Puck_Pun Posted January 12, 2021 Share Posted January 12, 2021 https://theathletic.com/news/evander-kane-bankruptcy-sharks/oFdq2gVHYP5J San Jose Sharks winger Evander Kane has filed for Chapter 7 bankruptcy for liabilities of $26.8 million, The Athletic’s Daniel Kaplan reports.A note in the petition filed to federal bankruptcy court in San Jose says that Kane, 29, may opt out of the season “because of health concerns given the recent birth of his first child.” If Kane chooses this route, he would not be paid for this season.The petition cites details such as payment of $1.5 million to cover gambling losses, a $1.88 million counterclaim to a battery charge from 2016 and up to seven dependents living with him. Kane also explains in his note how a condensed NHL schedule due to the coronavirus pandemic will affect his earnings.Kane, the No. 4 overall pick in the 2009 NHL Draft, signed a seven-year, $49 million contract in 2018. He has earned $52.9 million in his 11-year career. Quote Link to comment Share on other sites More sharing options...
pilldoc Posted January 12, 2021 Share Posted January 12, 2021 I’m sorry if this sounds callous but I have ZERO sympathy for him. 4 Quote Link to comment Share on other sites More sharing options...
RonJeremy Posted January 12, 2021 Share Posted January 12, 2021 Kane should write to his congressman and see if he can do anything about the social injustice that he is being subjected to. Im sure none of this is his fault. 1 Quote Link to comment Share on other sites More sharing options...
yave1964 Posted January 12, 2021 Share Posted January 12, 2021 San Jose Sharks’ Evander Kane files for Chapter 7 bankruptcy – East Bay Times I was coming in here to post this and saw you had beaten me to it. Kudos. Kane is talking of taking the season off due to 'health concerns.' Bunch of BS truthfully, he has 5 years at 7 million remaining on his deal, if he opts out the Sharks can void his deal unless he can show a damn good reason, he is citing health concerns with covid as he has a new baby but cmon. There is no bigger Kane supporter and apologist in this forum than me, none, period, zero. I love his game, I love that he has personality, that he is not afraid to speak his mind. Most players/coaches are cookie cutter boring, he at least keeps it interesting. Two years ago he was the first player to lead the league in PIMs while recording 30 goals in forty years, he was on pace to do it again last year when Covid shut things down. A tremendous, unique player. I simply love to watch him play. That said, 26 million in debts, he is going to lose all three of his family homes, he has massive gambling issues from all accounts and his personal demons have outweighed his skill on the ice. If he begs out it is a worst case/best case scenario for the Sharks depending on if they can move on from the distraction and use the money elsewhere albeit at a very late date. Wishing him well. Hope he is on the ice. What a strange freaking story. Quote Link to comment Share on other sites More sharing options...
JR Ewing Posted January 12, 2021 Share Posted January 12, 2021 Gee, I was so surprised when it turned out that the guy who was photographed doing push-ups with cash all over his back perhaps isn't so good at managing his money. 1 Quote Link to comment Share on other sites More sharing options...
Puck_Pun Posted January 12, 2021 Author Share Posted January 12, 2021 2 hours ago, JR Ewing said: Gee, I was so surprised when it turned out that the guy who was photographed doing push-ups with cash all over his back perhaps isn't so good at managing his money. That's the problem with giving lots of money and the trappings of fame to people so young, it's easy for them to lose track of reality. Without the right people in their life things can go pear shaped quickly. When you're in it, it's easy to forget that a career in sport is relatively short- with the risk of it being cut even shorter by injury. 3 Quote Link to comment Share on other sites More sharing options...
JR Ewing Posted January 12, 2021 Share Posted January 12, 2021 (edited) Ah; here we go: Kane has a gambling problem: --------- The San Jose Sharks’ Evander Kane has filed for chapter 7 bankruptcy, as documents in a California court this week shed light on his prodigious gambling habit. The NHL left-winger is $26.8 million in debt, according to the court filings. He has lost $1.5 million gambling over the past month alone. San Jose Sharks’ Evander Kane, seen here, may sit out next season, according to bankruptcy filings this week. (Image: Getty) The bankruptcy filing comes just days after the Centennial bank sued Kane and the Sharks in a Florida federal court, claiming the Canadian veteran owes it $8.3 million in principal and interest. According to Centennial, Kane received a multimillion-dollar loan in September 2018, which was secured by his Sharks contract, a seven-year, $49 million extension inked that May. The Sharks were contractually obligated to pay the bank back directly from Kane’s wages, but the bank stopped receiving payments from the team in October 2019. Kane had made no payments on the loan since December 2019, according to the lawsuit. https://www.casino.org/news/nhl-star-evander-kane-files-for-bankruptcy-owes-gambling-debts/ Edited January 12, 2021 by JR Ewing 1 Quote Link to comment Share on other sites More sharing options...
