hf101 Posted November 13, 2016 Share Posted November 13, 2016 After settling with 6 of 8 creditors Johnson will forfeit most of his salary over the next two years and more. The agreement as reported by Aaron Portzline of the Columbus Dispatch stated that Johnson will liquidate two homes, a Ferrari, and forfeit nearly all of his earnings over this season and next - a total of $10 million minus a sum of $246,000 per season for "living expenses". The deal will make Johnson "the lowest-paid player in the NHL for the next two seasons. His $30.5-million contract will expire at the end of the 2017-18 season, after that he will be allowed to keep $277,050.50 of any contract he signs until his debts are paid off. Johnson was denied being able to change from his original chapter 11 filing to chapter 7 which would have protected his future earnings. It appears that Johnson wasn't given any breaks as his creditors stated he failed to engage in good-faith negotiations. Link to comment Share on other sites More sharing options...
OccamsRazor Posted November 13, 2016 Share Posted November 13, 2016 17 minutes ago, hf101 said: After settling with 6 of 8 creditors Johnson will forfeit most of his salary over the next two years and more. The agreement as reported by Aaron Portzline of the Columbus Dispatch stated that Johnson will liquidate two homes, a Ferrari, and forfeit nearly all of his earnings over this season and next - a total of $10 million minus a sum of $246,000 per season for "living expenses". The deal will make Johnson "the lowest-paid player in the NHL for the next two seasons. His $30.5-million contract will expire at the end of the 2017-18 season, after that he will be allowed to keep $277,050.50 of any contract he signs until his debts are paid off. Johnson was denied being able to change from his original chapter 11 filing to chapter 7 which would have protected his future earnings. It appears that Johnson wasn't given any breaks as his creditors stated he failed to engage in good-faith negotiations. It's sad his parents did most of this if not all of this to him. And i thoughts parents were to help and protect their kids... Link to comment Share on other sites More sharing options...
JR Ewing Posted November 13, 2016 Share Posted November 13, 2016 I don't know how Johnson behaved in negotiations with his creditors, but it does seem like he had a terrible break, being robbed by his parents. Link to comment Share on other sites More sharing options...
notfondajane Posted December 23, 2016 Share Posted December 23, 2016 Some parents despise their children, some don't want them to succeed! Link to comment Share on other sites More sharing options...
nossagog Posted December 30, 2016 Share Posted December 30, 2016 There are parts of this story that just make your head spin. Some of this just sounds like legal loan sharking by the creditors that loaned money from future earnings for an outrageous rate. With penalties of even higher rates if he couldn't pay, WTF. Link to comment Share on other sites More sharing options...
JR Ewing Posted December 30, 2016 Share Posted December 30, 2016 My wife has an old friend whose mother committed credit card fraud by taking out several cards in the the daughter's name, maxed them out, and stuck her with the debt. She then successfully guilted her daughter into not saying anything and STILL never paid a cent towards the debt. It ruined her credit for years. Some folks just don't deserve their children. Link to comment Share on other sites More sharing options...
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