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Post by Disgruntled70sHab on Jan 13, 2018 10:52:42 GMT -5
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Post by jkr on Jan 13, 2018 12:36:09 GMT -5
Don't quite get this. He's halfway through the season on a good team & he's UFA at the end of this season. Why doesn't he just wait until the summer?
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Post by blny on Jan 13, 2018 14:58:24 GMT -5
Don't quite get this. He's halfway through the season on a good team & he's UFA at the end of this season. Why doesn't he just wait until the summer? Role and minutes have diminished this year. He feels it's hurting his value. As he had to file for bankruptcy, the result of actions by his parents and business manager(s), I get the feeling he's got some internal pressures to get one last big contract. I don't know how much he owes creditors. |
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Post by seventeen on Jan 14, 2018 2:38:24 GMT -5
Hmm....Naive enough to get into financial trouble. That's a recommendation.
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Post by folatre on Jan 14, 2018 9:39:16 GMT -5
July 1 could be scary again this summer, this is the type of d-man Bergevin drools over. You can never have enough overpaid 3rd pair types.
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Post by blny on Jan 14, 2018 10:34:30 GMT -5
Hmm....Naive enough to get into financial trouble. That's a recommendation. Naive to trust his parents. His parents embezzled large sums of money from him, screwed him on tax returns, etc. This definitely wasn't a case of living too fast too young. |
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Post by CentreHice on Jan 14, 2018 10:57:10 GMT -5
Hmm....Naive enough to get into financial trouble. That's a recommendation. Naive to trust his parents. His parents embezzled large sums of money from him, screwed him on tax returns, etc. This definitely wasn't a case of living too fast too young. Thankfully, these types of stories appear to be rare. I would presume most hockey parents are well looked after by their sons. The Johnsons, by all reports, were greedy, bullying manipulators. JohnsonJack Johnson's financial troubles came to light in November, when the Columbus Dispatch revealed that the Blue Jackets defenseman had filed for bankruptcy after his parents—who had been in control of his money since 2008—created eight figures' worth of debt for him. But it wasn't just poor management: according to a source close to both Johnson and his family, his parents knew exactly what they were doing from the very beginning.
That person, who requested anonymity citing ongoing legal actions, claims that as early as Johnson's first full season in the NHL, his parents, Jack Sr. and Tina Johnson, were already trying to pocket as much of his rookie contract as possible. On Sept. 9, 2008, Johnson parted ways with veteran CAA agent Pat Brisson. Johnson's father had pushed him to fire Brisson, our source said, because he believed that the agent's fees were an unnecessary cost. "He deliberately wanted to eliminate any potential impediment to their bilking of his funds," the source told me. (Multiple requests for comment from Johnson's parents were not answered.)
Johnson then hired Alan Miller as his agent. Miller calls Johnson "a nice young man," but from the start, he says, there were red flags.
"He was extremely under the control of his parents," Miller told me by phone. Miller said that after he approached Johnson with his qualms over their involvement, Johnson's parents came into his office the next day and told him he was fired. Miller had been Johnson's agent for less than a year.
After splitting from Brisson and Miller, Johnson formally put his parents in charge of his money. On Jan. 8, 2011, Johnson signed a seven-year contract extension with the Kings worth $30.5 million. He called the negotiation process "kind of fun":
"It wasn't any burden at all. Go out and play hockey every night and try to play well and everything else will take care of itself."
A few weeks before Johnson signed that contract, he had signed over his power of attorney to Tina. Soon after the extension, Jack Sr. purchased a Ferrari F430 for himself (pictured in front) to match Jack Jr.'s California.
As Aaron Portzline's Dispatch story reported, Johnson's parents found no shortage of ways to spend his money. They spent hundreds of thousands in upgrades for a house in California. They traveled in style around the country. They upgraded Tina's wedding ring to a six-carat diamond.
Even with millions coming in, though, Johnson's parents still sought more money to maintain their lifestyles. They signed up for multiple predatory loans with absurd and crippling interest rates as high as 12 percent. Below is one promissory note for one of the most recent loans, dated Jan. 21, 2014, and from RFF Family Partnership LP, with the borrower listed as "Team Johnson Investments, LLC."
It's an amendment of two earlier promissory notes, from the previous August and October, which were in the amounts of $175,000 and then $600,000. This one lent the Johnsons more than $1.86 million, and required that it be paid back, with three percent monthly interest, within 30 days.More in the article... |
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Post by CentreHice on Jan 14, 2018 11:18:00 GMT -5
It was reported in November of 2016 that Johnson agreed to forfeit almost all of two years' salary to pay for the debt. Another report said it was five years' salary....still.. He gets to keep $246,000 per year. SettlementJack Johnson’s financial saga over the past two years has been long and dramatic.