OccamsRazor Posted January 12, 2021 Share Posted January 12, 2021 17 hours ago, Puck_Pun said: He has earned $52.9 million in his 11-year career. Must be rough. Wish I had all that money to mismanage... 4 Quote Link to comment Share on other sites More sharing options...
radoran Posted January 12, 2021 Share Posted January 12, 2021 18 hours ago, Puck_Pun said: He has earned $52.9 million in his 11-year career. So, if his agent took ~5% that's $2.645M And the gubmint took it's chunk, let's say 40% all in... $21.16M That means the player had to get by with $29M or so - roughly - over the past 11 years. How one winds up $26M in the hole in this situation always baffles me. 17 hours ago, pilldoc said: I’m sorry if this sounds callous but I have ZERO sympathy for him. It's honestly hard to have sympathy in this situation. 2 Quote Link to comment Share on other sites More sharing options...
Puck_Pun Posted January 12, 2021 Author Share Posted January 12, 2021 (edited) Oh wow I misread the article as 1.5m in gambling total. In one month? Yikes. That's something that needs professional help Edited January 12, 2021 by Puck_Pun 1 Quote Link to comment Share on other sites More sharing options...
Math Posted January 22, 2021 Share Posted January 22, 2021 Another Kane moment : Quote Link to comment Share on other sites More sharing options...
Puck_Pun Posted March 10, 2021 Author Share Posted March 10, 2021 Sharks considering cancelling Kane's contract Just weeks after filing for bankruptcy and listing almost $27 million in total debts, Evander Kane and the San Jose Sharks are considering terminating the remaining four-plus seasons on his seven-year, $49 million contract. According to Daniel Kaplan and Kevin Kurz of The Athletic, Kane and the Sharks told federal bankruptcy court that they are considering scrapping the contract, which is scheduled to pay the forward another $29 million. While on the surface this seems backwards, the contract itself is what Kane used to acquire loans from multiple creditors. If the contract were to be terminated, it could, according to The Athletic, "deprive creditors of their main source of financial redress." The deadline to terminate the contract was recently pushed back another 90 days by a bankruptcy judge, which likely means that Kane will play out the remainder of the season in San Jose and continue earning on the deal. San Jose, meanwhile, may just be interested in scrapping the deal for the sole reason that Kane is failing to live up to the expectations tied to a $7 million annually salary. Kane does have a respectable nine goals and 20 points in 23 games for San Jose and is the team's second-leading scorer, which would be considered reasonably strong production in a vacuum, but perhaps not enough considering his annual intake and the Sharks' status as a re-tooling organization dealing with the financial repercussions of playing during a pandemic. Both Kane and the Sharks remain mum on the subject. Quote Link to comment Share on other sites More sharing options...
pilldoc Posted March 11, 2021 Share Posted March 11, 2021 Sorry... I have no sympathy for him..... Quote Link to comment Share on other sites More sharing options...
Puck_Pun Posted March 11, 2021 Author Share Posted March 11, 2021 10 hours ago, pilldoc said: Sorry... I have no sympathy for him..... I have to agree, it's amazing how someone could piss away so much money so quickly. Fame has crazy trappings, but ultimately he's responsible for his actions. Quote Link to comment Share on other sites More sharing options...
Samifan Posted March 11, 2021 Share Posted March 11, 2021 Yep, zero sympathy for this guy Quote Link to comment Share on other sites More sharing options...
flyercanuck Posted March 11, 2021 Share Posted March 11, 2021 1 hour ago, Samifan said: Yep, zero sympathy for this guy What an idiot. Quote Link to comment Share on other sites More sharing options...
Samifan Posted March 11, 2021 Share Posted March 11, 2021 8 minutes ago, flyercanuck said: What an idiot. So if he’s made $52 mil over he’s career to date but he’s $27 mil in debt that must mean he has spent $79 million in the last 10 years? 2 Quote Link to comment Share on other sites More sharing options...
radoran Posted March 11, 2021 Share Posted March 11, 2021 29 minutes ago, Samifan said: So if he’s made $52 mil over he’s career to date but he’s $27 mil in debt that must mean he has spent $79 million in the last 10 years? His agent/management definitely took a part of it, and bad business decisions can also cause losses. But, on the whole, it looks and sounds monumentally stupid. 1 1 Quote Link to comment Share on other sites More sharing options...
