20, 2014 I wonder is this a reason why he is playing so bad with it on his mind.He is still looking for his first goal and is like -15....OOoooooch!!!!! Not to be a dick, but.... He's just not a very good player, before OR after these unfortunate circumstances. Link to comment Share on other sites More sharing options...
yave1964 Posted November 20, 2014 Share Posted November 20, 2014 Not to be a dick, but.... He's just not a very good player, before OR after these unfortunate circumstances.I live a little less than an hour north of Columbus, when Jeff Carter came to town and whined and cried his way to Los Angeles I will tell you it was a breath of fresh air seeing Johnson come to town and actually saying he was happy to be there and playing like it too. Honestly getting him helped Columbus a lot. He really isn't that bad, the Problem is in Columbus he is forced to be a top pair d-man, not being a dick, but....he is better than anything you have in Edmonton. Link to comment Share on other sites More sharing options...
JR Ewing Posted November 20, 2014 Share Posted November 20, 2014 I live a little less than an hour north of Columbus, when Jeff Carter came to town and whined and cried his way to Los Angeles I will tell you it was a breath of fresh air seeing Johnson come to town and actually saying he was happy to be there and playing like it too. Honestly getting him helped Columbus a lot. He really isn't that bad, the Problem is in Columbus he is forced to be a top pair d-man, not being a dick, but....he is better than anything you have in Edmonton. -I think it's great that he was happy to play in Columbus and that he went about business in a professional manner. I wouldn't and didn't suggest anything to the contrary. I've watched more than my share of players come and go in Edmonton in much the same undignified and classless way that Jeff Carter did in Columbus, and I'm glad to hear that Johnson didn't do that.-The Oilers and their craptastic defense have nothing do with any of this.-I agree that Johnson being forced to play over his head makes things tough for him.-Despite all of this, I stand by my original point. he's not a very good defenseman, and I don't consider that to be much of a controversial statement. Link to comment Share on other sites More sharing options...
yave1964 Posted November 20, 2014 Share Posted November 20, 2014 -I think it's great that he was happy to play in Columbus and that he went about business in a professional manner. I wouldn't and didn't suggest anything to the contrary. I've watched more than my share of players come and go in Edmonton in much the same undignified and classless way that Jeff Carter did in Columbus, and I'm glad to hear that Johnson didn't do that. -The Oilers and their craptastic defense have nothing do with any of this. -I agree that Johnson being forced to play over his head makes things tough for him. -Despite all of this, I stand by my original point. he's not a very good defenseman, and I don't consider that to be much of a controversial statement.Just busting chops pal, lol. I think he is a solid top four being forced to play over his head in a top pair. I watch a fair share of Jackets games, he really isn't that bad, IMHO just being used wrong while the kids develop. Sorry for the snarky Oiler comment. Link to comment Share on other sites More sharing options...
jammer2 Posted November 21, 2014 Share Posted November 21, 2014 Rad had it right, you just never do business with family. My sister asked me to co-sign for a mini-van for her...and I felt terrible telling her no...but I didn't trust the financial circumstances involved...including counting on her Ex to keep the other financial stuff stable. If she needed transportation for her and her kids, I believed it was her Ex's problem....felt so bad saying no...but it was the right call IMHO. Link to comment Share on other sites More sharing options...
flyercanuck Posted November 21, 2014 Share Posted November 21, 2014 I live a little less than an hour north of Columbus, when Jeff Carter came to town and whined and cried his way to Los Angeles I will tell you it was a breath of fresh air seeing Johnson come to town and actually saying he was happy to be there and playing like it too. Honestly getting him helped Columbus a lot. He really isn't that bad, the Problem is in Columbus he is forced to be a top pair d-man, not being a dick, but....he is better than anything you have in Edmonton. Carter is playing the best hockey of his career. So is Voracek, and we also got Couturier. Saying Johnson "isn't that bad" makes me look back fondly on the Luke Schenn deal . Columbus got raped... twice. How can parents do that to their kid? Link to comment Share on other sites More sharing options...
yave1964 Posted November 21, 2014 Share Posted November 21, 2014 Carter is playing the best hockey of his career. So is Voracek, and we also got Couturier. Saying Johnson "isn't that bad" makes me look back fondly on the Luke Schenn deal . Columbus got raped... twice. How can parents do that to their kid?And THAT is why I am a Wings fan. Our GM absolutely makes me insane by not making trades, seriously, never, ever making trades, I believe his last one was giving you guys Leino for Toffefsson. You want to scream at him to do something, anything, but he stays the course and now we are ridiculously rich in prospects and have turned over half of our roster in 18 months without that bad Voracek/Couturier type of deal. And then you have Columbus who (sigh) as you mentioned, the Kings have Carter, your boys have Voracek and Couturier and the Jackets, my daughters favorite team, has Jack Johnson. She even likes Johnson and thinks he is great, I try to tell her that he is okay but she tells me that he is great. Of course she turns 13 next month and wears an autographed Dubinsky jersey to school so there is no accounting for her taste. But your right. Columbus got absolutely bent over badly on that one. Link to comment Share on other sites More sharing options...
Yorick Posted December 3, 2014 Share Posted December 3, 2014 Idiots will be idiots. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.