In 2014, it came to light that Johnson’s parents, Tina and Jack Sr, had mismanaged their son’s money so badly they were over $10 million in debt.
Despite his lucrative NHL salary, Johnson declared bankruptcy and has been engaged in a lengthy legal battle with his creditors to settle his debts.
Now, the Columbus Dispatch reports that the Blue Jackets’ defenseman will forfeit his $5 million annual salary for the next two years to pay back loans that were taken out in his name.
Johnson, 29, has liquidated two homes — one in Ann Arbor, Michigan, the other in Manhattan Beach, California — as well as a Ferrari valued at $125,000, and he will be, according to one creditor, “the lowest-paid player in the NHL for the next two seasons.”
As part of the agreement, filed by Judge John E. Hoffman Jr. in U.S. Bankruptcy Court in Columbus on Thursday, Johnson will turn over most of his $5 million annual salary from the Blue Jackets both this season and next, keeping only a negotiated sum for “living expenses.”
If you’re not familiar with the details, Johnson got into the financial mess due to his parents gross mismanagement of his money.
Via the Columbus Dispatch:
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.
Under the new agreement, Johnson will be able to keep about $246,000 a year for living expenses, which is something I guess.Another story on how the parents also screwed Jack I...the grandfather. All in the FamilyJack One was reportedly furious when, under pressure from his parents, Jack Three fired agent Pat Brisson and signed over control of his finances. According to a source, he knew they would handle his grandson's money the same way they handled his. "Jack knew the history he had with them, that he couldn't have them be in control of the money, and that's exactly what happened," the source said. |
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Post by PTH on Jan 14, 2018 14:45:40 GMT -5
Hmm....Naive enough to get into financial trouble. That's a recommendation. Naive to trust his parents. His parents embezzled large sums of money from him, screwed him on tax returns, etc. This definitely wasn't a case of living too fast too young. This is a case where while JJ might have been too trusting, his parents are clearly either bad or deeply stupid people... You just don't do that to your kids. They didn't "just" invest badly here, they managed to get a massive sum into debt. I actually wouldn't even know how to get into that much debt. |
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Post by blny on Jan 14, 2018 16:14:42 GMT -5
Naive to trust his parents. His parents embezzled large sums of money from him, screwed him on tax returns, etc. This definitely wasn't a case of living too fast too young. This is a case where while JJ might have been too trusting, his parents are clearly either bad or deeply stupid people... You just don't do that to your kids. They didn't "just" invest badly here, they managed to get a massive sum into debt. I actually wouldn't even know how to get into that much debt. I believe he's all but disavowed them. I don't know what they did with the money; if they spent it lavishly or greedily invested it poorly. Might be a combination of both. |
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Post by CentreHice on Jan 14, 2018 17:05:53 GMT -5
This is a case where while JJ might have been too trusting, his parents are clearly either bad or deeply stupid people... You just don't do that to your kids. They didn't "just" invest badly here, they managed to get a massive sum into debt. I actually wouldn't even know how to get into that much debt. I believe he's all but disavowed them. I don't know what they did with the money; if they spent it lavishly or greedily invested it poorly. Might be a combination of both. The articles would point to both. Making their son fire Brisson....then storming into Miller's office and firing him as well. Not so much about the agent's cut....more about cutting out anyone who could lead him in the right path. Total control. |
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Post by Cranky on Jan 26, 2018 10:34:38 GMT -5
You think this is some kind of Hollyweird story, but it happens....more often by the children bloodsucking the elder parents then the other way around. I know of two situations involving children living high and the single parent practically on cat food. I got into a straight up confrontation with one, but other then beating him into a pulp for abusing his 86 year old mother, there was nothing we could do about it. We brought the police in and the mother said she "fell". The rest of his family were/are whining chimps. This happened about 25-30 years ago and my blood still boils every time I think about it.
Mehh.....BargainBin should get him for nothign and stick MThead on his parents. Win/win.....
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Post by Cranky on Jan 26, 2018 10:39:03 GMT -5
This is a case where while JJ might have been too trusting, his parents are clearly either bad or deeply stupid people... You just don't do that to your kids. They didn't "just" invest badly here, they managed to get a massive sum into debt. I actually wouldn't even know how to get into that much debt. I believe he's all but disavowed them. I don't know what they did with the money; if they spent it lavishly or greedily invested it poorly. Might be a combination of both. More likely they spent it maliciously. There is no way they wouldn't know that he has a limited window of earnings. For them to not only spend what he made but to drive him into debt, they are malicious POS's. |
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