Samifan Posted March 11, 2021 Share Posted March 11, 2021 22 minutes ago, radoran said: His agent/management definitely took a part of it, and bad business decisions can also cause losses. But, on the whole, it looks and sounds monumentally stupid. While I will never know that lifestyle, I agree that agents and likely failed business investments took a chunk with poor lifestyle choices, arrogance and or immaturity taking the rest. sadly this is a recurring story for many professional athletes. 1 Quote Link to comment Share on other sites More sharing options...
Math Posted March 11, 2021 Share Posted March 11, 2021 I think he might be toast for an eventual reconversion in finance, global accounting or as an independent advisor/consultant in risk management. 1 Quote Link to comment Share on other sites More sharing options...
FD19372 Posted March 11, 2021 Share Posted March 11, 2021 I'll likely never see $26.8 million in my lifetime. You would have thought that, $25 million ago, he would have had an "awakening". If only people could be hired to save these nitwits like Kane, from themselves. He needed to hire financial professionals, and listen to them. All of these lpro eagues could even require that these athletes to take finance courses (could be a problem with NHLPA and other pro sports player associations) , but in the end, they're basically all adults...albeit young, and have to be accountable. 1 Quote Link to comment Share on other sites More sharing options...
RonJeremy Posted March 11, 2021 Share Posted March 11, 2021 6 hours ago, Puck_Pun said: I have to agree, it's amazing how someone could piss away so much money so quickly. Fame has crazy trappings, but ultimately he's responsible for his actions. According to most liberals he is not responsible for his actions Quote Link to comment Share on other sites More sharing options...
JR Ewing Posted March 11, 2021 Share Posted March 11, 2021 28 minutes ago, RonJeremy said: According to most liberals he is not responsible for his actions A lot of the people in this thread, myself included, could probably be described as being fairly liberal (depending on the topic). I haven't heard a single person in here (or anywhere else I've seen/read/heard people talking about this situation) do anything besides admonish his complete lack of responsibility in handling his money or in dealing with his gambling problem. I'm sorry if that flies in the face of what would doubtless be a great narrative for you, but this isn't about the evil liberals destroying your country. It's just another story about yet another degenerate gambler who is determined to destroy himself and his family. 2 2 Quote Link to comment Share on other sites More sharing options...
mojo1917 Posted March 11, 2021 Share Posted March 11, 2021 (edited) 58 million dollars is a life changing amount of money, it is enough to change a family's fortunes for generations. It should be the beginnings of generational wealth. I have grown to like the NFL less and less. One of the things that league does that I think is valuable is have seminars for their rookies about this very subject. Going from nothing (or not much) to super mega millions will skew anyone's perspective. As a 50 year old I would struggle with it. Whom to trust? How do I make this money work for me? there's a lot of questions and a lot of folks eager to prey on naivety. The NHL would be wise to include the type of counselling the *cough* NFL does for their young-in's to help keep stories like this from happening. Too bad the young man frittered that opportunity to change lives for the better away. Edited March 11, 2021 by mojo1917 Quote Link to comment Share on other sites More sharing options...
RonJeremy Posted March 11, 2021 Share Posted March 11, 2021 (edited) 35 minutes ago, JR Ewing said: A lot of the people in this thread, myself included, could probably be described as being fairly liberal (depending on the topic). I haven't heard a single person in here (or anywhere else I've seen/read/heard people talking about this situation) do anything besides admonish his complete lack of responsibility in handling his money or in dealing with his gambling problem. I'm sorry if that flies in the face of what would doubtless be a great narrative for you, but this isn't about the evil liberals destroying your country. It's just another story about yet another degenerate gambler who is determined to destroy himself and his family. I was making a sarcastic remark. The statement was not directed to anyone here specifically and I am not saying anyone here has defended Kane . It’s just a statement about the mentality these days , that everything is always someone else’s fault other than the actual person who is really at fault. If you know anything about NYers aside from us being rude and inconsiderate, we have a very sarcastic sense of humor. You guys gotta lighten up a little. Edited March 11, 2021 by RonJeremy Quote Link to comment Share on other sites More sharing options...
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